Child Education plans LIC are child insurance policies. The best child plan LIC is offered by the oldest and most trusted insurance company in India. Child education plans in LIC India were first introduced on September 1st, 1956. By January 2002, child education plans were being offered by private insurers too. The Indian government relaxed a few norms in the Indian child education plan LIC industry by 2002. With a vast customer base of over 250,000,000 lives, the child education plan LIC has covered many children’s futures. With the competitive insurance sector market, the LIC education plan companies have maintained the same affordable service over the years. 

The child education plans in LIC India offer a wide range of insurance products that are available in both ULIP and pension plans. The policyholder can use the LIC child plan calculator online whenever they want. To financially secure the future of a child, LIC education plans are specifically designed. In case of any unfortunate events or emergencies, the child education plan LIC offers life protection to the child. In this article, you can get an idea about what are the benefits of child education plans in LIC India, the Features of the Best child plan LIC, how can you renew the LIC child education plan, etc.

What is a LIC Child Education?

A child education plan LIC is good for any parent to get at the time when the child is growing up or when the child is going for higher education. When you have the necessary funds to back up your child’s future, it is the best time to get the child’s education plan LIC. In case of any unfortunate events like the death of any parent, the best child plan LIC backs up your child’s dreams by creating the desired corpus. LIC child career plans come to rescue your child’s future in case of the premature death of a parent with the help of the LIC child plan calculator. These are also known as child education plans in LIC India and help the parents to collect the desired corpus for their child’s dreams to be easily fulfilled in the future. 

To purchase the best child plan LIC, the government of India offers LIC child education plans which have amazing benefits or advantages. one can choose from a variety of LIC child career plans that best suits the coverage requirements of a child and a parent. if the payments are made in a timely fashion, the best child plan LIC our first considerable and attractive bonuses to generate enough corpus for the child. The LIC child career plans come with attractive returns and various investment strategies. The LIC education plan ensures the best returns on the investments done for the children. The child education plan LIC has a high claim settlement ratio that provides maximum coverage needs. 

The claim process is also considerably smooth in LIC child career plans. So, it is advisable to compare the different LIC child career plans to choose the best child plan LIC for the security of your child’s future. The policyholder can use the LIC child plan calculator online whenever they want. One can check the status of their premiums with the help of the LIC child plan calculator.

10 Best LIC Child Education Plans

It is always advised to use the LIC child plan calculator to compare different policies. But we are listing the top 10 best child plan LICs available in the market to protect your child’s future:

Read More – SBI Child Education Plan

Benefits of LIC Child Education Plans In India

There are several benefits of the LIC child education plan that we have listed below:

1. Secured Corpus For The Child

The best child plan LIC allows the policyholders to create a corpus for the child’s future. LIC child education plans provide death benefits If a parent is insured under the plan that is a lump sum corpus in the unfortunate events of the death of any parent. The child education plan LIC gives financial assistance to the family of the deceased and its child. The policyholder can use the LIC child plan calculator online whenever they want. The LIC child career plans benefit a child, higher education, or marriage with the help of funds needed in the absence of the policyholder.

2. Premium Waiver Benefit

Some customized or specialized LIC education plans Offer an inbuilt premium waiver. This inbuilt premium waiver or a benefit is an optional rider for the same. The inbuilt premium waiver in a LIC education plan will ensure that there is no disruption even if the parent passes away in between the tenure of the policy. The premium waiver in the child education plan LIC will make sure that it waives off all the future premiums if the parent dies. Because of this, the LIC child career plan will continue as promised and the child will get the promised maturity benefit at the end of the tenure of the policy. The policyholder can use the LIC child plan calculator online whenever they want. This premium waiver benefit in the LIC child education plan will benefit the child even when the parent is not around.

3. Different Variants

The LIC child career plans have a lot of variants. The policyholder can buy a money-back policy to guarantee the benefits of a child education plan LIC. It is also called the endowment policy of the LIC education plan. Policyholders can also invest in market-linked ULIPs that give attractive returns on the investments done for the LIC child career plan. The policyholder can use the LIC child plan calculator online whenever they want. The corpus secured at the end for your child will be inflation-adjusted in a LIC education plan. Policyholders can use the LIC child plan calculator online whenever they want.

4. Tax Benefits

One can use a LIC child plan calculator to check the premiums and the tax benefits while creating a secured corpus for their child’s future. In the best child plan LIC, the premiums paid are allowed as a deduction under Section 8 of the Income Tax Act, 1961 For a limit of Rupees 1.5 lacs. The LIC child plan calculator will also let you know if the maturity benefits or the survival benefits from money-back plans are tax-free under section 10(10D) or not. The policyholder can use the LIC child plan calculator online whenever they want. The death benefit in a LIC child career plan Is a tax-free benefit. That means the policyholder can create tax-efficient purposes for their children with the help of a LIC education plan.

