There are many types of investment schemes available for children. LIC is also introducing many such schemes for children. LIC's Jeevan Tarun policy offers great benefits for children's savings.
LIC is one of the most trusted insurance companies in India. So it is a network that we can always rely on to get the insurance plans. The company offers a wide range of insurance plans as per the needs of the customers. Now let's get to know some of the plans offered by LIC for children.
LIC'S JEEVAN TARUN (PLAN NO. 934)
This plan offers double financial benefits to children. LIC has designed this plan to meet the educational needs of your growing children. Maturity benefits from 20 to 24 years can be claimed at 25 years.
This is a flexible plan. So you can get these benefits in the following four options
Option 1: Non-Survival Benefit – 100 percent of Sum Assured at maturity.
Option 2: 5 percent of Sum Assured every year for 5 years on survival - 75 percent of Sum Assured on maturity.
Option 3: 10 percent of Sum Assured every year for 5 years - 50 percent of Sum Assured at maturity.
Option 4: 15 percent of Sum Assured every year for 5 years - 25 percent of Sum Assured at maturity.
LIC'S CHILD FUTURE PLAN (PLAN NO. 185)
The scheme is LIC's Child Future Plan to meet the educational, marriage and other needs of children. In addition to covering the risk in the life of the child during the policy term, the benefit is available after 7 years of the policy term.
LIC'S NEW CHILDREN'S MONEY BACK PLAN (PLAN NO. 932)
Children between 0 to 12 years of age can be members of this insurance cum investment plan. The maturity period is 25 years from the age of the child at the time of purchase of the policy. It is a non-linked money-back plan. So if a parent buys a policy for a 5-year-old child, the maturity period will be 20 years. (25 - 5 = 20). The first installment is returned when the child turns 18. This will be 20 percent of the Basic Sum Assured. The second and third money back will be given at the age of 20 and 22 years. The maturity amount will be paid at the age of 25 years.