LIC Child Plan

Whether you are a proper Indian resident or an NRI living in Canada, every parent wants to have enough savings for their child's studies and an overall comfortable lifestyle. However, owing to the family's responsibilities, creating such a saving fund or maintaining it often becomes challenging.
Moreover, an accident or an adverse event might occur, disturbing your monthly budget, your efforts to save for your child, and impact your kid's studies. The last thing you would want is to see your kid deprived of the studies and lifestyle they deserve due to an unfortunate event. While no one can control fate, you can surely invest in schemes that safeguard your child's best interests.

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One great investment scheme is LIC Child Plan for NRIs staying in Canada and other countries. It provides attractive returns and consistent saving options - the correct amount at the most suitable time. LIC is a reputed insurance provider, and this endowment plan is amongst the most popular plans by the company. 

The main advantages of the LIC Child Education policy include:

  • The insured gets 40% of the sum assured + Final Addition Bonus (FAB) + other bonuses at the time of maturity. 
  • The insured gets 20% of the sum assured at ages 18, 22, and 24. 

For instance, the kid's age is one year and the amount assured is one crore. In that case, the kid will receive Rupees twenty lakh at ages 18, 22, and 24. Moreover, he/she will also receive 40% of the sum assured + Final Addition Bonus (FAB) + other bonuses at the time of policy maturity. You can use this amount for your little champ's marriage or his/her higher studies and other lifestyle requirements. 

Notable Features of LIC Child Plan

  • Maximum Plan Term: 25 years
  • The maximum amount for insurance: Unlimited
  • Child Age: Between one day to twelve years
  • The minimum amount for insurance: Rs.1 lakh
  • Grandparent, mother, or father can be proposers
  • Maturity Tenure: In the twenty-fifth year of the insured kid
  • Mode for Premium Payment: Every month, every quarter, every six months, or yearly.

Other Important Things to Know

Apart from the features mentioned above, here are more aspects to keep in mind:

  1. Premium Waiver Benefit

    It is available at a minimal cost, where future premiums are exempted in the event of the death of the policy purchaser (proposer). The benefits from the plan are distributed under the plan's schedule to the child. It is important to know that in Children Plans, insurance cover is granted to the person who is proposing (father and mother). 

    Therefore, the policies can be described as "Insurance for the Child" plans and not "Insurance of the Child" plans, which cover the cost of education, career, and marriage for the child. Therefore, premium waiver benefit is a major part of the Child Plan which ensures the needed funds are in place for your child at the right moment.

  2. Surrender Conditions

    Part of the sum paid as a premium may be refunded upon surrender of the policy when the proposer has paid the premiums for at least three consecutive years after purchasing the policy.

  3. Loan

    You can also take a loan against this policy if you have paid the premiums for at least three years. 

Wrapping Up

The children's money-back plan, also known as the child education plan from LIC, is a simple and reliable way for NRIs to help their children meet their financial needs shortly. It is a well-planned insurance policy for non-resident Indians that will provide cash when it is most required for your children.

Frequently Asked Questions

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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