LIC Policy for Girl Child in India

A child insurance plan is a plan that acts as a blend of investment and savings while also providing the child financial stability in the future. It can fund the child’s education expenses and is also a great way to beat inflation. A child insurance plan safeguards the child’s future, even in the case of the demise of a parent.

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LIC provides a plethora of plans for the girl child in India. The parent can pick the one that best suits their needs and requirements and the one they believe would be best for their child. A few LIC policies for the girl child in India are mentioned as follows:

  • LIC Jeevan Tarun
  • LIC Jeevan Labh
  • LIC New Children Money Back Plan

Below is a detailed discussion about the eligibility, features and benefits under each of these three LIC plans.

Jeevan Tarun : 

  1. Eligibility:

    PARAMETER

    MINIMUM

    MAXIMUM

    ·         Entry Age of Child

    90 days

    12 years

    ·         Maturity Age of Child

    -

    25 years

    ·         Sum Assured

    Rs. 75,000

    No Limit

    ·         Premium Paying Term

    8 years

    20 years

  2. Features of the LIC Jeevan Tarun Policy are as follows:

    • The plan is a participating limited pay traditional policy.
    • The premiums whether it is monthly, half-yearly or yearly, have to be paid until the child is 20 years. However, the plan remains active until the child is 25 years.
    • The child would be eligible to receive the risk cover two years from the date of commencement of the plan or when he turns eight, depending upon which is earlier.
    • Any bonuses would be paid along with the maturity upon the maturity of the policy.
    • The sum amount provided in the case of death is 105% of all the premiums paid to date or 125% of the sum assured, depending on which one is higher.
  3. Benefits: 

    • Death Benefit: In case of death of the policyholder before the end of the tenure of the plan, the sum assured along with bonuses or profits will be paid to the nominee of the life insured. 
    • Survival Benefit: If the life insured remains alive throughout the tenure of the policy, a certain amount of the sum assured is paid thereafter which a specific percentage of the amount is paid for the next four years of the policy. The amount paid will depend upon what the policyholder has chosen at the proposal stage itself. The options extended are: 
      • Option 1 – Nil
      • Option 2 – 5% each year
      • Option 3 – 10% each year
      • Option 4 – 15% each year.
    • Bonus: As this plan is a participatory policy, the policyholder receives benefits such as final additional bonus and simple revisionary bonuses.
    • Under this plan, the policyholders can opt for the premium waiver benefit rider according to which if the subscriber (parent or grandparent) that pays the premiums passes away, all future premiums will be waived off by the corporation and the policy will continue to be active throughout the maturity period.

Jeevan Labh: 

  1. Eligibility:

    PARAMETER

    MINIMUM

    MAXIMUM

    • Entry Age

    8 years 

    • 50 years for Premium Paying Term – 25 years
    • 54 years for Premium Paying Term – 21 years
    • 59 years for Premium Paying Term – 16 years
    • Maturity Age 

    -

    75 years

    • Sum Assured

    Rs. 2,00,000

    No Limit

    • Premium Paying Term

    10 years 

    16 years 

  2. Features:

    • Grace Period: The LIC Jeevan Labh offers a period of 30 days to its clients within which the premiums for the policy have to be paid. Failure to do so might result in the plan getting lapsed. However, the 30 day grace period is applicable only for plans that require their premiums to be paid yearly, half-yearly or quarterly basis. The grace period for plans which require monthly premiums has been reduced to 15 days.
    • Policy Surrender: LIC Jeevan Labh provides the feature to its customers that they can surrender the policy after a period of three years provided that all premiums for this particular time frame have been duly paid. 
    • Free look-up: The customers have the option to terminate the plan if they are not satisfied with its terms and conditions within a period of 15 days from the date of commencement of the plan.
  3. Benefits: 

    • Death Benefit: The death benefit is given to the nominee/dependent of the insured person if he/she dies before the end of the tenure of the plan. The amount provided to the nominee under LIC Jeevan Labh policy is either the basic sum assured or seven times the annualized premium depending on which one is higher.
    • Maturity Benefit: The Maturity amount is the amount that is paid to the policyholder upon the maturity of the policy. It consists of the total of the sum assured, simple reversionary bonuses and a final addition bonus.
    • Riders: Under the LIC Jeevan Labh policy, the policyholders can opt for various riders in order to receive maximum coverage and benefits. Such riders include critical illness rider, premium waiver benefit, accidental benefit rider, term assurance rider and accidental death and disability benefit rider.
    • Availability of Loans: The policyholder can also avail of loan benefits against this plan provided that all the premiums have been duly paid.

