The price of education from the beginning of the age of three is increasing rapidly. Insurance policies are an effective option for parents to cope the cost of education. If you have a baby girl who is just born, LIC Children Plans are the most suitable choice.
1. New Children’s Money Back Plan
This plan will help you meet the demands of children of different levels. The age at which children can be eligible of this program is zero year (time at birth) and the maximum age is 12 years. The age at which you reach maturity is 25 years.
- This is an individual plan of policy.
- The maturity benefit is payable that is equal to the assured amount and other bonuses applicable.
- The premium will be paid monthly, quarterly or annually, or even half-yearly
- The amount of the minimum that can be guaranteed is the amount of Rs. 1, 00,000
- This policy is for the maturity advantage, death benefits as well as the survival benefit.
- The premium is paid in intervals of time. The child will receive 20 percent of the total amount at the age of 18 20 percent each year at the age of between 20 and 22 old and the rest is given at the age of 25 old.
2. Jeevan Tarun Plan
This plan could be an excellent choice for children aged 2 years and less. This plan comes with a limited payment option. You must pay the premium for the plan until the child reaches age 20. The policy will be kept in force until the child is 25 years old. This is the most suitable lic policy for a newborn baby girls..
- The budget for covering risk is possible to begin at the age of 8 yearsold or 2 years from the start date of the plan or policy or policy, whichever is first.
- The premium must be paid up until your child is 20 years old and then you’ll be eligible for the payment at the age of 20 up to the age of 25.
- The remainder is paid as a maturity benefit at the time that the policy expires. Also, there is the death benefit equal to 10 % of the premium, or 125% of insured amount. The amount you receive is the highest and a minimum of 105% of the total premium due by the time of the death.
- The maximum amount guaranteed is Rs. 75,000.
3. Jeevan Umang Plan
This plan offers insurance protection for the duration of your life. The plan allows regular payments starting with the final payment of premium to the point of survival. If the policyholder dies during the time frame of the policy the policy, a set amount of cash will be paid.
- The benefit for survival is paid every year and is equal to 8 percent of the guaranteed amount.
- Other benefits such as rider benefit and maturity benefit, death benefit, and tax benefits are also available.
- The minimum age to be eligible for entry can be 90 days old.
- The premium terms are 30 twenty, 25, as well as 15 years. The age of maturity is 100 years, with the birthday that is closest.
- The minimum guaranteed sum is Rs. 2,00,000.
- Premium payments are made via NACH or SSS, which is paid annually, every quarter, semi-annually and monthly.
You can select the Lic child plan that is most suitable for your requirements, preferences and budget. There are a variety of plans for children of LIC..