Child Plans by Life Insurance Corporation, LIC

Life Insurance Corporation or LIC is the biggest player in the insurance industry of India. LIC is a state-owned insurance company which is head-quartered in the financial capital of the country – Mumbai. As a public sector enterprise, the role of LIC is not just to provide insurance schemes to customers but also to ensure that the insurance needs of customers from all segments of society, are met.

Keeping the above objective in mind, LIC offers a lot of insurance plans aimed at meeting the insurance needs of children. Child plans by LIC are meant for parents who wish to avail insurance plans for their kids’ higher education needs or for future financial needs like setting up own business or marriage.

With education becoming more expensive each day, planning your child’s future is an intelligent strategy. Availing child plans is a common way to go about planning a safe and secure future for your child. In today’s age of financial instability, stock markets are not reliable avenues to invest nor are the banks whose rates keep changing. Child plans are one of the foremost financial instruments to offer returns that can be relied upon. Most child plans are designed so that the parents are insured and that the lump-sum benefit is received by the child.

Top Child Plans offered by LIC

  1. Child Career Plan:

    Child Career Plan by LIC, as the name itself suggests, is specially designed to meet the career planning goals of your child as well as other financial needs during his/her growth phase. The plan offers not just risk cover for life of the child insured but also substantial survival benefits in case the policyholder survives the entire policy term. The flexibility offered by this insurance plan is great and the customer is free to choose sum assured, premium amount, policy period mode of payment etc.

  2. LIC Jeevan Tarun Plan:

    The Jeevan Tarun Plan is a participating, non-linked plan that offers a good combination of insurance plus savings for children. The plan is specifically designed to meet the financial needs of growing children. The plan offers an annual survival benefit from the ages of 20 to 24 years and also offers a maturity benefit as the end of 25 years. These years are generally the formative years in an individual’s life when he/she is pursuing higher education and as such needs money for various purposes. These financial needs include money for admission to higher education courses, hostel fees and varioud other expenditure.

    The survival benefit can be chosen by the policyholder and is a certain percentage of the sum assured. This survival benefit is paid annually to the policyholder starting from the anniversary year of policy. An optional rider which helps to raise the total sum assured can be availed by policyholders.

    This plan can be availed by the parent or grandparent of any child between 0 and 12 years of age.

  3. LIC New Children’s Moneyback Plan:

    The New Children’s Moneyback plan from LIC is aimed at addressing the financial needs of your child once he or she grows up. These financial needs include higher education as well as marriage. In addition to survival benefits, the plan also offers risk cover for life of your child throughout the policy period.

    Survival benefit equal to 20% of the sum assured is payable on completion of 18, 20 and 22 years of age. Maturity benefit is paid out in case the policyholder survives the entire policy period. This maturity amount is equal to 40% of the sum assured plus reversionary bonus plus terminal bonus if any. Simple reversionary bonus comes from the profits earned by the company since this insurance policy is a participating insurance scheme.

    The above list of plans is some of the on-going child insurance plans offered by LIC. There are other child insurance plans which have been discontinued by the company and which may come back at some point of time in future. Child plans are an effective way of reducing and managing the financial liability that comes with the birth of a child. With education expenses increasing on an ongoing basis, it is imperative for customers to plan their finances in a way which offers enough cushion for known and as well as unforeseen financial needs of their kids.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

