Life Insurance Corporation is India’s largest policy maker, managed by the Indian government. Insurance is a contract that promises to pay you (or someone you designate) a certain amount in the event of an insurance policy. LIC offers various policies for different intervals and customer groups. Life insurance in India started more than 100 years ago. LIC has been a policy maker for more than 100 years. Any age group can make policies, but the biggest benefits are parents and children.
The child insurance offered by LIC is by far the best compared to other insurance agents. These policies vary and can be tailored to suit your needs. All of these policies have a similar layout. You can start insurance before your child is 12 years old, and you can choose a maturity age. The range starts from the age of 18-25 years depending on your child’s career plans. Currently, LIC offers two packages for children.
The New Children’s Money Back Plan
The New Child Money Back Plan is an unrelated, participatory, private life insurance refund plan. It comes with the caption that children grow up very fast. This plan provides all three benefits: death, survival, and maturity.
The death benefit includes the number of unintentional deaths. The survival benefit includes periodic withdrawals and the maturity benefit includes the total amount of insurance along with the maturity benefit. The survival benefits make this plan suitable for child education, marriage, and other activities. Survival benefits include a fixed 20% payout on all anniversaries in the plan. It also gets the participation benefit determined by the LIC in the quarter. You can choose from a variety of survival and death benefits. This makes the best child insurance plans of lic.
You can make monthly, quarterly, semi-annual or annual installments. The minimum amount is Rs 1,000 and there is no limit to the maximum amount.
The Jeevan Tarun Plan
The Jeevan Tarun package is an exclusive package for your child’s education. This plan offers all four of the above plans, but each offer has different rates and options. The minimum age of maturity is 20 years, and the choice of survival benefits is more focused on an educational perspective.
This plan makes it even more flexible by offering 4 options each for survival and maturity benefits. You can choose the percentage of survival and maturity benefits. Survival options are 0.5%, 10%, and 15%. Similarly, the options for the maturity benefits are 100%, 75%, 50% and 25%, respectively. This makes this policy the best policy for your child’s future here.
Both packages are the best child insurance packages on lic. The LIC is one of the oldest and most trusted policymakers in the United States. Please read the terms and conditions carefully. Take the extra time and advice on selecting options for each benefit. This option cannot be changed midway. It is also important to choose an expiration year. Beware of scams. The insurance and policymaking industries are vulnerable to fraud. Choose the right child package for you and secure your child’s future.