The 4 Best Lic Child Plan In 2023: Key Benefits And Features Of Lic Child Plans For Children

By Author: LIC Zaroorihai
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There is a variety of child plans available from LIC that can help secure your child's future financially and give you peace of mind regarding their dreams and dreams in life. The goal of this post is to inform you about the best LIC child plans, as well as their top features and benefits.

Best LIC child plans / Plan for Girl Child 2023 and Their Features

It is only natural for us to want the best for our children, isn't it? Best education, best marriage ceremony, best everything. However, the best always demands a little more money; adds a little more burden on our finances. But with child plans in insurance, this burden gets reduced considerably. The LIC girl child plan is an aim in this direction, helping parents fearlessly see dreams for their children because these dreams can now be realized as well!

Also Read: Top LIC Insurance Policies For Girl Child

LIC child plans help you realize these aspirations and secure the whole life of your child financially. Here are some of the best child plans offered by LIC in 2023 to help you make an informed decision for your child’s future.

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... Best LIC Policy for Girl Child 2023 in India

LIC Jeevan Tarun
LIC Kanyadan Policy
LIC Child Future Plan
LIC Single Premium Child Plan

Here are some of the top child plans by LIC in 2023 that you can consider to invest in for a better future for your child. We present here the key features and benefits of each:

1. LIC Jeevan Tarun Plan for Girl Child

This is the LIC child education plan that has been particularly designed to help you take care of your child’s higher education without any stress. Besides, the plan serves the dual purpose of encouraging savings as well as offering protection for a lifetime for the child.

Features of LIC Jeevan Tarun Plan:

The plan involves payment of premium for a limited term
It is a savings-cum-life insurance plan for children
The scheme is one of the best investment options to finance a growing child’s educational expenses and other needs

Benefits of LIC Jeevan Tarun Plan:

Since LIC Jeevan Tarun is a life insurance plan, it offers death benefits to the beneficiary of the insured. This means that in the event of an unfortunate, untimely death of the policyholder or insured during the term of the policy, the sum assured is paid to the insured’s beneficiary, along with the accumulated bonus amount at the time of the death.
Upon completion of 20 years, the child is entitled to receive a fixed percentage of the sum assured for 4 years.

2. LIC Kanyadan Policy for Girl Child

This plan is specifically designed by LIC for girl child in India. The plan offers financial protection to the girl child at a very less premium payment. This LIC plan for girl child ensures that you never have to worry about supporting the educational and marriage expenses of your daughter.

Features of LIC Kanyadan Policy:

Payment of Rs. 50,000 every year until the policy matures
Upon policy maturity, full maturity amount to be paid in lump sum
Designed to make the girl child financially independent in future
Premium waiver in case of death of the father
Rs. 10 lakh paid immediately to the beneficiary upon death by accident
Rs. 5 lakh paid immediately upon natural death
Plan open for NRIs as well

Benefits of LIC Kanyadan Policy:

Limited premium-payment plan
Insurance-cum-savings plan with profits
Flexible payment terms – monthly, quarterly, half-yearly, and yearly
Free of taxes

3. LIC Child Future Plan Scheme

As the name suggests, this plan is designed specifically to cater to the major future goals of your child – their education, marriage, and other life expenses. The major benefit of this plan is that it provides risk coverage to the child not only during the entire term of the policy but also for an additional extended period of 7 years.

Features of LIC Child Future Plan:

The scheme is a money-back endowment plan
Premium is payable every quarter, in six months, or annually; deductions can be made through salary
The term of the policy is 11-27 years

Benefits of LIC Child Future Plan:

If the insured survives the term of the policy, they would be paid survival benefits in addition to bonuses on term expiry.
The policy also guarantees monetary death benefits to the beneficiary of the insured.
The premium is waived off on the death of the insured; however, the benefits of the policy still remain active.
The plan allows for an extra 30-day grace period for payment of premium.
Premium payable is exempted from tax under Section 80C of the Income Tax Act.

LIC Single Premium Child Plan
One of LIC best child plan, this scheme assures a guaranteed sum to secure the future of your child financially. This is also a savings-cum-insurance plan that comes with profits and allows for only single premium payment, thereby not causing any financial burden on the parents.

Features of LIC Single Premium Child Plan:

Offers an assured sum of at least Rs. 50,000
Term of the policy is minimum for 10 years and maximum for 25 years
Single premium payable under the plan

Benefits of LIC Single Premium Child Plan:

Offers simple reversionary bonus and final bonus in addition to the sum assured
Two add-on riders available upon payment of extra premium to receive comprehensive coverage
Loan facility provided

Which LIC Plan or Scheme is Best for the Girl Child?

All of LIC’s child insurance plans are aimed at financial security for the child so that they don’t stay away from realizing their dreams. You can look up the web portal of LIC and choose the lic scheme for girl child that best suits your specific requirements. However, based on research, LIC Children Moneyback Back Plan is highly preferred among most parents.

The regular payouts offered under the scheme every 2 years make it favorable among most parents. These payouts are handed over from the time the child turns 18 up to the age of 25 years to help compensate for their higher education.

Besides the LIC policy for girl child, it also allows for premium waiver benefit, meaning that in case of death of the parent, the premium amount to be paid for the remaining policy term would be waived off for the child. Moreover, all the benefits of the policy will remain in force and paid to the child so that they can continue to realize their goals and dreams in your absence.

To Conclude

There are several LIC child plans available other than the ones mentioned in this post. Go through the features and benefits of all of these and then pick the one that best suits your growing child’s requirements.