Introduction:
The Indian government controls Life Insurance Corporation, which is the country's major policymaker. A contract for insurance guarantees the payment of a certain amount to the named party (or nominee) in the event that the deed covered against occurs. LIC offers a wide variety of policies for a variety of time periods and clientele. Over a century ago, life insurance was first introduced in India. For more than a century, LIC has been in charge of setting policy. All age groups have the ability to make policy, but the elderly and young people benefit the most.
Kids Policies:
When compared to any other insurance company, the LIC's children's coverage are by far the best. These policies are adaptable, so you may make them fit your needs. These policies are all laid out similarly. Before your child turns 12 years old, you can start the policy, and you get to decide when someone is considered mature. According to your child's professional plan, the range begins from 18 to 25 years. LIC currently provides two child-specific programmes.
The New Kids' Money-Back Program:
A participating, non-linked, individual life insurance money back plan, the New Children's Money Back Plan. The caption for it reads, "Children grow up very quickly." The Death, Survival, and Maturity benefits are all included in this plan.
In the event of an untimely death, the Death benefits comprise a payment. While maturity benefits comprise both the overall insurance amount and the maturity benefits, survival benefits also include periodic withdrawals. This strategy is ideal for your child's education, marriage, and other activities because of the survival advantages. On each plan anniversary, a fixed 20% payment is made as part of the survival benefit. You additionally receive the participation profits set by the LIC for the period. You have the option to select from a variety of survival and death rewards.his makes it best child insurance plan in lic.
A payment plan is available. Quarterly, half-yearly, monthly, or annually. There is no maximum amount; the minimum is one lakh rupees.
Jeevan Tarun's Strategy:
An exclusive plan for your child's educational costs is the Jeevan Tarun plan. All four of the aforementioned perks are included in this plan, but each item has distinct rates and options. The minimal age for maturity is 20, and the alternatives for survival benefits are primarily focused on the educational side.
This plan is more flexible because it allows you four alternatives for the survival and maturity benefits, respectively. The proportion of survival and maturity bonuses is up to you. There are four alternatives for survival: 5%, 10%, and 15% per year. The possibilities for maturity benefits are similarly 100%, 75%, 50%, and 25%. This makes this policy the ideal lic policy for the future of your child.
Both programs are among the best in the LIC. One of the nation's most established and reliable policymakers is LIC. Make sure to carefully read the terms and conditions. Spend more time and seek help when deciding on your selections to maximize the rewards. These choices cannot be altered later. The maturity year you choose is also crucial. Watch out for scam. The insurance and policymaking sectors are very vulnerable to fraud. Pick the LIC child plan that works best for you to ensure your child's future.