Today, the cost of early childhood education is rising rapidly. An insurance policy can be a good way for parents to deal with this expense. LIC plan for boys can be the best option for a newborn girl.
1. New Money-Back Plan for Kids
This plan helps you to meet the different needs of the children at different stages. The basic age of eligibility for this scheme is minimum 0 years (date of birth) and maximum 12 years. The total age of maturity is 25 years.
This plan is an individual policy plan.
A termination benefit will be provided equal to the Sum Assured plus other applicable bonuses.
Premiums will be paid quarterly, monthly, annually or half-yearly.
Minimum Sum Assured Rs. 1,000,000
This policy covers Expiry Benefit, Death Benefit and Survivor Benefit.
In this plan, the premium amount is paid at regular intervals. The child receives 20% of the total amount at the age of 18, 20% again each year at the age of 20 and 22, and the remaining 40% is provided at the age of 25.
2. Jeevan Tarun Scheme
For children below 2 years of age, this plan can be a good option. This plan has limited payment option. You have to pay the premium till the child turns 20 and the policy will continue till the child turns 25. This is the best bid policy for newborn girl child.
Risk budget coverage can start when the child is 8 years old, or 2 years from the date of inception of the plan or policy, whichever is earlier.
Premiums should be paid till your child turns 20 and you can get paid from the age of 20 to the age of 25.
The balance amount is disbursed as profit on termination when the policy is terminated. There is also a lump sum death benefit which is 10 times the annual premium or 125% of the sum assured. You get the one which is highest and minimum 105% of the total premium amount paid till date.
Minimum Sum Assured Rs. 75,000.
3. Jeevan Umang Scheme
This plan provides insurance coverage for life. This plan makes it easy to make regular payments from your last premium payment till survival. If the subscriber dies within the term of the policy, a fixed amount will be given to them.
Survivor Benefit is paid every year, which is 8% of the Sum Assured.
Other benefits like fringe benefit, death benefit, expiry benefit and tax benefit are available.
The minimum entry age is 90 days.
The premium paying terms are 30, 25, 20 and 15 years. The age of maturity is 100 years with the nearest birthday.
The minimum sum assured is Rs 2,00,000.
The premium is paid only through NACH or SSS, which is paid annually, quarterly, half-yearly and monthly.
You can choose the LIC Children plan that best suits your needs, preferences and budget among various LIC children plans.