Features of LIC Child Plans, Different LIC Child Plans, Benefits of LIC Child Plans, LIC Child Plans Eligibility Criteria:
LIC of India has provided some child policies so as to ensure child safety in most critical situation. These plans provide financial safety and security for the child’s future in case if his/her parents meet with any unfortunate death. Insurance under these plans is not done for a child rather parent gets insured but details of the child are to be provided in the policy. LIC Child plans are specially meant to meet the marriage, educational and other financial requirements of the child through survival benefits. This plan also provides risk cover on child’s life during the policy term. Also read about LIC Bima Bachat Plan.
Features of LIC Child Plans:
Some common features of child plans are as follows:
- LIC Child plan is the best plan which provides lump-sum amount on the 18th year of your child to meet his higher education needs.
- These plans assure regular income to your child throughout life.
- Some child plans have a concept of “deferment”which means postponement and is usually applied if child is the insured person. Under this clause, the risk coverage for the plan starts after the expiry of a couple of years. If the insured child dies during this period, the premiums paid till death are returned because life cover is not applicable during that period.
- “Vesting” is another concept. Vesting refers to the age of child when the policy vests in the name of the child and he becomes the policyholder.When the child attains majority, he becomes the policyholder i.e. Vesting age is 18 years.
LIC of India has provided different child plans such as:
- LIC Child Plan Komal Jeevan,
- LIC Jeevan Tarang,
- LIC Plan no 184
- LIC Jeevan Ankur
LIC Child Plans Eligibility Criteria:
We have mentioned below the eligibility conditions which the applicant has to fulfill while applying for the policy:
Child plan can be taken for any child between the ages of 1 to 12 years. Any parent or grandparent of child can take these plans to secure the child’s future. Minimum sum assured in these policies is 1 lakh and there is no maximum limit. It allows minimum annual amount of Rs. 24000 to be paid. Premiums can be paid monthly, quarterly, half-yearly and yearly.
Benefits of LIC Child Plans:
Some common benefits associated with all LIC Child plans are as:
- Death Benefits: If the insured person dies before the date of commencement of risk the company will pay Sum- Assured on Death which is defined as higher of 10 times of premium and Final Additional Bonus and vested Simple Reversionary Bonuses as a death benefit in LIC Child Plan. The death Benefit will not be less than the 105% of the total premiums paid as on date of death.
- Maturity Benefit: If the policy holder survives till the completion of the policy period, the policy holder will get 40% of the Basic Sum assured along with the Simple Reversionary Bonuses and Final Additional Bonus(FAB) as Maturity Benefit in LIC Child plans.
LIC Child Plans are available online.Child plans should be taken at the earliest as it is advantageous for your offspring only. These investment and insurance plans help in fulfilling the needs and dreams of the child at the right time so that they can lead a life of their choice. So get your child insured with these amazing and beneficial Child insurance plans.