LIC Child Plans: These plans offer guaranteed returns for children

LIC Child Plan, LIC Children Money Back Plan, LIC Child Plan 2022: LIC's Jeevan Tarun offers the double benefit of protection and saving for kids.

LIC's New Children's Money Back Plan is a non-linked money-back plan where the maturity period is 25 years minus the age of the kid at the time of buying the policy. Photo credit: Pixabay

LIC Child Plan, LIC Children Money Back Plan, LIC Child Plan 2022: Life Insurance Corporation, popularly known as LIC, is one of the most trusted insurance companies in India. The company offers a wide range of insurance plans to suit the requirements of customers. It also has special plans for children that help parents or guardians secure the future of their kids. As today is Children's Day, let's have a look at some of the best insurance plans for kids:

LIC's Jeevan Tarun (Plan No. 934)

This plan offers the double benefit of protection and saving for kids. LIC has designed this plan to meet the educational and other needs of growing children. This offers annual survival benefit payments from ages 20 to 24 years and a maturity benefit at the age of 25 years. As it is a flexible plan, survival benefits can be availed in the following four options:

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Option 1: Non-survival benefit - 100 per cent of the sum assured on maturity.

Option 2: 5 per cent sum assured every year for 5 years on survival - 75 per cent of the sum assured on maturity.

Option 3: 10 per cent of the sum assured every year for 5 years - 50 per cent of the sum assured on maturity.

Option 4: 15 per cent of the sum assured every year for 5 years - 25 per cent of the sum assured on maturity.

LIC's Child Future Plan (Plan No. 185)

According to LIC, the plan is designed to meet the increasing educational, marriage and other needs of growing children. Apart from providing the risk cover on the life of a child during the policy term, the benefit is extended 7 years after the expiry of the policy term.

LIC's New Children's Money Back Plan (Plan No. 932)

This insurance cum investment plan can be bought for children in the age group 0 to 12 years. This is a non-linked money-back plan where the maturity period is 25 years minus the age of the kid at the time of buying the policy. So, if a policy is bought for a 5-year-old kid, the maturity period will be 20 years. (25 - 5 = 20). The first money back will be paid when the child attains the age of 18 years and it will be 20 per cent of the basic sum assured. Second and third money backs will be given at the age of 20 years and 22 years and the maturity amount will be paid at the age of 25 years.

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