Life Insurance Corporation is the largest insurance company in India controlled by the Government of India. Insurance is a contract that promises to pay the person (or agent) an amount if the deed is insured. LIC offers a wide range of policies for different intervals and customer groups. Life insurance in India started over a hundred years ago. LIC has been a policymaker for more than a century. All age groups can get involved in politics, but old age and children benefit the most.
LIC’s children’s policies are by far the best compared to other insurance organizations. These guidelines are versatile and can be modified to suit your needs. All of these policies have the same layout. You can start the policy before your child turns 12 and you can choose the retirement age. Ages range from 18 to 25 depending on your child’s career plans. LIC currently offers two tariffs for children.
New money-back plan for children:
The new child benefit plan is an untied, with-profits life insurance installment plan for single people. It comes with the subtitle Kids Grow Up Very Fast. This plan provides the three perks of Death, Survival, and Maturity.
Death benefits include an amount for premature death. The survivor’s benefits include periodic withdrawals and the termination benefit covers the full amount of the policy plus the termination benefit. The survival benefits make this plan ideal for your child’s education, marriage, and other activities. The survivor’s benefit includes a fixed payment of 20% on the anniversary of the plan. You will also receive the investment profit for the quarter determined by the LIC. You can choose between different survival and death benefits. This makes it the best child insurance in no time at all.
You can pay the installments monthly, quarterly, semi-annually or annually. The minimum amount is 100,000 rupees, the maximum is unlimited.
Jeevan Tarun plan:
Jeevan Tarun’s plan is an exclusive plan for your child’s education expenses. This plan gives you the four benefits of the plan above, but each benefit has different rates and options. The minimum age for coming of age is 20 and the options for survival assistance are more geared towards the educational perspective.
This plan gives you four options each for the Survival and Maturity perks, making it more versatile. You can choose the percentage of survival and cancellation benefits. Survival options are zero, 5%, 10% and 15% per year. Likewise, the bleed rate options are 100%, 75%, 50%, and 25%, respectively. This makes this policy the best lic policy for your child’s future.
Both plans are the best child insurance plan in Life insurance. LIC is one of the oldest and most trusted policymakers in the country. Be sure to read the terms and conditions carefully. Please take more time and guidance when selecting your options for the respective benefits. These options cannot be changed on the fly. Choosing your maturity is also essential. Be aware of fraud. The insurance and policy industry is prone to a lot of fraud. Choose the licensed child subscription that’s right for you and secure your child’s future.