Top Child Insurance Plans of LIC

There are many Child Insurance Plans of LIC and most parents are extremely confused while shopping for the same. Child Plans are simple Endowment Plans which have been designed in a way so as to benefit the child or the parent who has a child. A child plan needs to be purchased according to requirement only and not for any other reason.

Here is a list of some of the most popular Child Plans from LIC.

 

1. LIC Jeevan Ankur Plan: is a child benefit Endowment Plan where the life of the parent is insured and the child has been made the nominee. In this plan, if the parent dies within the policy tenure, the basic Sum Assured is paid as Immediate Death Benefit and the policy continues. There is a further payment of 10% of the Sum Assured every year from the date of death of the Life Insured till the end of the policy tenure as Income Benefit to meet regular expenses like the child’s school fees, etc. The Sum Assured along with the Loyalty Additions would be paid at the end of the Policy Tenure as Maturity Benefit irrespective of whether the Life Insured is alive or not.

 Thus, if anything were to happen to the parent, the benefits would be paid for the child’s future. Thus, the child’s life is secured even if the parent does not survive till the end of the policy tenure.

 

2. LIC Komal Jeevan Plan is a child money back policy. In this plan, the life of the child is insured. The premium is paid till the child attains 18 years of age. Then the money starts coming back. The Money starts coming back on the policy anniversary after the child attains 18 years, 20 years, 22 years and 24 years respectively. However, if the child dies within the policy tenure after risk commencement, then the Sum Assured along with Guaranteed Additions are paid and the policy is terminated.

 LIC’s Komal Jeevan Plan is a perfect answer to take care of the child’s higher educational expenses. It can be taken by the parent or gifted by grandparents. A premium waiver benefit rider can be added to increase the level of protection such that the parents’ dream about the child’s future education is fulfilled under any circumstance.

 

3. LIC Jeevan Kishore Plan: is a Child Benefit Endowment Assurance Plan where the life of the child is insured. In this plan, premium needs to be paid throughout and when the policy matures the Sum Assured would be paid along with Bonus. There is an option of Premium Waiver benefit rider, by which the parent can choose to further secure the child’s future such that if anything were to happen to the proposer, the insurance policy would still continue and provide the maturity benefit for the child’s secured future. Once the child attains majority, the policy gets transferred to his name and then he can also opt for Accidental Death Benefit rider by paying additional premium.

 Thus, this plan is a very good option for the child to start saving from a very early age as the policy is vested to the child once he attains 18 years if age. Hence this plan can also be an ideal gift to the child from parents for a secured future. Hence, all plans have their unique benefits and are different from each other, but all you need to choose is the one which best suits your needs.