An important tool to help you plan your investments to give wings to your child’s dreams Getting the right education is the stepping stone to your child’s dreams. Good education is expensive and the costs will only continue to rise.
But will you let money come in the way of their dreams? Especially when all it takes is a little planning from your end.
Our Child Education Planner will help you determine approximately how much money you will need for your child’s dream education and how much you need to save regularly.
A child plan not only enables parents to financially secure the future of their children, but also acts as the guardian in case of the absence of the actual parent. LIC Child Insurance Plans assure parents of their ability to be a responsible provider for their children and guarantee a financially stable future.
Child plans basically help in financial planning for your child's future needs at the right age. As a parent you can secure your child’s future with plans that encompass children insurance plans and children education plans.
It is one of the best ways to save enough with regular investments for your child’s future for needs like higher education which can be costly.Financial protection features in child plans ensure that your child gets the best in the future even in your absence.
As a young parent it is very difficult for you to put a finger on what exactly will be the cost of your child’s higher education. Therefore, it is important for you to have ample savings that will easily cover the costs.
LIC Child Plans help in meeting your financial objectives such as securing your child’s future ambitions and aspirations. Most importantly, it safeguards his/her future even after unforeseen eventualities. It offers your family the much-needed financial support to tide over your absence and its subsequent uncertainties.
Here are some of the benefits of LIC Child Plans:
With a LIC Child Plan, you can be assured that your child’s education will not be interrupted even after your sudden death. In case such a scenario arises, your insurance provider pays a certain percentage of the sum assured or a lump sum immediately. Besides, it also starts offering annual pay-outs till the end of the policy tenure.
The amount you will need to invest in the future towards your child’s higher education is usually difficult to predict. It depends on various parameters like the type of course that your child may like to pursue in the future, its geographical location, the rising costs of education, etc. Planning ahead when your child is very young gives you sufficient time to plan your finances efficiently. It also ensures that your child’s higher education would not get affected in case of an unfortunate event or he/she would not have to apply for a loan.
Not just school fees and higher education, co-curricular activities also help in character-building. In fact, certain child plans disburse a certain amount periodically, so that your child can pursue such activities seamlessly.
Your child’s wedding would not appear to be a huge task if you plan for it in advance. If you start a LIC Child Plan in a way that you will be eligible for a lump sum when your child attains a marriageable age, arranging for the necessary finances would not feel like a burden.
Currently, LIC Child Plans can be classified into 2 categories. You can choose of one these as per your needs.
Most life insurance companies in India offer their products to NRIs as well. To know the terms and conditions of LIC life insurance policies for NRIs, you can click here.
An endowment life insurance plan offers the dual benefits of savings and life insurance policies. These include both death and maturity benefits, unlike pure term insurance plans. LIC Endowment Plans include surrender values, which refers to a specific percentage of the paid premiums as well as paid up values. The death benefits offer the sum assured of a minimum of INR 50,000, and is open to approval from insurance underwriters.
There are also additional benefits that the insured are entitled to in case of an unforeseen death of the policyholder or accidental disablement. These plans offer the flexibility of monthly premium payments and even discounts on high premium amounts payable annually. There are 10 types of LIC Endowment Plans that you can select from.
A Child Insurance Plan is a savings as well as an insurance instrument. It helps you to become financially prepared for your child’s future milestones like higher education and marriage, and ensure financial security.
If you had applied for your LIC Child Plan online, you can track it by visiting the official website. Here is the process that you need to follow:
Visit your nearest LIC branch to check your policy status.
For renewing your LIC Child Plan, you have to follow these steps:
For canceling your LIC Child Plan, you can visit your nearest LIC branch or get in touch with a distributor to assist you with the process.
For the claim settlement process, the nominee of the LIC Child Plan has to be physically present at an LIC branch for the customer service to guide them through the procedure.