Life Insurance Corporation Plans For Kids

One of the oldest and most trusted insurance companies in India is undoubtedly the Life Insurance Corporation of India. LIC specializes in serving different insurance plans to their customers depending on the need such as investment plans, saving plans, health plans, child plans, and many more. When it comes to child plans, LIC provides a gateway to parents by creating an assured financial corpus for their child.

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There are many LIC plans for kids launched by the Life Insurance Corporation like LIC’s New Children’s Money Back Plan, Child Career Plan, and LIC JeevanTarun Plan.

Let us discuss in detail these LIC policies for kids, their features, and benefits.

LIC JeevanTarun Plan

LIC JeevanTarun Plan is a participating non-linked limited premium payment plan. This LIC money-back plan offers an attractive combination of protection and saving featuresfor children. This LIC plan for kids is designed in such a way that it meets their educational and other financial needs while they are growing up.

LIC JeevanTarun Plan is an extremely flexible and easy plan in which the policyholder can choose the proportion of Survival Benefits to be availed during the term of the policy.

There are 4 options from which the proposer can avail the survival benefits:

Options

Survival Benefit

Maturity Benefit

Option 1

No Survival Benefit

100% of Sum Assured + vested Bonuses

Option 2

5% of Sum Assured paid every year for the last 5 policy years

The remaining 75% of the Sum Assured is paid + vested Bonuses

Option 3

10% of Sum Assured paid every year for the last 5 policy years

The remaining 50% of the Sum Assured is paid + vested Bonuses

Option 4

15% of Sum Assured paid every year for the last 5 policy years

The remaining 25% of the Sum Assured is paid + vested Bonuses

Features of LIC JeevanTarun plan

  • This is a Participating Limited Pay Traditional ChildPlan
  • Premium needs to be paid till the child is 20 years old while the policy continues till the child completes 25 years of age
  • Flexible payment options
  • The risk cover on the child starts after he completes 8 years of age or 2 years from the date of policy commencement, whichever is earlier
  • The remaining Sum Assured along with a vested Bonus if any would be payable to him on the maturity of the policy.
  • The Sum Assured on Death has been defined as the higher of 10 times the Annualized Premium or 125% of the Sum Assured, whichever is higher, subject to a minimum of 105% of the total premium paid to date.

Benefits of LIC JeevanTarun

Death benefit

In case of the sudden demise of the policyholder during the policy term, Sum Assured along with bonuses(if any) are to be paid to the nominee. Sum Assured is higher of:

  • 125% of the Sum Assured chosen while taking the policy.
  • 10 times of annualized premium as being paid.
  • Subject to a minimum of 105% of the total premiums paid as on date of death.

Survival benefit

If the policyholder survives till the maturity age, then a certain % of the Sum Assured is given to the policyholder as Survival Benefit in the last 5 years

Maturity benefit

If the policyholder survives the complete tenure of the policy, then the amount leftover of the Basic SA plus the bonuses acquired are paid to the policyholder as per Maturity Benefit

Benefit Illustration

Age of Life Assured (nearer birthday)

5

Option

4

Policy Term (years)

20

Premium payment term (years)

15

Premium payment mode

yearly

Sum Assured (Rs.)

1,00,000

Premium (excluding Taxes) (Rs.)

6,375

Eligibility Conditions and Other Restrictions

Minimum Sum Assured

Rs. 75,000

Maximum Sum Assured

 No Limit

(The Sum Assured shall be in multiples of 5,000 from Sum Assured 75,000 to 100,000 and 10,000/- for Sum Assured above 100,000)

Minimum Age at entry

 [90] days (last birthday)

Maximum Age at entry

 [12] years (last birthday)

Minimum/ Maximum Maturity Age

 [25] years (last birthday)

Policy Term

 [25 – Age at entry] years

Premium Paying Term (PPT)

 [20 – Age at entry] years

Rebates

Mode Rebate

Yearly mode

 2% of Tabular Premium

Half-yearly mode

 1% of Tabular premium

Quarterly, Monthly mode

 NIL

High Sum Assured Rebate (on Premium)

Sum Assured (SA)

Rebate (Rs.)

75,000 to 1,90,000

 Nil

2,00,000 to 4,90,000

 2 per thousand S.A.

5,00,000 and above

 3 per thousand S.A.

LIC’s New Children’s Money Back Plan

LIC’s New Children’s Money Back Plan is a non-linked, Individual, Life Assurance, Traditional money-back plan. A tailor-made LIC policy for kids to meet their education, marriage, and other needs while they grow up through Survival benefits. In addition, it offers risk cover on a child’s life during the policy period.

