LIC Child Insurance Plan
LIC Child Plans offer a means for policyholders to safeguard their children’s future while providing financial security. Tailored by LIC, these plans are crafted to ensure a stable financial foundation for children, empowering them to reach important milestones in life.
- Purchase LIC policies online, without any hassle
- Tax saving under Sec 80C & 10(10D)^
- High returns market link plans
- Sovereign guarantee as per Sec 37 of LIC Act
What are LIC Child Future Plans?
LIC Child Plans are meticulously crafted to secure a child’s financial future. These plans focus on providing financial protection, savings, and investment avenues tailored to meet children’s needs, be it education, marriage, or other life milestones.
LIC’s plans for children offer lump-sum or periodic payouts at designated intervals, empowering parents to accumulate funds systematically for their child’s future expenses. Moreover, in the unfortunate event of the policyholder’s demise during the policy term, these plans ensure that the child’s financial security is upheld through the provision of death benefits, thus safeguarding their well-being.
The benefits of LIC Child Plans are manifold:
1. Financial Security: These plans offer a robust financial safety net for children’s future needs, ensuring they are well-provided for in terms of education, marriage, or any other significant life events.
2. Savings and Investment: LIC Child Plans provide avenues for systematic savings and investment, allowing parents to accumulate funds over time to meet their child’s growing financial requirements.
3. Flexible Payout Options: Depending on the chosen plan, parents can opt for either lump-sum payouts or periodic installments at specified intervals, providing flexibility in managing financial resources.
4. Tax Benefits: Premiums paid towards LIC Child Plans qualify for tax deductions under Section 80C of the Income Tax Act, offering additional savings for policyholders.
5. Life Cover: In addition to savings and investment benefits, LIC Child Plans also come with life cover, ensuring financial protection for the child in case of the policyholder’s unfortunate demise.
6. Bonus and Additions: Some LIC Child Plans may also offer bonuses and additional benefits, enhancing the overall value and returns of the policy over time.
LIC Child Plans offer a comprehensive solution for parents looking to secure their children’s financial future, providing peace of mind and financial stability.