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.

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LIC Child Plan Reviews

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  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Taken the child benefit policy for my son from the Life Insurance Corporation of India. I pay the premium amount of Rs. 3000 on a quarterly basis. Total term period of the policy is 18 years and there is no lockin period. I directly go to the office to pay the premium and the response was good in the branch.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 11, 2020
  • LIC
    LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    My agent has suggested about life insurance policy to take from LIC.. It is child policy. I had taken on 3 years back. It covers myself, my child and the nominee is my spouse. I use to pay the premium amount on yearly basis for the amount of 18,575 rupees through ECS mode. I got all the details about this policy.
    Was this review helpful? 0
    , surat
    Reviewed on Feb 11, 2020
  • LIC Life Insurance
    "Very Good Plan"
    0.5 5.0/5 "Blown Away!"
    10 years back, i have taken the life insurance policy from LIC because my relation is working as a LIC agent. I am not sure about the benefits provided by a child benefit policy. For my child future, i bought it. Total term period of the policy is 20 years. This policy for tax cover benefits also.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 30, 2020
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My jeevan Anurag was taken from Life insurance corporation of India. This policy has a benefits for child education. I pay the premium amount of Rs. 5000 yearly and it has a term period of 20 years. They will be providing me a sum assured amount of Rs. 1 lakh. This is a tax benefit policy.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 25, 2020
  • LIC Life Insurance
    "Excellent Policy"
    0.5 5.0/5 "Blown Away!"
    Last month i have bought the child policy for my daughter and son. I have selected the policy duration of 15 years. I pay the premium amount of Rs. 50000 per year. Everybody told that LIC company is not cheating the customer and its a Government sector company. From the agent, i got the policy and he has explained the benefits as well.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 17, 2020
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance Policy directly through LIC agent.This was a maturity benefit policy for the tenure of 21 years .The premium is paid on quarterly basis and the payment mode is online. I have taken this plan for my child and received the documents on time.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 04, 2020
  • LIC Life Insurance
    "Better Policy "
    0.5 4.0/5 "Great!"
    Last year, i got the life insurance policy from LIC because this is a genuine company and trusted one. LIC publicity is good when i compared to others. Its because of the child benefits i have selected the Jeevan Tarun policy. I need to pay the premium upto 21 years and it get matured in 25 years. Sum assured amount is less when i compared to premium what i paid.
    Was this review helpful? 0
    , visakhapatnam
    Reviewed on Jan 03, 2020
  • LIC Life Insurance
    "Best Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC .This policy was a child plan with 16years tenure and i am paying the premium on quarterly basis through agent.There was no difficulties faced when taking this policy. The policy details was clearly explained by the agent .
    Was this review helpful? 0
    , agartala
    Reviewed on Jan 02, 2020
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have bought my child benefit policy from LIC. This company is a trusted company since its a government undertaken one. I pay the premium amount of Rs. 1.40 lakhs on every year. It provides me a coverage value of Rs. 25 lakhs. It has term period of 15 years.
    Was this review helpful? 1
    , bulandshahr
    Reviewed on Dec 03, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    New Endowment plan is a very good plan from LIC. For the child education and marriage i can invest the money in this policy because we get a triple bonus. Its a 1 lakh policy along with the bonus we can get 1.5 lakh hence the customer will receive Rs. 2.5 lakhs at the time of maturity. This plan has a term period of 30 years in that i need to pay money till 17 years.
    Was this review helpful? 0
    , parvathipuram
    Reviewed on Dec 03, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC agent .This is a Child plan policy and the tenure is for 18 years .The premium is paid on yearly basis need to pay Rs.6,500 and got the policy documents on time without any delay . I have got all the required details about the policy very clearly through the agent. This policy is very useful for my child after 18 years it can be use for education as well as for personal use.
    Was this review helpful? 0
    , surat
    Reviewed on Dec 01, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy with LIC which was taken through Online .This was a child plan policy which is for the tenure of 15 years and need to pay the premium within 6 months only.I have got clear picture about the policy details through the agent.I am paying the premium through online only,i am satisfied with the service.
    Was this review helpful? 0
    , udaipur
    Reviewed on Nov 05, 2019
  • LIC Life Insurance
    "Good Insurer"
    0.5 4.0/5 "Great!"
    I have had taken a life insurance with LIFE INSURANCE CORPORATION OF INDIA. The policy is for 10 years. Now I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. It is a child policy and it provides coverage for my son as well.
    Was this review helpful? 0
    , bhiwadi
    Reviewed on Oct 10, 2019
  • LIC Life Insurance
    "Good service"
    0.5 3.0/5 "Satisfactory"
    I have availed for Life Insurance policy directly through Online .This was a Child plan and policy and the premium is paid through the agent ,The premium amount is Rs.2000 and i have got all the update about the policy through the agent . There was no issues faced so far .I have got my policy documents on exact time .
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Oct 04, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 3.0/5 "Satisfactory"
    I have bought a child benefit policy 1 year back. Since i have chosen the annual payment mode, i have paid only one premium amount so far. Again i need to check the plan through agent i got this policy. He showed me a proposal. For every year i have to pay the premium of Rs. 60000 after 25 years i get a good sum assured value. I have to pay the premium upto 20 years and there will be a lockin period for 5 years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Sep 19, 2019
  • LIC Life Insurance
    "Satisfactory"
    0.5 5.0/5 "Blown Away!"
    LIC is best for life insurance policy when I compared with other insurance company benefits. I have taken a Child plan for my daughter and son. The sum assured is nearly about 10L. I need to pay the premium of 18K yearly through online. The customer service is good.
    Was this review helpful? 1
    , visakhapatnam
    Reviewed on Sep 17, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy through LIC agent and this policy is for the tenure of 12 years .This is a policy of child plan and got all the details about the policy through the agent .I have got my policy documents on time and there was no difficulties faced so far . This policy is still active and there was no drawbacks faced so far when availed this policy .
    Was this review helpful? 0
    , mumbai
    Reviewed on Sep 05, 2019
  • 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 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
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