Life Insurance Corporation of India(LIC) Introduced Child plans with special features to meet all the needs of the growing children. LIC Child plans can be taken by any parent or grand parent for a child between the age of 0 to 12 years. LIC Child plans specially designed to meet the Marriage, Educational and other needs of the children through survival benefits. This plan also provides risk cover on the life of the insured child during the policy term.
LIC of India Provides different child plans such as LIC Jeevan Tarang, LIC Child plan Komal Jeevan, LIC Plan no 184 and LIC Jeevan Ankur to cover all the needs of the children. LIC Child Plans are the best child plans compared to the child plans provided by other companies. Some LIC Child Plans are specially designed for childrens education between the Age of 16 to 22 years. By investing in LIC Child plans you will get lump-sum amount on the 18 th year of your child, which will help for your child’s higher education. LIC Child plans provides regular income to the children through out their life. You can also calculate the premium that has to be paid to get Benefits available under LIC Child plans by using LIC Child plan Premium Calculator.
LIC Child Plan Example
For example if you have taken the LIC Child plan for your child at an age of 5 years and you have choose maturity age for 24 years and premium paying term of 6 years, you will get policy term 24 – 5(entry Age)=19 years and you have to pay the premium for every 6 years until the policy period is completed. On completion of the policy period the proposer will get 40% of Basic Sum Assured along with Reversionary Bonuses and Final Additional Bonus as Maturity Benefit in LIC Child Plan. If the Life Assured Dies within the policy holder the company will pay 105% of total premiums paid along with Benefits to the Proposer. The proposer may be the child’s parents or guardian.
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