LIC New Children’s Money Back Plan: 

  1. Eligibility: 

    PARAMETERS

    MINIMUM

    MAXIMUM

    • Entry Age

    0 years

    12 years

    • Maturity Age 

    -

    25 years

    • Sum Assured 

    Rs. 1,00,000

    No Limit

    • Premium 

    Rs. 24,000

    No Limit

  2. Features:

    • Policy Surrender: LIC New Children’s Money Back Plan provides the feature to its customers that they can cancel the policy after a period of three years provided that all premiums for this particular time frame have been duly paid. If such a condition arises, the amount paid to the policyholder by the corporation will be the total percentage value of all premiums paid upto the date of surrender. 
    • If the customers are not entirely satisfied with the terms and conditions of the LIC New Children’s Money Plan, they can choose to cancel the policy within a period of 15 days. This is known as the free look period.
    • The premiums for the plan can be paid on a monthly, quarterly, semi-yearly or yearly basis depending upon what suits the customers best.
    • Loans can also be availed against this policy.
  3. Benefits:

    • Maturity Benefit: If the life insured survives throughout the tenure of the plan, the sum assured on maturity along with numerous other benefits such as simple reversionary bonuses and final additional bonus will be paid to the policyholder.
    • Death Benefit: Upon the sudden and unfortunate demise of the life insured, the sum assured will be paid to the nominee or dependent as the death benefit.
    • Profits: If the policy is entitled to certain benefits and bonuses during its tenure according to the corporation’s terms and conditions, it will be paid to the life insured or the nominee (in case of death of the policyholder) along with the sum assured.
    • Rebates: The plan provides rebates on high premium amounts which help the individual save money and also enjoy the benefits of the plan.  
    • Income Tax Benefit: The policyholder enjoys tax benefits on the premiums paid as well as the maturity amount under Sections 80C and 10(10D) of the Income Tax Act, 1961 simultaneously.

Benefits of LIC Plans for Girl Child

  • School Fees: The LIC plans for a girl child can help in paying the school fees of the child and continuing the child’s education in the event of the parent’s demise. This allows the girl child to get better education facilities even in the absence of regular income. 
  • Funding higher education: With the rapidly increasing college and university fees, it might become a major matter of concern for parents to provide the best higher education for their children. However, a child plan might assist the child in fulfilling his/her dreams of pursuing the course of study of their choice. It might also allow the child to go abroad for better education facilities and exposure.
  • Other future endeavours: Not just education, a child plan might also facilitate other endeavours such as a wedding. As a lump sum is provided upon maturity of the plan, various other dreams can be fulfilled with it. 
  • Evades capital erosion: Consistent volatility that occurs in the market might lead to capital erosion. Thus, the features under child plans, namely, Dynamic Fund Allocation and Systematic Transfer Plan can help the money that is invested steer clear of capital erosion and also makes the best of it.

How to Purchase the Plans?

Online: Any child plan provided by LIC can be purchased through the online mode by visiting the official website of LIC, selecting the policy of their choice and then filling in the required details such as name, age, date of birth, mobile number and so on. Moreover, the premiums can also be paid online through debit or credit card, net banking facilities, etc.

Offline: The policies can also be purchased by visiting the nearest branch office of LIC or through other agents or brokers.

The Bottom Line

Therefore, a child plan has become excessively necessary in order to ensure a safe and secure future for children, specifically the girl child. It is important that children that are the future of tomorrow are able to lead a financially stable life and are able to fulfill their educational as well as other needs even in the absence of a parent or the income producer of the household.

Written By: PolicyBazaar - Updated: 09 July 2021
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