 4.5 / 5.0   by 174 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

LIC Child Plan Reviews

Page 1 of 9 1 2 3 4 5
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC directly .This policy is name is Jeevan Saral and it is a maturity policy and it is a child plan policy ,I am paying a premium of Rs.20,000 it is a yearly mode .I have got all the relevant details about the policy through the agent .The policy is still active .
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 11, 2019
  • LIC
    LIC Life Insurance
    "Good benefits"
    0.5 5.0/5 "Blown Away!"
    I hold around 6 policies with LIC, its a long term policies and the tenure is 21 years. I took all Jeevan Labh policy because of my child education. The maturity will be around 16 years of my child. I have not contacted the customer service but have been using the online website and its good. The payment mode is online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 28, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken life insurance policy through LIC agent ,The agent gave all the details about the policy ,it is a 15years policy this is a policy completely based on children policy it is a child plan ,premium ism paid on yearly basis ,policy documents received on time .Still the policy is active so far.The service is average according to me.
    Was this review helpful? 0
    , chandigarh
    Reviewed on May 18, 2019
  • LIC Life Insurance
    "Best plan"
    0.5 5.0/5 "Blown Away!"
    I have purchased children plan 2 years before in LIC, am paying monthly premium of 2000 rupee. Their service is good and have no issues. I will be getting double of sum assured and need to pay till 21 years of child. After 18 years, I can withdraw money for college and marriage purpose of child.
    Was this review helpful? 0
    , chennai
    Reviewed on May 02, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the CHILD PLAN with the LIFE INSURANCE CORPORATION OF INDIA where i am using it since from last 17 years. The policy has the maturity period of long term as the premium paying for monthly once through the ecs from the salary. The service is good.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "Good for childern future"
    0.5 5.0/5 "Blown Away!"
    I took child plan for my kid, yearly I pay Rs. 35,000. When my son turn to 18 years old. He can withdraw the sum assured its good for the educational purpose. They also give loan based on the policy. I have taken sum assured for Rs. 12 lakhs its good for tax saving.
    Was this review helpful? 0
    , virudhunagar
    Reviewed on Apr 20, 2019
  • LIC Life Insurance
    "Good Plan for Children"
    0.5 4.0/5 "Great!"
    I have two children plan, for one policy I used to pay the premium of Rs. 540 on quarterly basis. On time I get the policy reminder calls and message from LIC. I can also avail other benefits from their end for children education , after 20 years my child can take the sum assured.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 12, 2019
  • LIC Life Insurance
    "Its Good for Children Future"
    0.5 4.0/5 "Great!"
    For the Children plan, I used to pay Rs. 750 on quarterly basis. When my child turn to 20 years old, they can avail the benefits and I can also take the loan based the premium amount. I have activated this policy before 10 years, its a good policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 12, 2019
  • LIC Life Insurance
    "Nice policy to protect child future"
    0.5 5.0/5 "Blown Away!"
    To protect my children future, I took child plan from LIC. As a father I am paying the premium around Rs.6000 on yearly basis. Now my daughter age is 7, when she reach at 17, she can avail the benefits for her future needs. I am happy to invest for them.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 11, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 3.0/5 "Satisfactory"
    I am holding the CHILD PLAN with the LIFE INSURANCE CORPORATION OF INDIA where i am holding it from last 2 years the maturity period of this policy id for 22 years and the premium paying for 3 months once with this insurance policy.
    Was this review helpful? 0
    , ratlam
    Reviewed on Apr 08, 2019
  • LIC Life Insurance
    "SHOULD IMPROVE CUSTOMER SERVCIE AND SHOULD BE MORE RESPONSIV"
    0.5 3.0/5 "Satisfactory"
    I have taken the life insurance of CHILD PLAN with the LIFE INSURANCE CORPORATION OF INDIA and i am using it since from last 4 years with this policy. The maturity is for 10 years, it has the sum assured of 7Lakhs rupees with this insurance policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 13, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 4.0/5 "Great!"
    I have 3 policies with LIC. I took 2 Jeevan Anand and other one is child policy. I am satisfied with the benefits. LIC is good and they are doing good support. They have explained me about the policy details and my friend is agent. Totally am paying the premium of 22K per annum through cash.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 09, 2019
  • LIC Life Insurance
    "Excellent policy"
    0.5 5.0/5 "Blown Away!"
    I have a life plan called money back and child education scheme in LIC. I would say LIC is very good and more than others. The customer service is good. They are returning some amount based on the sum assured after 4 years. I pay the premium through online.
    Was this review helpful? 0
    , faridabad
    Reviewed on Feb 21, 2019
  • LIC Life Insurance
    "Good investment for longterm"
    0.5 5.0/5 "Blown Away!"
    I have purchased my life insurance policy for my child. The premium amount has been going monthly and the amount has been deducted from my salary. For the tax benefit purpose, i have purchased this policy. Total tenure period of the policy is 5 years. This is a child benefit policy. The advisor was my relative hence i have taken from him and the first premium will be pay by them.
    Was this review helpful? 1
    , bangalore
    Reviewed on Feb 16, 2019
  • LIC Life Insurance
    "Process is good"
    0.5 5.0/5 "Blown Away!"
    I also have a child policy with LIC. The tenure is for 15 years. There would be benefits from the 18th, 21st and 24th year. The policy coverage is good. The premium cost is economical. The customer services are good. The options to make the payment is also convenient.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 12, 2019
  • LIC Life Insurance
    "GOOD POLICY"
    0.5 4.0/5 "Great!"
    I am holding the CHILD PLAN with the LIFE INSURANCE CORPORATION OF INDIA where i am using it from last 10 years where it gives the policy coverage for child also the maturity period is for long term. The customer service is good also added on that the insurance is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 03, 2019
  • LIC Life Insurance
    "Very good service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with Life insurance corporation of India. Their service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and i have taken jeevan suraksha policy for my child,the premium amount they have charged me was nominal,and it use to get auto debited from my account.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 30, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I have taken life insurance policy for my children and it is a child plan. I have this policy from last 6-7 years and i pay my premium once in 3 months by cash and i am convenient with the payment options. I am happy with the returns and benefits of this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 03, 2019
  • LIC Life Insurance
    "Good future for children"
    0.5 4.0/5 "Great!"
    I took one more policy it called the child plan for my son, I make the premium around Rs. 7000 on quarterly basis. It has the term of 10 years. In the age of 18 years, he can withdraw the money, this policy also has tax benefits, I am fine with that plan.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 20, 2018
  • LIC Life Insurance
    "Good Children Plan"
    0.5 5.0/5 "Blown Away!"
    I don't find they are not active in queries but its a good insurance company, I feel safe, I make the premium around Rs. 4000 for the tenure of 15 years, I get the benefit when children enter certain age they will provide. Its a child plan its good for everything.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 09, 2018
Common Loader Icon
Page 1 of 9 1 2 3 4 5
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.