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 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
    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
  • 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
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