LIC Policy: 3 Great LIC Policies for Children
LIC Policies for Children -When it comes to securing your child’s future, financial planning is as important as emotional and educational guidance. Every parent dreams of giving their child the best possible education, a secure lifestyle, and financial independence. However, with rising education costs, inflation, and uncertainties in life, proper financial planning becomes crucial.
The Life Insurance Corporation of India (LIC), one of the most trusted insurers in India, offers a range of child-centric insurance plans. These plans are designed to provide financial protection, savings, and investment opportunities that help parents secure their children’s future. In this article, we will discuss three great LIC policies for children that every parent should consider.
1. LIC Jeevan Tarun
Overview
LIC Jeevan Tarun is one of the most popular child plans that focus on meeting a child’s educational and other financial needs. This policy is specially designed for parents who want to build a financial corpus for their child’s higher studies and career development. LIC Policies for Children
Key Features
- It is a non-linked, participating, individual life assurance plan.
- Flexibility to choose how the survival benefits are received.
- Provides financial support for education from the age of 20 to 24 years of the child.
- The plan also offers risk cover on the life of the child after the deferment period.
Benefits
- Survival Benefits – Parents can choose how much percentage of the sum assured is payable at different stages (between 20 to 24 years of age). This is helpful for paying education fees year after year.
- Maturity Benefit – Balance amount of the sum assured is payable when the child turns 25 years.
- Death Benefit – In case of the unfortunate death of the child (after commencement of risk), the sum assured along with bonuses is paid to the nominee.
- Participation in Profits – As a participating plan, it is eligible for bonuses declared by LIC.
Why Choose Jeevan Tarun?
If your goal is educational funding for your child, this policy is a perfect fit. It ensures liquidity when needed and financial security if unforeseen events occur.
2. LIC New Children’s Money Back Plan
Overview
LIC New Children’s Money Back Plan is a unique policy that provides periodic payments at crucial milestones of your child’s life—education, higher studies, marriage, or career establishment. It not only helps parents save systematically but also ensures financial security in case of uncertainties.
Key Features
- A non-linked, participating money back plan for children.
- Available for children aged 0 to 12 years.
- Risk cover begins after 2 years of policy commencement or from the child’s 8th birthday, whichever is earlier.
- Premium waiver benefit rider is available, which ensures the policy continues even if the parent passes away.
Benefits
- Survival Benefits – 20% of the sum assured is paid at the age of 18, 20, and 22 years. These payouts can be extremely useful for meeting education expenses.
- Maturity Benefit – At the age of 25 years, 40% of the sum assured is paid along with bonuses.
- Death Benefit – In case of the child’s demise after the risk commencement, the nominee receives the sum assured along with bonuses. If death occurs before the risk commencement, premiums paid are returned.
- Bonus Facility – The policy participates in LIC’s profits, thereby increasing the total payout over time.
Why Choose New Children’s Money Back Plan?
If you are looking for a policy that provides regular payouts at crucial stages of your child’s life while ensuring long-term security, this plan is highly suitable.
3. LIC Jeevan Kishore
Overview
LIC Jeevan Kishore is a traditional endowment plan designed to provide financial security for children. It is a whole-life insurance policy for children below the age of 12 years. The unique feature of this plan is that it offers risk coverage from the very beginning.
Key Features
- Available for children from 0 to 12 years of age.
- A long-term plan that ensures a huge corpus at maturity.
- The proposer (parent/guardian) can choose the premium payment term.
- The plan can be combined with riders like premium waiver benefit.
Benefits
- Maturity Benefit – The basic sum assured along with bonuses is payable at the end of the policy term. This creates a solid financial foundation for the child’s future.
- Death Benefit – In case of the death of the child (after commencement of risk), the sum assured plus bonuses are paid. Before commencement of risk, the premiums paid are returned.
- Loan Facility – The policyholder can avail of a loan against the policy.
- Bonus Addition – As a participating plan, it earns regular bonuses, enhancing the maturity corpus.
Why Choose Jeevan Kishore?
Parents who want to start early financial planning for their children should consider this plan. The earlier you buy, the lower the premium, and the longer the money has to grow with bonuses.
Comparative Summary of the Three Policies
| Feature | LIC Jeevan Tarun | LIC New Children’s Money Back Plan | LIC Jeevan Kishore |
|---|---|---|---|
| Entry Age | 0–12 years | 0–12 years | 0–12 years |
| Risk Commencement | After 2 years / age 8 | After 2 years / age 8 | Immediate |
| Maturity Age | 25 years | 25 years | Flexible |
| Survival Benefits | Education payouts (20–24 years) | Money-back payouts at 18, 20, 22 years | None (endowment lump sum) |
| Participation in Profits | Yes | Yes | Yes |
| Best For | Education planning | Milestone expenses | Long-term corpus building |
Final Thoughts
Every parent wants to see their child succeed without financial worries. The right insurance policy not only safeguards against uncertainties but also provides financial strength when required.
- LIC Jeevan Tarun is perfect if your goal is higher education funding.
- LIC New Children’s Money Back Plan is suitable for stage-wise financial support.
- LIC Jeevan Kishore works best if you want to start early with long-term savings and protection.
Choosing the right plan depends on your financial goals, risk appetite, and the age of your child. Investing early ensures lower premiums, higher returns, and peace of mind for you as a parent.
By opting for one of these LIC child policies, you are not just buying insurance—you are investing in your child’s dreams and future security.
