Every parent wants a bright education and secure marriage future for their children. However, rising education costs and other expenses make early planning necessary. Therefore, choosing a safe investment option becomes important for families. In India, LIC remains a popular name for secure investments.
LIC offers child plans that help create future funds. These plans provide returns and also support children during difficult situations.
LIC Amritbaal Plan 874 Builds Education Corpus
LIC Amritbaal is one of the company’s latest popular child plans. The plan focuses on creating a large fund for higher education. Parents can choose this policy for children aged 30 days to 13 years. Moreover, the plan provides guaranteed returns.
The policy adds a guaranteed bonus every year. It provides ₹80 per thousand sum assured as an annual bonus.
Parents can select a payment period between 10 and 25 years. When the child reaches 18 to 25 years, the policy provides a lump sum amount.
This amount can help children continue higher education without financial difficulties.
LIC Children’s Money Back Plan 832 Gives Regular Support
LIC Children’s Money Back Plan helps families manage sudden financial requirements during education years. Parents can purchase this plan for newborn children up to 12 years. The plan provides money back benefits at different stages. When the child turns 18, 20, and 22 years, the policy returns 20 percent of the total sum assured each time.
Later, the policy matures when the child reaches 25 years. At maturity, the remaining 40 percent amount and complete bonus are paid together.
LIC Jeevan Tarun Plan 834 Offers Flexible Benefits
LIC Jeevan Tarun Plan covers children from 90 days old to 12 years. Its biggest feature remains flexibility. Parents can decide the yearly money back amount between the child’s 20th and 24th year.
They can select options of 0%, 5%, 10%, or 15% according to their needs.
After completion at 25 years, the remaining amount reaches the child as maturity benefit.
Premium Waiver Rider Adds Extra Protection
LIC recommends adding the Premium Waiver Benefit rider with child plans. This rider helps continue the policy during difficult situations. If an unfortunate event affects parents during the policy period, LIC pays future premiums. Therefore, the child receives the promised amount at the decided time without policy closure.
Additionally, these plans provide tax benefits under Section 80C. Parents can claim yearly tax benefits up to ₹1.5 lakh.
The maturity amount and money back benefits also remain tax-free.
