LIC Children plans

 

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Investing in a child’s future is a priority for every parent. Life Insurance Corporation of India (LIC) offers a suite of children-specific insurance plans designed to provide financial security, educational support, and a bright future for your children. Among these plans, LIC Jeevan Tarun, LIC Children Money-Back Policy, and LIC Jeevan Lakshya stand out for their comprehensive coverage and unique features. In this article, we will explore these plans in detail, emphasizing their benefits, suitability, and the importance of securing your child’s future through prudent financial planning.

 

1. LIC Jeevan Tarun

LIC Jeevan Tarun is a non-linked, with-profits, limited premium payment plan specially designed to meet the educational and other needs of growing children. It offers a unique combination of insurance and savings, ensuring financial protection and support for your child’s future endeavors.

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Features:

  • Flexibility in Premium Payment: Offers four benefit options, allowing flexibility in choosing the premium payment term and the age at which the money-back payments start.
  • Money-Back Benefits: Provides survival benefits in the form of a fixed percentage of the sum assured at specified durations.
  • Maturity Benefit: The maturity sum assured, along with vested simple reversionary bonuses and the final additional bonus, if any, is payable at the end of the policy term.

Benefits:

  • Educational Support: The money-back benefits can be utilized to fund your child’s education expenses at different stages of their life.
  • Financial Protection: Provides life cover throughout the policy term, ensuring financial security for your child in your absence.
  • Premium Waiver Benefit: Offers an optional premium waiver benefit, ensuring that the policy continues even in the event of the policyholder’s demise, providing uninterrupted financial support for the child’s future.

Suitability: LIC Jeevan Tarun is ideal for parents who want to secure their child’s future financially while providing for their educational needs and other aspirations. The flexibility in premium payment and the option to choose the money-back benefits make it a versatile plan suitable for different financial situations.

 

2. LIC Children Money-Back Policy

The LIC Children Money-Back Policy is a participating, non-linked plan that provides financial protection against the death of the policyholder and periodic payments to meet the child’s educational and other needs.

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Features:

  • Survival Benefits: Provides survival benefits for specified durations during the policy term, ensuring liquidity for fulfilling various financial requirements.
  • Death Benefit: In case of the unfortunate demise of the policyholder, the full sum assured along with bonuses is payable, ensuring financial security for the child’s future.
  • Premium Waiver Benefit: Offers the option to add a premium waiver benefit rider, which waives off future premiums in case of the policyholder’s death or disability, ensuring the continuity of the plan without any financial burden.

Benefits:

  • Financial Support: The periodic money-back payments provide liquidity to meet various expenses, such as education, extracurricular activities, or other milestones in the child’s life.
  • Life Cover: Ensures financial security for the child’s future by providing a lump sum in case of the policyholder’s demise during the policy term.
  • Tax Benefits: Premiums paid towards the policy and the maturity proceeds are eligible for tax deductions under Section 80C and 10(10D) of the Income Tax Act, respectively.

Suitability: The LIC Children Money-Back Policy is suitable for parents who want to ensure financial security for their children while also providing liquidity at regular intervals to meet their growing needs. The premium waiver benefit rider adds an extra layer of protection, making it an attractive option for risk-averse parents.

3. LIC Jeevan Lakshya

LIC Jeevan Lakshya is a participating, non-linked plan that offers a combination of protection and savings to meet your child’s future financial requirements. It provides financial support for the family in case of the policyholder’s demise and ensures that the child’s goals are not compromised.

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Features:

  • Regular Income Benefit: Provides regular income payouts to the family in case of the policyholder’s demise during the policy term, ensuring financial stability and support.
  • Survival Benefits: Offers survival benefits at specified durations during the policy term, providing liquidity to meet various financial needs.
  • Maturity Benefit: The maturity sum assured, along with bonuses, is payable at the end of the policy term, ensuring that the child’s future goals are met.

Benefits:

  • Financial Security: Provides a lump sum amount in case of the policyholder’s demise during the policy term, ensuring that the child’s future financial requirements are taken care of.
  • Regular Income: The regular income payouts provide financial stability to the family, ensuring that the child’s goals are not compromised even in the absence of the policyholder.
  • Tax Benefits: Premiums paid towards the policy and the maturity proceeds are eligible for tax deductions under Section 80C and 10(10D) of the Income Tax Act, respectively.

Suitability: LIC Jeevan Lakshya is suitable for parents who want to ensure financial security for their children’s future while also providing regular income support to the family in case of unforeseen events. The survival benefits and the maturity sum assured ensure liquidity at different stages of the child’s life, making it an ideal choice for comprehensive financial planning.

Conclusion:

Securing your child’s future is one of your most important responsibilities as a parent, and LIC’s child plans offer a comprehensive solution to meet this goal. Whether it’s the flexibility and liquidity provided by Jeevan Tarun, the periodic money-back benefits of the Children Money-Back Policy, or the combination of protection and savings offered by Jeevan Lakshya, LIC ensures that there is a plan suitable for every parent’s needs. By investing in these plans, parents can provide financial security, educational support, and a bright future for their children, ensuring peace of mind and stability in facing life’s uncertainties.

 

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