Which is the Best LIC Plan for My 8 Months Old Baby Girl?

With your bundle of joy in your arms and thousands of dreams in your eyes, there are only some events that can match the ecstasy of being a new parent. However, what If fate suddenly snatches you from your child? Thankfully! Your child’s future is secured with LIC Child plans even in your absence.

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LIC Child Plans 

As a parent, your mind is crowded with the number of thoughts and amazing possibilities for your child. To provide him/her the best of education and safeguard his/her future in your absence are some of the common thoughts. Apart from many other things, child insurance plans are some of the best ways to do so.

With the availability of several insurance policies, choosing one is a quite difficult task. Life Insurance Corporation of India or LIC is one of the largest and the oldest insurers in India. The Corporation holds the maximum customer shares with its strong industrial presence and comprehensive range of products. The insurer is specialized in serving various customers' needs with effective insurance plans such as investment plans, child plans, health, savings plan, micro-insurance, withdrawn plans, etc. 

LIC Child Insurance policies offer a way for the parents to build a secured family’s financial future for children in their absence. This plan ensures that all their needs are well taken care of in case of any uncertain event. They provide the parent's peace of mind and help them generate a corpus for critical future requirements of the child, involving marriage and education. 

Child Plans Offered by LIC 

LIC offers a wide range of child insurance plans that you can select for your child’s bright future. If you wish to purchase an ideal LIC policy for your 8-month baby girl, there are two plan options offered by LIC which you can consider. The policies are as follows: 

  1. LIC Children Money Back Plan 

    LIC Children Money Back Plan is a non-linked, participating, and traditional insurance plan that is specifically designed to cater to multiple requirements of growing children, involving their wedding, education, etc. It offers survival benefits along with the coverage of risk for children. 

    Key Features of LIC Children Money Back Plan 

    • The plan provides a maturity benefit equivalent to the basic sum assured at the time of buying the policy. 
    • You can opt for a loan under the child plan. 
    • The premium is paid on a monthly, quarterly, half-yearly, and yearly basis. 
    • The plan pays the benefits to the child at different ages when he/she requires financial support for marriage or higher education. 
    • You can also choose to postpone the received benefits during the maturity of the plan. 

    Eligibility Criteria 

    Entry Age 

    Minimum: 0 years 

    Maximum: 12 years 

    Age at Maturity 

    25 years 

    Policy Term 

    25 years minus entry age of a child 

    Sum Assured 

    Minimum: Rs. 1 Lakh

    Maximum: No Limit 

    Premium Payment Term

    (25 minus entry age) years 

    Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

  2. LIC Jeevan Tarun Plan 

    LIC Jeevan Tarun Plan is a non-linked, participating, limited premium paying policy. It is a combination of savings and insurance to provide a secure future for the child. This insurance plan helps to fulfill the child’s dreams of education, school/college expenses, and other expenditures. 

    Key Features of LIC Jeevan Tarun Plan 

    • It is a traditional child insurance plan that offers benefits of endowment and money-back. 
    • The plan offers Premium Waiver Rider Benefit. 
    • Flexibility for premium payment options. 
    • 15 days of free-look time is allowed under which a life assured can return the plan if he/she wants to. 
    • The facility of loan is available under the plan when it has reached a surrender value. 

    Eligibility Criteria of LIC Jeevan Tarun Plan 

    Entry Age 

    Minimum: 90 days 

    Maximum: 12 years

    Age at Maturity

    25 years 

    Policy Tenure

    25 years minus entry age of the child 

    Sum Assured 

    Minimum: Rs. 75,000

    Maximum: No Limit 

    Premium Payment Term

    (20 minus entry age) years 

    Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

Why Are LIC Child Plans Important?

You can provide financial security to your 8 months baby girl with LIC child plans. Here are some of the major benefits that you can avail if you purchase child insurance plans: 

  1. Secures Corpus for Child

    The child plans to save the child's future by providing a death benefit as a lump sum on the parent’s demise (if they are insured under the scheme). The lump-sum amount provides financial help to the child. The policyholder can also use that amount to fund his/her child’s marriage, education, or other expenses as required. 

  2. Premium Waiver Benefit 

    Child plans sometimes offer an inbuilt premium waiver benefit or optional riders. This benefit makes sure that the plan is not interrupted even in case of a parent’s death during the policy term. The plan continues and the child gets the maturity benefits. 

  3. Variants 

    Child plans come with different variants. You can purchase money-back or endowment plans to get guaranteed benefits. If you are not worried about risks, you can invest in ULIP's market-linked returns that give amazing returns on your investment. 

  4. Tax Benefits

    Get the tax benefits on the paid premium as per the prevailing laws of the Income Tax Act, 1961 i.e., U/S 10(10D) and 80C. 

    The tax benefit is subject to changes in tax laws. *Standard T&C Apply

Wrapping It Up!

LIC is one of the reputable and trustworthy insurance companies in India that offers a comprehensive range of insurance plans to its customers. These plans mainly provide financial stability and support to your child. Both aforementioned LIC Child plans are specially designed for a newborn or an 8 months old baby girl with amazing features and are sufficient to safeguard the future of 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
++Returns are 10 years returns of Nifty 100 Index benchmark

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