July 22, 2021
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Life Insurance Corporation (LIC) of India is the oldest and only public sector life insurance company that offers a variety of life insurance products to cater to the customers’ insurance needs. With LIC, you can choose plans such as term insurance, endowment, money back, child plans, whole life plans, etc. With its products, LIC has secured over 250 million lives.

LIC Best Child Insurance Plans

In this blog, we are focusing on LIC’s Best Child Insurance Plans you can invest in the year 2019-20.

1. LIC Jeevan Tarun

LIC Jeevan Tarun is a limited premium plan that provides the dual benefit of savings and protection for your children. This plan provides Survival Benefit that helps to meet the education/other needs of your children. This plan also takes care of liquidity needs. You can choose from different plan variants to enhance life coverage.

LIC Jeevan Tarun Plan Benefits

Death Benefit: Sum Assured on Death plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable to the nominee, as Death Benefit.

Maturity Benefit: On your survival till completion of the policy term, Sum Assured on Maturity plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable.

Survival Benefit: On your survival at the completion of the policy anniversaries with or following 20 years and thereafter every year for the next 4 policy years.

Bonus: This policy pays Simple Reversionary Bonuses, depends on the profits of the Corporation. You will also receive Final Additional Bonus, in the event of a claim arising from death or maturity.

Loan Benefit: This plan offers an option to avail of the loan facility. To take advantage of this facility, the policy must have acquired the surrender value.

Tax Benefit: You can avail tax benefits under section 80C for the premiums paid and the policy benefits are eligible for tax deduction under section 10 (10D) of the Income Tax Act, 1961.

2. LIC New Children Money Back Plan

LIC New Children’s Money Back Plan is a non-linked, participating money back plan that offers survival benefit at the end of the specified durations. With the survival benefit, you can easily fulfill your children’s financial obligations like his/her education & marriage and any other costs incurred in raising a child. This child plan also provides the life cover that ensures financial security for your child, even in your absence.

LIC New Children Money Back Plan Benefits

Death Benefit: Sum Assured on Death plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable to the nominee as Death Benefit.

Maturity Benefit: On your survival till completion of the policy term, 40% of the basic sum assured plus Vested Simple Reversionary Bonuses & Final Additional Bonus is payable.

Survival Benefit: 20% of the basic sum assured is payable on coinciding with or immediately following the completion of 18 years, 20 years and 22 years.

Bonus: Simple Reversionary Bonuses is declared depending on the profits of the Corporation. Final Additional Bonus is also available, in the event of a claim arising due to death or maturity.

Loan Benefit: An option to avail the loan facility is available.

Tax Benefit: Under this policy, you can avail of tax benefits under section 80C & 10 (10D) of the Income Tax Act, 1961.

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