LIC child insurance plans in Chandigarh
LIC Child insurance
As parents, we strive to provide the best opportunities and a secure future for our children. LIC child insurance plans in Chandigarh offer a reliable and effective way to secure your child’s future financially.
These plans provide a combination of protection and savings, ensuring that your child’s education, marriage, and other important milestones are adequately fund
- Importance of securing a child’s future
- Introduction to LIC child insurance plans
- Brief overview of the article content
What is LIC Child Insurance Plan?
- Definition and explanation of LIC child insurance plan
- Importance of starting early
- How LIC child insurance plans work
Benefits of LIC Child Insurance Plans
- Financial security for the child’s future
- Assurance of education and marriage expenses
- Tax benefits under Section 80C and 10(10D)
- Additional riders and benefits
How to Choose the Right LIC Child Insurance Plan
- Assessing financial goals and risk appetite
- Evaluating premium affordability and flexibility
- Comparing plan features and riders
Comparison of Different LIC Child Insurance Plans
- Comparative analysis of LIC Jeevan Tarun, New Children’s Money Back, and Jeevan Ankur plans
- Premium amounts and payment terms
- Death and maturity benefits
- Additional features and riders
Secure Your Child’s Future with LIC Child Insurance Plans in Chandigarh
Discover the benefits of LIC child insurance plans in Chandigarh and how they provide financial security for your child’s future. Make an informed decision and ensure a bright future for your child.
Children are the most precious assets in our lives, and ensuring their well-being and future security is of utmost importance. LIC child insurance plans in Chandigarh provide an excellent solution to safeguard your child’s future financially. In this article, we will explore LIC child insurance plans, their benefits, types, how to choose the right plan, and answer frequently asked questions.
LIC Child Insurance Plan
As parents, we strive to provide the best opportunities and a secure future for our children. LIC child insurance plans in Chandigarh offer a reliable and effective way to secure your child’s future financially.
What is LIC Child Insurance Plan?
These plans offer a unique combination of insurance and investment, ensuring that you can meet your child’s future goals without any financial hurdles. The plans are available in different variants, each catering to specific needs and preferences.
Starting early with an LIC child insurance plan provides you with the advantage of a longer policy term and lower premium amounts. It allows you to accumulate a substantial corpus over time, which can be utilized to meet educational expenses, marriage costs, or any other requirements your child may have in the future.
Benefits of LIC Insurance Plans
- Financial Security: LIC child insurance plans offer comprehensive financial security for your child. In the unfortunate event of your demise, the plan provides a lump sum amount to ensure that your child’s goals and dreams are not compromised.
- Assurance of Education Expenses: With the rising costs of education, it is essential to plan ahead. LIC child insurance plans help you accumulate a corpus that can be utilized to fund your child’s education, ensuring they have access to quality
- Marriage Expenses: Marriage is a significant milestone in everyone’s life, and it often comes with substantial expenses. LIC child insurance plans help you build a corpus that can be used to meet your child’s marriage expenses, ensuring a memorable and financially stress-free celebration.
- Tax Benefits: LIC child insurance plans offer tax benefits under Section 80C of the Income Tax Act, 1961. The premiums paid towards the policy are eligible for tax deductions, providing you with additional savings.
- Additional Riders and Benefits:LIC child insurance plans come with various riders and benefits that can be added to the base plan. These riders enhance the coverage and provide additional protection against specific risks.
Types of LIC Insurance Plans
1. LIC Jeevan Tarun Plan
The LIC Jeevan Tarun plan is a non-linked, participating, and limited premium payment plan. It offers a combination of protection and savings for your child’s future. The plan provides financial assistance at various stages of your child’s life and ensures that their dreams and aspirations are fulfilled.
Key Features and Benefits of LIC Jeevan Tarun Plan
- Flexible Premium Payment Options: The plan offers four premium payment options, allowing you to choose the one that suits your financial capabilities.
- Survival Benefits: The plan provides survival benefits in the form of a fixed percentage of the sum assured, payable on specified policy anniversaries, provided the policy is in force.
- Maturity Benefit: On maturity of the policy, the child receives the basic sum assured along with vested simple reversionary bonuses and the final additional bonus (if any).
- Death Benefit: In case of the unfortunate demise of the life insured, because the death benefit payable includes the sum assured and vested simple reversionary bonuses, and the final additional bonus (if any).
2. LIC New Children’s Money Back Plan
The LIC New Children’s Money Back Plan is a participating and non-linked plan that provides financial protection and periodic payouts to secure your child’s futureThe plan offers survival benefits at regular intervals and ensures that your child’s important milestones are financially covered
Key Features and Benefits of LIC New Children’s Money Back Plan
- Survival Benefits: The plan provides survival benefits .
- Maturity Benefit: On maturity of the policy, the child receives the remaining sum assured along with vested simple reversionary bonuses and the final additional bonus (if any).
- Death Benefit: In case of the unfortunate demise of the life insured and the death benefit payable includes the sum assured, vested simple reversionary bonuses, and the final additional bonus (if any).
