• 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

  • Page 1 of 9 1 2 3 4 5
    • 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
    • LIC Life Insurance
      "Very good for child"
      0.5 4.0/5 "Great!"
      Got a policy for my child and I have bought this policy around 10 years ago from LIC. This policy has the tenure of 20years. The customer support is better with the LIC. I pay the premium amount of Rs,11,000 every year , the plan benefits and the coverage is good with this policy .
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 15, 2018
    • LIC Life Insurance
      "Traditonal and Turst worthy"
      0.5 5.0/5 "Blown Away!"
      LIC was started when I was a student, my parents gifted me this life insurance. At the time premium amount was Rs.150, finally I got 1.50 lakh with bonus interest around 75,000. It was a great surprise for me. Then I took LIC policies from end, each has different tenure. Plan name called Bheema gold, endowment policy and child plan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 15, 2018
    • LIC Life Insurance
      "Average service"
      0.5 4.0/5 "Great!"
      The child plan policy is good to use. I have the child plan policy for past 3 years. This policy has the tenure of 15years. I pay the premium of Rs,1580 in every 3 months once to this policy. This policy gets matured after my daughter turning to 15.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 25, 2018
    • LIC Life Insurance
      "Good child plan"
      0.5 5.0/5 "Blown Away!"
      Having a life insurance policy from LIC, I have got the child plan policy to my daughter around 2 months. This policy has the tenure of 18years. The customer support service is good with the LIC . I have to pay the premium amount of Rs,1461 every month. The plan benefits and the coverage is good with this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 24, 2018
    • LIC Life Insurance
      "Better child plan"
      0.5 4.0/5 "Great!"
      Holding a child plan life insurance policy with LIC. I got this policy around 6 years, basically I got this policy for my daughter. This policy turn to mature once my daughter get 20years. I pay the premium of Rs,11,00 to this policy as premium every month. The plan benefits and the coverage is god with this policy.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Jan 10, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      Life insurance corporation of India service was great ,I have taken three policy for myself ,my child and for my wife for the term period of 25 years also they use to update me regarding new schemes and offers it was a good experience with Life insurance corporation of India.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 20, 2017
    • LIC Life Insurance
      "Good policy for the children "
      0.5 5.0/5 "Blown Away!"
      The Life insurance corporation of India has offered me a child plan life insurance policy it has the tenure of 15years. I got this policy around 4years ago. I pay the premium of Rs,2950 every month to this policy. The plan benefits and the coverage is good with this policy,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Dec 14, 2017
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken a life insurance service from lic for my child and I have one jeevan anand policy the payments will be deducted through ecs the customer service was good ,I am disappointed I never get any update from them once I have applied for the insurance it was a average service from lic life insurance service.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 24, 2017
    • LIC Life Insurance
      "Good child plan "
      0.5 4.0/5 "Great!"
      Having the Child plan policy with LIC. I got this policy around 6years ago. This policy get matured in 15 years of time. The premium amount around Rs,10,000 I pay towards this policy. I pay the premium amount through net banking and through credit card. I am satisfied having the Child plan with LIC.
      Was this review helpful? 0
      , goa
      Reviewed on Nov 09, 2017
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I got the child care policy on 2010 from LIC. This policy has the tenure of 7years. I pay the premium of Rs,26,000 every year. The customer support is good with LIC. The plan benefits and the coverage is good with this policy and I am satisfied holding the child card policy with LIC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 06, 2017
    • LIC Life Insurance
      "Policy features are good"
      0.5 5.0/5 "Blown Away!"
      I have taken a child policy from LIC. The tenure is for 20 years and I pay a premium on a annual basis. I get a reminder through phone about my payments. The premium is of 6800. The agent comes over and collects my payments and gives me the receipt too. The benefit is I would get extra of 1.25 Lakh after the maturity term.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 24, 2017
    • LIC Life Insurance
      "Secure"
      0.5 5.0/5 "Blown Away!"
      I have taken a child policy from LIC. They are one of the excellent insurance companies. What ever is promised a customer would get and there is no delay in getting the maturity benefits. The tenure for the policy is for 20 years and the payments are convenient.
      Was this review helpful? 0
      , hospet
      Reviewed on Sep 21, 2017
    • LIC Life Insurance
      "Its excellent"
      0.5 4.0/5 "Great!"
      Of course, LIC is very authenticate and it is significant too. I am holding this LIC Policy since 2008. No drawback nor any challenges as such. I normally make the payment through the ad visor he is my child hood friend and though him I had taken this insurance and to him I make the payment.
      Was this review helpful? 0
      , indore
      Reviewed on Sep 18, 2017
    • LIC Life Insurance
      "Excellent policy for child"
      0.5 5.0/5 "Blown Away!"
      Since from 2010 I got the Komal Jeevan policy from LIC. This policy has the tenure of 18years. The customer service is better with LIC. I pay the premium of Rs.5450 in every 6 months once. It is a children policy, which helps the children for the education purpose,. When the child turns 18 then the LIC provider take carers of the educational expenses.
      Was this review helpful? 0
      , chittorgarh
      Reviewed on Aug 14, 2017
    • LIC Life Insurance
      "Trusted Policy"
      0.5 3.5/5 "Pretty good"
      I had taken Money back policy for my child during January 2017, I paid the premium around Rs.3000 and it was on a quarterly payment option, I am sure I would be getting some benefits after the policy gets matured. This policy has the tenure around 17 years, I am much aware about the benefits also it has tax coverage and it is really good.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on May 12, 2017
    • LIC Life Insurance
      "Money back policy"
      0.5 3.0/5 "Satisfactory"
      Money back policy has very good plan benefits and I am getting Rs.5000 has money back in every 5 years and I bought this policy for my child, which is very helpful when it turn to maturity. The plan benefits and the policy coverage is very good with this policy.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 25, 2017
    • LIC Life Insurance
      "Best policy for Children"
      0.5 4.5/5 "Excellent!"
      I have taken one more policy on my children name, I used to make the premium Rs.1800 on monthly basis with the tenure 20 year, After my child turns 25 years he will be received Rs.14 lakhs. After 16 years, LIC Provides loan for his studies, I am complete satisfied with this policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 03, 2017
    • LIC Life Insurance
      "Its Good for Children Future"
      0.5 5.0/5 "Blown Away!"
      Last year I had taken two Jeevan anand polices from LIC for my two children, Now age of second child is 3 years so I used to make the premium Rs.410 for a tenure of 14 years. After 21 years my child would be getting Rs. 6 Lakhs. It a trustable policy and it is really good for children.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 08, 2017
    • LIC Life Insurance
      "Its Good for Children Future"
      0.5 5.0/5 "Blown Away!"
      I had taken Jeevan anand for my elder child. Now my child age is 5 after age of 21 years. My child will get the policy coverage of Rs. 6 Lakhs. I used to make the premium of Rs.430 per months for a tenure of 14 years. I used to make EMI payment to the LIC policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Mar 08, 2017
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