BUSINESS & FINANCE

Life Insurance Corporation: A Review of Children Policies

Published

3 years ago

June 22, 2022

Admin

Introduction:

Life Insurance Corporation is the largest policymaker in India under the control of the government of India. Insurance is a contract that pledges payment of a sum to the person (or nominee) in case of occurrence of the deed insured against. LIC offers a wide range of policies over a wide range of intervals and customer groups. Life insurance in India started over a hundred years ago. LIC has been the policymaker for over a hundred years. All age groups can make policies, but old aged and the children reap the best benefits.

Children Policies:

The children’s policies offered by LIC are by far the best compared to any other insurance organization. These policies are versatile, and you can tailor them to your requirement. All these policies have a similar layout. You can start the policy before your child reaches the age of 12, and you can choose the age of maturity. The range starts from 18-25 years, according to your child’s career plan. Currently, LIC offers two plans for children.

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The New Children’s Money Back Plan:

The New Children’s Money Back Plan is a Non-linked, Participating, Individual, Life Insurance money back plan. It comes with the caption children grow up very fast. This plan offers all three Death, Survival, and Maturity benefits.

The Death benefits include a sum upon an untimely death. Survival benefits include withdrawals at regular intervals, while maturity Benefits include the total policy amount along with the maturity benefits. The survival benefits make this plan suitable for your kid’s education, marriage, and other activities. The survival benefit includes a fixed 20% payment on every anniversary of the plan. You also get the participation profits the LIC decided for the quarter. You get the chance to choose among various survival and death benefits. This makes it best child insurance plan in lic.

You can pay installments Monthly, Quarterly, Half-yearly, or annually. The minimum sum is 1,00,000 rupees, and there is no limit on the maximum.

The Jeevan Tarun Plan:

The Jeevan Tarun plan is an exclusive plan for your kid’s educational expenses. This plan provides you all the four benefits of the above plan, but with different rates and options in each benefit. The minimum maturity age is 20 years, and the survival benefits options are more oriented towards the educational perspective.

This plan gives you four options each for the survival and maturity benefits, making it more versatile. You can choose the percentage of survival and maturity benefits. The options in survival are nil, 5%, 10%, and 15 % a year. Similarly, options for maturity benefits are 100%, 75%, 50%, and 25% respectively. This here makes this policy the best lic policy for your child’s future.