Which LIC Plan Is Best For Children?

An insurance policy from LIC can help you save a significant sum for your children’s future. Not only this, LIC child plans extend financial support to them on your death. Now choosing the best LIC plan for your child will require some research. To make things easy, we have compared 2 popular child plans offered by LIC - viz. LIC’s Jeevan Tarun and LIC’s New Children’s Money Back Plan.

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Both LIC’s Jeevan Tarun and LIC’s New Children’s Money Back Plan come with survival benefits for children when they turn 18 years of age. This helps fund the most crucial and the most expensive stages of their education. Now let’s discuss some unique perks to each plan to help you decide which LIC plan is best for your children.

Which LIC Child Plan Should You Choose? 

The basis for both the plans is similar. Any child in the age bracket of 0 to 12 years can be secured until they reach the age of 25 years. On the death of your child within the coverage period, you get a death benefit. If they survive the policy term, they can claim a maturity benefit. The key difference lies in the survival benefit payout. 

  1. With LIC Jeevan Tarun

    There is a lot of flexibility. You get to decide how to split the sum assured between survival benefit and maturity benefit. Your child will start getting these survival payouts every year from the age of 20 to 24, and the maturity benefit at the age of 25. 

  2. With LIC New Children’s Money Back Plan

    The split between survival and maturity benefit is fixed. At the age of 18, 20, and 22, the child will receive 20% of the sum assured. The remaining 40% will be paid to them as a maturity benefit at the end of the policy term. 

    Since the benefits are comparable between the two, the question as to which LIC plan is best for children can be addressed using other factors. 

How to choose the best LIC plan for your child?

You can make your choice based on the premium paying term. 

  • It is 20 years minus the entry age of the child in the case of LIC Jeevan Tarun. 

  • In the case of LIC New Children’s Money Back Plan, the premium paying term is 25 years minus the entry age of the child. 

Say your child is 2 years old. The premium paying term for each policy will be 18 years and 23 years, respectively. 

Now, if you are on a budget, picking the LIC New Children’s Money Back Plan will reduce the burden of premiums for the same coverage. Moreover, the payouts with this plan start early at the age of 18, unlike 20 years in the case of Jeevan Tarun. 

Another factor to consider would be the consistency of payouts. With Jeevan Tarun, the payouts are spread out evenly, which helps in better financial decision-making. The flexibility of choice in this plan also tips the favour in its direction. This is one reason why LIC Jeevan Tarun may be the best choice for your child.


*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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