3. LIC Jeevan Ankur Plan
The LIC Jeevan Ankur plan is designed to provide financial security to your child in case of your unfortunate demise and It ensures that your child’s dreams and aspirations are not hampered due to financial constraints.
Key Features and Benefits of LIC Jeevan Ankur Plan
- Death Benefit: In case of the demise of the policyholder as the plan provides a lump sum amount as the death benefit.
- Maturity Benefit: On maturity of the policy, the child receives the sum assured along with vested simple reversionary bonuses and the final additional bonus (if any).
How to Choose the Right LIC Plan
Choosing the right LIC child insurance plan is crucial to ensure that it aligns with your financial goals and provides adequate coverage for your child’s future. Consider the following factors when making a decision:
Factors to Consider
- Financial Goals: Assess your financial goals and determine the amount of coverage required to meet your child’s future needs. Consider factors such as education expenses, marriage costs, and inflation while estimating the required sum assured.
- Risk Appetite: Evaluate your risk appetite and choose a plan that offers the desired level of risk coverage. Some plans provide higher returns but may involve market-related risks, while others offer a guaranteed return with lower risks.
- Premium Affordability: Consider your financial capabilities and choose a plan with premium payment terms that are affordable for you. Ensure that the premium payment frequency and amount do not strain your finances.
- Flexibility: Look for plans that offer flexibility in terms of premium payment options, policy terms, and additional riders. Flexibility allows you to customize the plan according to your specific requirements.
- Policy Features: Compare the features of different LIC child insurance plans and assess how well they align with your needs. Look for features such as survival benefits, maturity benefits, death benefits, and premium waiver benefits.
Comparison of Different LIC Child Insurance Plans
To make an informed decision, let’s compare the LIC Jeevan Tarun, New Children’s Money Back, and Jeevan Ankur plans based on various parameters:
| Plan | Premium Payment Options | Survival Benefits | Maturity Benefit | Death Benefit | Riders Available |
|---|---|---|---|---|---|
| LIC Jeevan Tarun | Flexible options | Available at specific policy anniversaries | Sum assured + vested bonuses + final additional bonus (if any) | Sum assured + vested bonuses + final additional bonus (if any) | Premium waiver benefit |
| LIC New Children’s Money Back | Regular intervals during the policy term | Remaining sum assured + vested bonuses + final additional bonus (if any) | Sum assured + vested bonuses + final additional bonus (if any) | Premium waiver benefit | |
| LIC Jeevan Ankur | Single premium or regular premium | Not applicable | Sum assured + vested bonuses + final additional bonus (if any) | Sum assured + vested bonuses + final additional bonus (if any) | Premium waiver benefit |
It is advisable to refer to the respective policy brochures and documents for accurate and up-to-date information.
FAQs
What is the minimum age to apply for an LIC child insurance plan?
The minimum age to apply for an LIC child insurance plan varies depending on the specific plan.
Can I buy LIC child insurance plans for more than one child?
Yes, you can purchase LIC child insurance plans for multiple children. So, Each child will have a separate policy, and the premium amounts and benefits will be calculated accordingly
Is the premium amount fixed throughout the policy term?
The premium amount for LIC child insurance plans may vary based on factors such as the policy term, sum assured. It is important to review the premium payment terms mentioned in the policy documents.
Can I surrender my LIC child insurance plan before maturity?
Yes , you can surrender your LIC child insurance plan before maturity.
However, surrendering a policy may have financial implications so such as a reduction in the surrender value.
What happens if I miss paying the premium?
If you miss paying the premium within the grace period mentioned in the policy, your policy may lapse. To reinstate the policy, you may need to pay the outstanding premium amount along with any applicable penalties.
Can grandparents purchase LIC child insurance plans for their grandchildren?
Yes, grandparents can purchase LIC child insurance plans for their grandchildren. They can act as the proposer and ensure the financial security of their grandchildren’s future.
Is the maturity benefit taxable?
As of the current tax regulations, the maturity benefit received from LIC child insurance plans is exempt from tax under Section 10(10D) of the Income Tax Act, 1961.
Can I avail of a loan against my LIC child insurance plan?
LIC child insurance plans may offer loan facilities depending on the specific plan’s terms and conditions. You can check the policy documents or consult with LIC representatives to understand the loan provisions available.
How long does it take for the claim settlement process?
LIC aims to settle claims within a reasonable time frame. The claim settlement process involves the submission of required documents and verification. The duration may vary depending on the complexity of the case and the completeness of the documents submitted.
Conclusion
LIC child insurance plans in Chandigarh are a valuable investment in securing your child’s future. These plans provide protection and savings, ensuring your child’s education, marriage, and other important milestones are adequately funded
By considering your financial goals, risk appetite, and the features of different plans, you can choose the right LIC child insurance plan that aligns with your requirements.
SO, Investing in LIC child insurance plans not only provides financial security and also offers tax benefits and additional riders for enhanced coverage.
Start early to maximize the benefits, enjoy the peace of mind that comes with knowing your child’s future is well protected