Features of LIC’s New Children’s Money Back Plan

  • LIC’s Premium Waiver Rider is available under this LIC plan for kids, which promises a waiver of future premiums in case of death of the proposer
  • Eligible to earn bonuses and the premium is paid for a limited part
  • The LIC policy for kids will vest in the name of the child who will eventually become the policyholder after the completion of 18 years of age
  • The loan can be availed under LIC New Children’s Money Back Plan
  • The tax benefit is available on the premium paid and the claim received. The premiums are exempted from taxation under Section 80C of the Income Tax Act and the claim received is exempted under Section 10(10D) of the Income Tax Act

Benefits of LIC New Children’s Money Back Plan

Death Benefits

On the demise of the life assured during the policy term, the death benefit is payable as:

Demise before the commencement date of risk

Return of premium exclusive of extra premium, rider premium, and taxes, if any,shall be payable

Demise after the commencement date of risk

Sum Assured on Death and the vested Final Additional Bonus and Simple Reversionary Bonus (if any), shall be payable.

Sum Assured on Death is defined as higher of Basic Sum Assured or 7 times of annualized premium

Survival Benefits

On the survival of the life assured, the term of the policy coinciding with or right away following the accomplishment of ages 18, 20, or 20 years, 20 % of the Basic Sum Assured on each occasion shall be payable.

Maturity Benefits

On survival of the life assured till the mentioned date of maturity, the Sum Assured (that is 40 % of the Basic SA) together with vested Final Additional Bonus and Simple Reversionary Bonus, if any, shall be payable.

Benefit illustration

Age of Life Assured

12 Years (Last birthday)

Policy term

13

Premium Payment Mode

Yearly

Basic Sum Assured

100000

Premium (Excluding Taxes)

9202

Eligibility Conditions And Other Restrictions

Minimum Basic Sum Assured

100,000

Maximum Basic Sum Assured

No Limit

(The Basic Sum Assured shall be in multiples of ` 10,000/-)

Minimum Age at entry for Life Assured

[0] years (last birthday)

Maximum Age at entry for Life Assured

[12] years (last birthday)

Minimum/ Maximum Maturity Age for Life Assured

[25] years (last birthday)

Policy Term/Premium Paying Term

[25 – Age at entry] years

Rebates

Mode Rebate:

Yearly mode

2% of Tabular Premium

Half-yearly mode

1% of Tabular premium

Quarterly, Monthly (NACH or SSS) mode

NIL

High Sum Assured Rebate (on Premium):

Sum Assured (S.A)

Rebate

1,00,000 to 1,90,000

Nil

2,00,000 to 4,90,000

2 per thousand S.A.

5,00,000 and above

3 per thousand S.A

LIC Child Career Plan

The Career plan, as the name suggests, is specially designed to meet the career goals of your child along with other financial needs. This LIC plan for the newborn baby as well kids till the age of 12, offers risk cover on the life of the child not just during the policy term but also during the extended term (that is, 7 years after the expiry of the policy).

Features of LIC Child Career Plan

  • Risk cover extended even after the end of the policy term
  • Survival benefits as 30% of the Sum Assured. Balance sum payable in the last 4, 3, 2, and 1 year before maturity
  • The vested Simple Reversionary Bonus is also payable on the 5thyear, before the end of term
  • Maturity Benefit is 15% of the Sum Assured + Final Addition Bonus
  • The plan provides an add-on rider as the premium waiver rider

Benefits of LIC Child Career Plan

Death Benefit

Onthe demise of the life insured during the policy tenure, the beneficiary will receive the Sum Assured + Bonus.

If the life insured dies before the risk commencement, then the beneficiary will receive a complete basic premium paid until death + 3% interest compounded annually.

Survival Benefit

On survival during the entire policy term, the child will receive 30% of the Sum Assured + vested simple reversionary bonus 5 years before the policy expiration date.The balance sum is payable in the last 4, 3, 2, and 1 year before maturity.

Maturity Benefit

At the time of maturity, the insured receives the 15 % of the Sum Assured in addition to the final additional bonus, if any.

Benefit Illustration

Benefits

Minimum

Maximum

Age of Life Assured

0

12

Policy term

11

27

Premium Payment Mode

Yearly, Half-yearly, quarterly, monthly

Basic Sum Assured

1,00,000

1,00,00,000

Maturity Age

23

27

Sample Premium Rates

Sample for Rs. 1000 Sum Assured:

For 6 years Premium paying term

Age

Maturity Age

23

24

25

26

27

0

111.25

107.25

103.35

99.6

95.95

4

128.35

123.8

119.35

115.05

110.9

8

148.15

143.05

138.05

133.2

128.5

12

170.2

164.55

159.05

153.65

148.4

Rebates

Mode Rebate

Yearly mode

2% of Tabular Premium

Half-yearly mode

1% of the tabular premium

Quarterly & Salary deduction

NIL

High Sum Assured Rebate (on Premium)

Sum Assured

Rebate (Rs.)

1,00,000 to 2,99,999

Nil

3,00,000 to 4,99,999

1.5 % of S.A.

5,00,000 and above

2 % of S.A.

Conclusion

LIC has been a trusted company for ages and the premiums and benefits offered by them are hard to compete within the marketplace. When it comes to your child’s future, no parent wants to take any risks. These LIC plans for the newborn baby, as well as a grown-up child, are very beneficial to every parent and one should get it without giving any second thoughts.

*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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