Child Insurance Plans are the best way for investing in your child's future. From a very early age of the child, the parent can invest fixed amounts every year which can be timed to mature when the child attains a certain age, say 18 years. Major events in the child's life, like marriage or higher studies can be planned and financed by Child Insurance Policies if the parent takes adequate plans at the right time. Plans can be purchased as soon as the Child is born.
To begin with insurance for children was only a method of making savings in their name. In due course risk cover was added to these plans. Usually the plan of insurance would start covering the risk of death automatically when the child attained majority.
Children’s Plans from LIC of India
- Jeevan Anurag
Parent can take this plan on his/her own life. The plan gives 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity and at maturity, 40% of the Basic Sum Assured along with bonuses. - Komal Jeevan
This is a Children’s Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years. - Children’s Deferred Endowment Assurance Plan
It provide insurance cover on the life of the child (called life assured). The insurance cover on the child’s life starts from the Deferred Date (18th or 21th birthday of child) and is available during the latter period. - Marriage Endowment Or Educational Annuity Plan
It provides benefits on or from the selected maturity date to meet the Marriage/Educational expenses of the named child. The Sum Assured plus all bonuses are paid on survival to the end of the term either in a lump sum or in ten half-yearly installments, as opted by you. - Jeevan Kishore
It is for children of less than 12 years of age. The policy may be purchased by any of the parent/grand parent. The risk commences either after 2 years from the date of commencement of policy or from the policy anniversary immediately following the completion of 7 years of age of child, whichever is later. - Jeevan Chhaya
It provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy. - Child Career Plan
This Plan provides 30% of sum assured + bonus, at 5 years before maturity at age 18 years of child. Thereafter, it provides 15% of sum assured every year for 5 years. - Child Future Plan
This plan provides 25% of sum assured, 5 years before maturity that is at age 18 yrs. Thereafter it provides 10% of sum assured every year for the next 4 years and finally on maturity it provides 50% of the Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus, if any. - Jeevan Ankur
If you are the parent of a child aged upto 17 years, LIC’s Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else.