A LIC policy for a girl child is a plan that acts as a combination of protection and savings while also providing her with financial stability in the future. It can be used to fund her educational expenses and can also be used to beat inflation. A child insurance plan will ensure and safeguard your daughter’s financial independence, even in your absence.Read more
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Life Insurance Corporation of India (LIC) is an Indian Insurance company that has established a name for itself in the Insurance space over the past 66 years of its operation. LIC of India provides a wide range of plans for the girl child in India. Parents can pick the one that best suits their needs and requirements and the one they believe would be best for their girl. A few LIC policies suitable for the girl child in India are as follows:
LIC Jeevan Tarun
LIC Jeevan Labh
LIC New Children’s Money Back Plan
LIC Jeevan Umang
Below is a list of ways in which you can secure your daughter’s future financial condition in the long run with LIC plans 2022.
School Fees: The LIC plans for a girl child can help in paying the school fees of the child and continuing her education in the event of the parent’s demise. This allows the girl child to get better educational opportunities even in the absence of the main income earner.
Funding higher education: College and university fees are increasing rapidly and it might become a matter of concern for parents to provide the best higher education for their children. However, a LIC policy might assist the girl child in fulfilling her dreams and pursuing the course of her choice. The return from these plans can also be used to go abroad for better education and exposure.
Other future expenses: Not just education, a plan from LIC India might also help in taking care of other expenses such as a wedding or any medical emergency. The lump sum provided upon maturity of the plan can be utilized to fulfill various other lifelong dreams.
Beat Inflation: Consistent volatility that occurs in the market might lead to capital erosion. Thus, through plans like LIC SIIP you can grow a corpus over time to ensure your girl child can stay financially stable and independant in the future.
LIC Jeevan Tarun is a participating plan, which means your daughter will be entitled to receive the profits declared by the company as additional bonuses.
Your girl will also receive a fixed percentage of the Sum Assured as the maturity benefit on the completion of the policy.
The policy also offers a survival benefit, under which she would receive a predetermined percentage of the Sum Assured after the end of the 20th policy year.
The policy provides the option of including LIC’s Premium Waiver Benefit Rider for comprehensive coverage.
You can also select for the maturity to be paid in installments. This would act as a regular income for your daughter to fund her college or other important expenses.
|Entry Age of Child||90 days||12 years|
|Maturity Age of Child||25 years|
|Sum Assured||Rs. 75,000||No Limit|
|Policy Term||(25 – Entry Age) years|
|Premium Paying Term||(20 – Entry Age) years|
The policy offers a maturity benefit at the end of the policy term, which can be used by your daughter to fund her lifelong dreams and aspirations.
Your daughter will also receive a portion of the profits declared by the company as an additional bonus.
The policy also offers the option of including any of the following riders for enhanced coverage. The riders are LIC’s Accidental Death and Disability Benefit Rider, LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider, LIC’s New Critical Illness Benefit Rider, and LIC’s Premium Waiver Benefit Rider.
The policy provides liquidity through loans after the end of 2nd policy year. Your daughter can avail of this feature in case of any medical emergency or crisis.
The policy also offers the option of maturity payout in installments. Through this, your daughter will receive regular income to pay for her school or college fees.
|Entry Age||8 years||
|Maturity Age||-||75 years|
|Sum Assured||Rs. 2,00,000||No Limit|
|Policy Term||16 years, 21 years, and 25 years|
|Premium Paying Term||10 years, 15 years, and 16 years|
With LIC New Children’s Money Back Plan, your daughter will receive a maturity benefit at the end of the policy term, which can be used to pay for her wedding or other important expenses.
The plan offers a portion of the profits declared by the company as additional bonuses.
Your girl will also receive a survival benefit of 20% at the end of the 18th, 20th, and 22nd policy year.
The policy also offers the option of deferring the survival benefits and will pay an increased survival benefit in return.
There is also the option of including LIC’s Premium Waiver Benefit Rider for enhanced coverage.
You can also opt for the settlement of the maturity option, through which your daughter will receive the maturity in installments which can help pay her school or college fees.
The policy also offers a loan facility that can be availed after the end of 2 policy years.
|Entry Age||0 years||12 years|
|Maturity Age||25 years|
|Sum Assured||Rs. 1,00,000||No Limit|
|Policy Term||(25 – Entry Age) years|
This is a unit-linked plan, therefore a portion of the premium is invested in funds of varying risks and the remaining portion is used to provide insurance.
Your daughter will receive the maturity benefit at the maturity of the policy, which can be utilized to fund either her higher education or her lifelong dreams.
The policy offers guaranteed additions at the end of specific years which can help her maintain her lifestyle.
The plan also provides the option of including LIC’s Linked Accidental Death Benefit Rider for enhanced coverage.
The partial withdrawal feature can provide liquidity after the fifth policy year to take care of any financial emergencies.
The plan offers four types of funds out of which you can choose or switch between the one with appropriate market risk.
|Entry Age||90 days||65 years|
|Maturity Age||18 years||85 years|
|Sum Assured||For people below 55 years of age||10 times the Annualised Premiums|
|For people above 55 years of age||7 times the Annualised Premiums|
|Policy Term||10 years||25 years|
|Premium Paying Term||10 years||25 years|
LIC Umang is a participating plan, which means your girl will be receiving the profits declared by the company during the policy term.
Your daughter will also receive the Sum Assured on Maturity as a maturity benefit at the end of the policy term.
A survival benefit of 8% will also be paid at the end of each year after the end of the premium-paying term for the policy tenure.
You can also include the following riders to increase the policy coverage. They are LIC’s Accidental Death and Disability Rider, LIC’s Accident Benefit Rider, LIC’s New Term Assurance Rider, LIC’s New Critical Illness Benefit Rider, and LIC’s Premium Waiver Benefit Rider.
The policy offers liquidity through its loan facility which your daughter can avail of in case of an emergency.
The policy offers a whole life cover up to the age of 100 years.
|Entry Age||90 days||55 years|
|Maturity Age||100 years|
|Sum Assured||Rs. 2,00,000||No Limit|
|Policy Term||(100 – Entry Age) years|
|Premium Paying Term||15 years, 20 years, 25 years, and 30 years|
|Age at the end of Premium Paying Term||30 years||70 years|
So suppose you have purchased the LIC’s New Children Moneyback Plan for your daughter who is currently 12 years of age. If the policy and premium paying term is of 13 years, then at the monthly premium of just Rs. 7,916, your daughter will be covered under the policy for the next 13 years. She will also receive Rs. 2 Lacs at the age of 18th, 20th, and 22nd which she can utilize to pay for her college or university fees. She would also receive a maturity amount of Rs. 4 Lacs, which she can use to pay for her higher education or any other unexpected expenses.
Online: Any of the above child plans provided by LIC life insurance can be purchased online by visiting the LIC’s official website. You can select the policy of your choice and then fill in the necessary details such as name, age, date of birth, mobile number, and so on. Moreover, the premiums can also be paid online through LIC’s Online Premium Payment Portal.
Offline: The policies can also be purchased by visiting the nearest branch office of LIC or through other official agents or brokers.
A LIC Policy has become a necessity in order to ensure a safe and secure future for children, specifically the girl child. It is important that our daughters, who are the future of tomorrow, are able to lead a financially stable life. LIC plans will help fulfill her educational as well as other financial needs even in the absence of the parent or the breadwinner of the household.
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