Child Plan
A child plan is an investment and insurance combination that aids in budgeting for a child's future needs. In the terrible case that a parent passes away, the insurance component makes sure that a child is still safeguarded. You can build up a large enough corpus through the investment route to safeguard the future of your child. A child's education can be efficiently funded at various phases of development thanks to the flexible rewards included in child plans at significant milestones.
Key features of LIC Child Plan:
Flexible premium payment: You can choose to pay premiums on a yearly, half-yearly, quarterly, or monthly basis, as per your convenience.
Life cover: LIC’s child plans provide life cover for the parent or legal guardian, ensuring that the child’s future is secure even in case of any unforeseen event.
Savings component: The plans come with a savings component that helps you build a corpus for your child’s future needs, such as education, marriage, or other expenses.
Bonus: The plans offer bonuses in the form of simple reversionary bonuses and final additional bonuses, which enhance the overall corpus.
Tax benefits: The premiums paid and the benefits received are eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Flexibility to choose policy term and maturity benefits: You can choose the policy term as per your child’s age and select the maturity benefit that suits your child’s future requirements.
Loan facility: You can avail of a loan against the policy to meet any financial requirements during the policy term.
Ideal Plan for securing children’s education milestone
Designed to meet future needs of your children
Final Support for child in case of sudden demise of proposer
Premium Waiver Benefit in case of sudden demise of proposer
Designed to address the demands of growing children for education whether a parent is the primary provider or not
Guaranteed returns for kids between 20 and 25 years old
Free of Tax Returns
Access to loans in an emergency
Premium Waiver Benefit in the event of Proposer's Sudden Death