Features of LIC Child Education Plans

LIC Child plans include a slew of beneficial functions designed to satisfy the wishes of mother and father throughout the country. The following are the principal traits of those strategies:

1. Premium Waiver

This is the maximum extensive and integrated function of each LIC Child Plan. It guarantees that the policyholder – the kid – is eligible for the pre-decided sum assured, in addition to the gathered interest, in the event of the policyholder’s premature death in the coverage’s time period. This is not the case; the plan will hold to perform typically, and the blessings promised beneath the plan may be paid out as and after they come to be due.

2. Deferment Feature  

Some of the kid plans encompass a ‘deferment’ function. Deferment is a time period that refers back to the deferral of a declaration while the insured man or woman is a child. The threat protected with the aid of using the plan starts off evolving after numerous years have passed beneath the deferment clause. Because the existence of a cowl isn’t relevant at some point in that time, if the child dies at some point of the deferment period, the rates paid till the date of dying are refunded.

3. Vesting

Another concept is ‘vesting,’ which refers back to the age of the kid while the coverage vests in his call, and he will become the policyholder. When a child reaches majority and has come to be the policyholder of the plan, the vesting age is typically 18 years.

How To Buy LIC Child Education Plan

Now buying a child education plan LIC after checking the premiums on the LIC child plan calculator. Policyholders can buy the best child plan LIC either online or offline.

1. Buying The Best LIC Child Plan Offline

One can visit the nearest LIC child education plan office and with the help of a LIC child plan calculator and a broker can apply for the desired LIC child education plan.

2. Buying The Best LIC Child Plan Online

One can log into https://licindia.in/Products/Home.aspx which is the official website of best child plan LIC. All you need to do is select the desired LIC child education plan and fill in all the details on the application form. Check the premiums on the LIC child plan calculator and choose the best child plan LIC for your child’s future.

Read More – Why Cost Of Life Insurance Increase In 2022

LIC Child Plan Calculator

A baby coverage top rate calculator is loose online software that assists in the calculation of baby coverage premiums. It additionally aids in making well-knowledgeable choices at the plan’s buy. The baby plan, in addition to the coverage buy target, may be calculated and reviewed. Individuals can be anticipated to comply with an equal set of requirements whilst buying exceptional kinds of coverage plans. With low top rate charges computed the usage of the LIC Child Money Back Plan Calculator, the plans provided are cost-effective.

The following are a number of the blessings of the usage of a Child Plan Premium Calculator:

• It is straightforward to make use of the loose child plan calculator. The numerous top rate values for a kid coverage package deal may be computed quickly and easily.
• It is a device for evaluating exceptional coverage policies.
• Customers can use the top rate calculator to discover approximately the facts they want and to determine how awful insurance they may get.
• It is commonly used to decide if a selected time period plan suits the finances and if the life insurance selected is sufficient.

LIC Child Plan – FAQs

Q1. Are Minor Children Insured Immediately after Purchasing the LIC Education Plan? 

Ans. The risk coverage depends on the age of the child. If a child is more than eight years old then a child is injured immediately after purchasing the LIC education plan. 

Q2. Does a Child Get Immediate Risk Coverage if it is less than Eight Years Old? 

Ans. The risk coverage in a child education plan LIC starts after the child is 8 years old. The policyholder can use the LIC child plan calculator online whenever they want.

Q3. Name a Few Discounts of LIC Child Career Plan. 

Ans. Endowment or money-back plans are some of the discounts of LIC child career plans. The policyholder can use the LIC child plan calculator online whenever they want.

Q4. What is the Grace Period Allowed in a LIC Child Education Plan? 

Ans. If the premiums are paid monthly, then the grace period allowed is 15 days. If the premiums are paid more frequently the grace period is of 30 to 31 days for a LIC child education plan. 

Q5. What is the Frequency of Payments Acceptable in Child Education Plan LIC Policy? 

Ans. The more frequent the payments, the lesser the rate of interest is applicable on the LIC child education plan. 

Q6. What is the Best Child Plan LIC Available in the Market? 

Ans. A child education plan LIC With higher returns and less rate of interest is the best style plan LIC. In this article, we have listed 10 different LIC child education plans for you to compare and choose from. 

Q7. What Happens When a Child Attains 18 Years of Age? 

Ans. In the best child plan LIC, when a child reaches 18 years of age, he or she becomes the primary policyholder. That means the child becomes the primary owner of the best child plan LIC.

Q8. How Can We Check the Status of Our LIC Child Education Plan? 

Ans. One can log into the e-portal of the insurance company or visit the insurance office to check the status of their LIC child education plans. The policyholder can use the LIC child plan calculator online whenever they want.

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