LIC is the largest insurance company in the country. It has many schemes and policies. The good thing is that the government insurance company also has a great plan for the future of children. LIC offers many great child plans. With the help of these plans, you can secure the future of your children. This policy will come in handy in times of need. Here we will give you information about three best child policies of LIC.
LIC New Children Moneyback Plan
LIC New Children Money Back Plan can be taken by either the grandparent or the parent for the child in the age group of 0 to 12 years. It is an insurance-cum-investment plan which will help in securing the bright future of the child. Moneyback will be available thrice in this scheme. At the age of 18, 20 and 22 years of the child, 20-20% of the policy amount is paid. This policy will mature at the age of 25 years and the child will get the remaining 40 percent. Also a bonus will be given.
If not take advantage of moneyback
If moneyback is not taken, then this money will be received directly on maturity. Minimum investment of Rs 10000 is required in LIC New Children Moneyback Plan. Maximum one can invest as much as one wants. If the policyholder dies due to any unfortunate circumstances, the entire sum assured will be payable, including bonus. You can pay premiums on monthly, quarterly, half yearly and yearly basis.
LIC Jeevan Tarun Plan
In this policy, the premium has to be paid till the child reaches the age of 20 years, while the policy continues till the age of 25 years. The risk cover for the child starts after the age of 8 years or after 2 years from the date of commencement of the policy, whichever is earlier. There will be 4 types of options in this scheme. The first of these is to get 100% amount on maturity. The second is that on attaining the age of 20 years, 5-5 percent amount will be given annually for the next 5 years. Then at the age of 25 years i.e. on maturity, the remaining 75 percent of the money will be given.
Know the other 2 options
The third option is to get 10-10% money for the next 5 years after the age of 20. Then on maturity 50 percent of the money will be given together. The fourth option is also similar. In this, 15-15 percent of the money will be available for 5 years and 25 percent of the balance will be available on maturity.
LIC Jeevan Lakshya
This policy is such that if you make your child a nominee, then he will get many benefits. Under the LIC Jeevan Lakshya policy, if the policyholder dies, the nominee will get 10 per cent of the policy corpus annually. While the remaining premium will also not have to be paid. Finally, on maturity, you will get 110 percent of the sum assured. Also you will get bonus. You can pay the premium on yearly, half yearly, quarterly or monthly basis. You will also get the option of Electronic Clearing Service (ECS) in the policy. This is a very easy way to make premium payments.
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