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Child Plans by Life Insurance Corporation, LIC

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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.

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

LIC Child Plan Reviews

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  • 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
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy for my children and it is a child plan. I have this policy from last 12 years and i pay a premium of Rs 1475 every month through ECS and i am convenient with the payment options. I am happy with the returns and benefits of this policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Dec 03, 2018
  • LIC Life Insurance
    "Average service"
    0.5 2.0/5 "Expected more"
    I have been using my life insurance with Life insurance corporation of india,i have taken policy policy for my child, and the premium amount they have charged me is nominal they have given me up to 11,000 , i have taken this policy a year ago, i use to give cash to agent directly
    Was this review helpful? 0
    , mumbai
    Reviewed on Nov 29, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance from the LIFE INSURANCE CORPORATION OF INDIA the name of the policy is CHILD PLAN and it is the long term policy where the maturity period is for 20 years. The premium i pay for 6 months once through online. The service is good with this policy.
    Was this review helpful? 0
    , durgapur
    Reviewed on Nov 26, 2018
  • LIC Life Insurance
    "GOOD SERVICE"
    0.5 4.0/5 "Great!"
    I have taken the child plan with the LIFE INSURANCE CORPORATION OF INDIA and i am using from last 5 years. The maturity period is for 20yrs and it gives the policy coverage for my children and also for self added on that the premium i pay for monthly once through ECS.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 19, 2018
  • LIC Life Insurance
    "Its Good for Children"
    0.5 5.0/5 "Blown Away!"
    I have Child plan took for my kid, I need to pay the premium around Rs. 10,000 on monthly basis., he will get 26 lakhs after 20 years of old. This policy has locking period I need to pay for 16 years after 20 years my son can avail the benefits its good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 19, 2018
  • LIC Life Insurance
    "Trust worthy"
    0.5 5.0/5 "Blown Away!"
    I am paying the premium from child hood, I trust LIC because my father, grand father everyone used it. I am not sure about the matured benefits but tax benefits is good . Payment option is convenient, I can check the statement through LIC website.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 12, 2018
  • LIC Life Insurance
    "More than satisfactory"
    0.5 5.0/5 "Blown Away!"
    I hold a life insurance with LIC. It is a kind of a savings plan. The benefits and the sum assured is good and my child will be the nominee for the same. The tenure is for 20 years and the premium is paid twice in a year. The payment can be done online and it is convenient.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Aug 10, 2018
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I've started a Child Plan with the LIC and I am paying 10000 per year for this policy. So far ti has been a good experience with the policy and their services. Being a Govt company the guarantee for the investment is certainly there with the LIC.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 26, 2018
  • LIC Life Insurance
    "Good child plan"
    0.5 5.0/5 "Blown Away!"
    Holding a child plan life insurance policy from LIC, I have this policy for more than 1 year. This policies has the tenure of 15years. I pay the premium amount of Rs,3600 in every 6months once. The payments options and the plan benefits are good and I am satisfied with it.
    Was this review helpful? 0
    , new delhi
    Reviewed on May 22, 2018
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    Holding the Child plan life insurance policy from LIC and I have got this policy around 5 year ago , this policy has the tenure of 18years. The plan benefits and the coverage is god with this policy, it has better options and I pay the premium amount of Rs,3000 to this policy.
    Was this review helpful? 0
    , tiruchirapalli
    Reviewed on May 18, 2018
  • LIC Life Insurance
    "Better child plan policy"
    0.5 4.0/5 "Great!"
    Having a lic life insurance policy for my child , and it has the tenure of 17years. I have got this Child plan policy around 2 years ago . The customer support service is good with this policy and this policy gets matured when my child turns to 17 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 10, 2018
  • LIC Life Insurance
    "Good policy to use "
    0.5 4.0/5 "Great!"
    I have got the child plan from the LIC, the customer support service has been upgraded from the LIC and this policy has the tenure of 16years. This policy has been matured and I no need to pay the premium for it , the maturity amount will be given partially.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 05, 2018
  • LIC Life Insurance
    "Good CHILD PLAN policy"
    0.5 5.0/5 "Blown Away!"
    Got the child plan from LIC around 21years ago. The customer support service is good from the LIC. This policy gets matured when my daughter turns 22. This plan benefits and the policy coverage is good with this policy and i am satisfied with it.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 02, 2018
  • LIC Life Insurance
    "Better policy to use"
    0.5 4.0/5 "Great!"
    Having a child plan life insurance policy from LIC , I have got this policy around 3 years ago. The customer support service is good with LIC and the plan benefits and the coverage is good with the CHILD PLAN policy , I am paying Rs, 7,500 to this policy as premium.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Mar 26, 2018
  • LIC Life Insurance
    "Good for child "
    0.5 5.0/5 "Blown Away!"
    The CHILD PLAN policy is good from the LIC . The customer support service is good from the LIC policy . This policy is good from the children and it really has better benefits in it. The policy coverage is also decent here and I am satisfied with it.
    Was this review helpful? 0
    , noida
    Reviewed on Mar 19, 2018
  • LIC Life Insurance
    "Average policy to use"
    0.5 4.0/5 "Great!"
    Got the Child plan life insurance policy on 2006, This policy is higher in the premium . This policy has the tenure 10years. I pay the premium amount of Rs,6500 in every 3 months once. The customer support service is average with the LIC company.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 15, 2018
  • LIC Life Insurance
    "Excellent policy to use"
    0.5 5.0/5 "Blown Away!"
    I have got the Life insurance policy for my child and it was started from the month April. This policy has the tenure of 21years. I pay the premium amount of Rs,2700per month. The plan benefits and the policy coverage is better with this policy .
    Was this review helpful? 0
    , new delhi
    Reviewed on Feb 20, 2018
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