LIC Policies For Girl Child, Boy Child, And New Born: Know It All!

LIC Policies for your child not only secure your child's financial future but also ensure that all their dreams are fulfilled even in your absence. These plans aim to secure a child's future financially, provide protection, and facilitate long-term savings. LIC Policies For Girl Child, Boy, And New Borntypically offer a combination of insurance coverage and investment benefits.

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What is the LIC Child Plan?

LIC Child plans are the insurance policies LIC offers for baby girls, boys, and newborn babies. These policies are effectively designed for children and their secure future. Child education, marriage, and career are some important aspects that the LIC Child Plan covers.

Key Features of LIC Child Plans

Here are some common features and benefits of LIC child plans:

  • Insurance Coverage: Child plans provide life insurance coverage on the life of the parent or the child, ensuring financial protection in the event of an unfortunate incident such as the parent's demise.

  • Savings and Investment Component: Child plans also serve as investment instruments, allowing policyholders to build a corpus over a specified term. The premiums paid towards these plans are invested in various financial instruments, aiming to generate returns over time.

  • Maturity Benefit: At the policy's maturity, the child receives a lump sum amount, which can be utilized for their education, higher studies, marriage, or any other specific financial needs.

  • Premium Waiver Benefit: Many LIC policies for girl and boy child comes with a premium waiver benefit, wherein the future premiums are waived off in case of the unfortunate demise of the parent or the policyholder. The policy continues without any premium obligations, ensuring that the child's financial goals are not compromised.

  • Flexibility: LIC child plans offer flexibility in terms of premium payment options, policy term, and sum assured. Policyholders can choose a policy term that aligns with their child's future goals and select the sum assured amount based on their financial requirements.

  • Tax Benefits: Premiums paid towards LIC child plans are eligible for tax benefits under Section 80C of the Income Tax Act, up to a specified limit. The maturity proceeds or death benefits are also usually tax-free under Section 10(10D) of the Income Tax Act, subject to certain conditions.

LIC Child Plans for Girl Child, Boy Child, and NewBorn

Here are various child plans offered by LIC and their important details.

  1. LIC Jeevan Tarun Plan

    LIC Jeevan Tarun Plan is a participating non-linked limited premium payment plan. This LIC money-back plan offers an attractive combination of protection and saving features for 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 the 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 the 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 the 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 Jeevan Tarun plan

    • This is a Participating Limited Pay Traditional Child Plan

    • 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 Jeevan Tarun

    • 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
  2. 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
  3. 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 child's life, 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 5th year, 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
      On the 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
  4. LIC Jeevan Lakshya

    LIC’s JeevanLakshya is a non-linked, traditional, participating, individual life assurance plan which offers a combination of savings and protection. It offers Annual Income benefits, primarily for the benefit of children, in case of the unfortunate demise of the policyholder during the policy term. A lump sum amount is also paid if the policyholder survives the policy tenure. LIC JeevanLakshya also takes care of liquidity needs through its loan facility.

    Features of LIC Jeevan Lakshya Plan

    Depending on the customer’s need, the policy offers some exquisite features. Some of the silent features offered by the plan are

    • A minimum sum assured of Rs 1,00,000

    • Maximum sum assured has no limit

    • Premiums are to be paid on a yearly, half-yearly, quarterly, or monthly basis.

    • Comes with an option of Electronic Clearing Service (ECS), an easier mode to pay premiums

    • The premium paying term is of 3 years, irrespective of the policy tenure

    • Rider options also available under the policy

    Benefits of LIC JeevanLakshya Plan

      • Death Benefit
        The death benefit is the amount payable by the insurer to the policyholder in case of their unfortunate demise during the policy tenure, provided the policy is in force. The death benefit payable to the nominee of the policy is:
        Sum Assured on Death along with vested Simple Reversionary Bonuses and Final Additional bonus if any.
        The sum assured on death is defined as:

        • Higher of 7 times the annualized premium or

        • Basic sum assured amount

    The death benefit paid to the nominee of the policy should not be less than 105% of the total premium paid. 

    • Maturity Benefit
      On the survival of the policyholder through the entire policy tenure, provided all the premiums of the policy are dully paid and the policy is in force, maturity benefit offered is:
      Sum Assured on Maturity along with Vested Simple Reversionary Bonus and Final Additional Bonus if any.
      The Sum Assured on Maturity equals the Basic Sum Assured amount of the policy.

    • Participation in Profits
      The policy participates in the profits of the corporation and is entitled to receive a Simple Reversionary Bonus declared as per the experience of the corporation, provided the policy is in force.
      The Final Additional Bonus is also declared under the policy in the year the claim is made, either as death or maturity.

    Benefit Illustration

    Age of Life Assured (nearer birthday) 30 Years
    Policy Term (years) 25 Years
    Premium Payment Term 22 Years
    Premium Payment Mode Yearly
    Basic Sum Assured (Rs) 1,00,000
    Premium (excluding Taxes) (Rs) 4,366

    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/-)
    Policy Term 13 to 25 years
    Premium Paying Term  (Policy Term – 3) years
    Minimum Age at Entry  18 years (last birthday)
    Maximum Age at entry  50 years (nearer birthday)
    Maximum Maturity Age  65 years (nearer birthday)

Conclusion

All the LIC policies for baby girls, boys, and newborns have their uniqueness and benefits. The important thing is to decide which policy to choose from these wide ranges of policies that best suit your requirements. From features and benefits to eligibilities and rebates, all the important information is mentioned above to make your understanding and choice easier.

FAQs

  • Q: What is the best LIC policy for a girl child's future?

    Ans: LIC offers several policies suitable for securing a girl child's future, such as LIC New Children's Money Back Plan and LIC Jeevan Labh. The "best" policy choice depends on your specific financial goals and requirements.
  • Q: What are the key considerations when choosing the best LIC policy for a boy child?

    Ans: When selecting the best LIC policy for a boy child, consider factors such as the policy's features, the child's specific financial goals, the policy's maturity age, and premium affordability.
  • Q: Can I purchase an LIC child plan for my granddaughter?

    Ans: Yes, you can purchase an LIC child plan for your grandchild as a policyholder or the child's legal guardian, provided the child falls within the specified age limits of the policy.
  • Q: What are the key factors to consider when choosing the best LIC policy for a girl child?

    Ans: When selecting the best LIC policy for a girl child, consider factors such as specific financial needs such as higher education or marriage, the policy's features, maturity age, and premium affordability.
  • Q: Are LIC child plans suitable for children with special needs?

    Ans: LIC child plans can be suitable for children with special needs. However, it's essential to consider the child's specific requirements and seek professional guidance to ensure the policy aligns with their unique circumstances.

*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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