Life Insurance Corporation: A Review of Children Policies

Introduction:

Life Insurance Corporation is the largest policy maker in India under the control of the Government of India. Insurance is a contract that commits the payment of a sum to the person (or nominee) in the event that the insured deed occurs. LIC offers a wide range of policies across a wide range of customer groups and ranges. Life insurance in India started over a hundred years ago. LIC has been responsible for policy formulation for over a hundred years. All age groups can formulate policies, but the elderly and children reap the best benefits.

Policies for children:

The children’s policies offered by LIC are by far the best compared to any other insurance organization. These policies are versatile and you can tailor them to suit your needs. All of these policies are similar in design. You can start the policy before your child turns 12 and you can choose the age of maturity. The range begins between the ages of 18 and 25, depending on your child’s career plan. Currently, LIC offers two plans for children.

The new money back plan for kids:

The New Kids Money Back Plan is an individual, participatory, unrelated life insurance money back plan. Comes with the legend children grow up very fast. This plan offers all three benefits for death, survivorship, and maturity.

Death benefits include a sum in the event of premature death. Survivorship benefits include withdrawals at regular intervals, while expiration benefits include the full amount of the policy along with expiration benefits. Survival benefits make this plan suitable for your child’s education, marriage, and other activities. The survivorship benefit includes a fixed payment of 20% on each plan anniversary. You also get the participation gains that the LIC decided for the quarter. You have the opportunity to choose from various survival and death benefits. This does best child insurance plan in lic.

You can pay monthly, quarterly, semi-annual or annual installments. The minimum sum is 100,000 rupees and there is no limit to the maximum.

The Jeevan Tarun plan:

The Jeevan Tarun plan is a unique plan for your child’s educational expenses. This plan gives you the four benefits of the previous plan, but with different rates and options for each benefit. The minimum age of maturity is 20 years and the survivorship benefits options are more geared towards an educational perspective.

This plan gives you four options for each of the survival and maturity benefits, making it more versatile. You can choose the percentage of survival and maturity benefits. The survival options are null, 5%, 10% and 15% per year. Similarly, the expiration benefit options are 100%, 75%, 50%, and 25%, respectively. This here makes this policy the best bidding policy for your child’s future.