Best LIC Policy for Girl Child 2024: 5 LIC Child Plans, Key Benefits and Features
LIC has a number of child plans to help secure the future of your child financially as well as to help you realize their dreams and life goals without worry. This post aims to enlighten you on the best LIC child plans, LIC policies for girl child in 2024, along with their top features and benefits of each.
1. LIC Jeevan Tarun Plan for Girl Child
This is the LIC child education plan that has been particularly designed to help you take care of your child’s higher education without any stress. Besides, the plan serves the dual purpose of encouraging savings as well as offering protection for a lifetime for the child.
Features of LIC Jeevan Tarun Plan:
- The plan involves payment of premium for a limited term
- It is a savings-cum-life insurance plan for children
- The scheme is one of the best investment options to finance a growing child’s educational expenses and other needs
Benefits of LIC Jeevan Tarun Plan:
- Since LIC Jeevan Tarun is a life insurance plan, it offers death benefits to the beneficiary of the insured. This means that in the event of an unfortunate, untimely death of the policyholder or insured during the term of the policy, the sum assured is paid to the insured’s beneficiary, along with the accumulated bonus amount at the time of the death.
- Upon completion of 20 years, the child is entitled to receive a fixed percentage of the sum assured for 4 years.
Also Read: How To Surrender LIC Policy Online
2. LIC Kanyadan Policy for Girl Child
This plan is specifically designed by LIC for girl child in India. The plan offers financial protection to the girl child at a very less premium payment. This LIC plan for girl child ensures that you never have to worry about supporting the educational and marriage expenses of your daughter.
Features of LIC Kanyadan Policy:
- Payment of Rs. 50,000 every year until the policy matures
- Upon policy maturity, full maturity amount to be paid in lump sum
- Designed to make the girl child financially independent in future
- Premium waiver in case of death of the father
- Rs. 10 lakh paid immediately to the beneficiary upon death by accident
- Rs. 5 lakh paid immediately upon natural death
- Plan open for NRIs as well
Benefits of LIC Kanyadan Policy:
- Limited premium-payment plan
- Insurance-cum-savings plan with profits
- Flexible payment terms – monthly, quarterly, half-yearly, and yearly
- Free of taxes
Also Read: Sukanya Samriddhi Yojana Versus LIC Kanyadan Policy
3. LIC Child Future Plan Scheme
As the name suggests, this plan is designed specifically to cater to the major future goals of your child – their education, marriage, and other life expenses. The major benefit of this plan is that it provides risk coverage to the child not only during the entire term of the policy but also for an additional extended period of 7 years.
Features of LIC Child Future Plan:
- The scheme is a money-back endowment plan
- Premium is payable every quarter, in six months, or annually; deductions can be made through salary
- The term of the policy is 11-27 years
Benefits of LIC Child Future Plan:
- If the insured survives the term of the policy, they would be paid survival benefits in addition to bonuses on term expiry.
- The policy also guarantees monetary death benefits to the beneficiary of the insured.
- The premium is waived off on the death of the insured; however, the benefits of the policy still remain active.
- The plan allows for an extra 30-day grace period for payment of premium.
- Premium payable is exempted from tax under Section 80C of the Income Tax Act.
4. LIC Single Premium Child Plan
One of LIC best child plan, this scheme assures a guaranteed sum to secure the future of your child financially. This is also a savings-cum-insurance plan that comes with profits and allows for only single premium payment, thereby not causing any financial burden on the parents.
Features of LIC Single Premium Child Plan:
- Offers an assured sum of at least Rs. 50,000
- Term of the policy is minimum for 10 years and maximum for 25 years
- Single premium payable under the plan
Benefits of LIC Single Premium Child Plan:
- Offers simple reversionary bonus and final bonus in addition to the sum assured
- Two add-on riders available upon payment of extra premium to receive comprehensive coverage
- Loan facility provided
Read More: Investment For New Born Baby
5. LIC Jeevan Umang Plan
It is a participating plan during which your daughter will receive the profits during the policy term itself. The best feature of LIC Jeevan Umang that makes it one of the most popular LIC plans for a girl child is that it offers a whole life cover for your girl up to the age of 100 years.
- Offers the Sum Assured on Maturity to your daughter in the form of a Maturity Benefit at the end of the policy tenure.
- Offers liquidity through a flexible loan facility that can be availed by your daughter in case of any emergency
Benefits of LIC Jeevan Umang Plan:
- Once the premium paying term of the policy is over, the policyholder will get the Survival Benefit of up to 8% that will be paid at the end of each year
- Offers additional rider benefits such as LIC’s Accident Benefit Rider, LIC’s Accidental Death and Disability Rider, LIC’s Premium Waiver Benefit Rider and LIC’s New Critical Illness Benefit Rider
Which LIC Plan or Scheme is Best for the Girl Child?
All of LIC’s child insurance plans are aimed at financial security for the child so that they don’t stay away from realizing their dreams. You can look up the web portal of LIC and choose the lic scheme for girl child that best suits your specific requirements. However, based on research, LIC Children Moneyback Back Plan is highly preferred among most parents.
The regular payouts offered under the scheme every 2 years make it favorable among most parents. These payouts are handed over from the time the child turns 18 up to the age of 25 years to help compensate for their higher education.
Besides the LIC policy for girl child, it also allows for premium waiver benefit, meaning that in case of death of the parent, the premium amount to be paid for the remaining policy term would be waived off for the child. Moreover, all the benefits of the policy will remain in force and paid to the child so that they can continue to realize their goals and dreams in your absence.
What Are the Benefits of a LIC Girl Child Plan for Your Daughter?
Buying an LIC policy for a girl child will turn out to be a beneficial investment for your daughter in the coming years. How? Let us discover this by reading the top benefits of investing in a girl child LIC policy:
- Powerful Financial Security: LIC girl child plans are designed to offer financial security to the girl child by offering a lump sum amount that can be used for significant events in the life of your daughter.
- Funding for Education: As a parent, you must not sacrifice your daughter’s education and with a LIC policy in hand for your daughter you can do so. The best LIC girl child plan offers sufficient funds to help your daughter complete her education.
- Marriage Expenses: Another major benefit of buying an LIC policy for a girl child is that it helps meet the expenses of a traditional Indian wedding of your daughter. You will save yourself from the embarrassment of not having sufficient funds to get your daughter married, as the LIC plan will offer you a lump sum amount to meet such expenses.
- Long-Term Savings: Nevertheless, a good LIC plan for a girl child comes up as a long-term saving plan for your daughter in the coming years. It will also help foster a habit of saving for the future financial requirements sin your daughter.
- Tax Benefits: Last but not least, investing in girl child LIC plans helps get tax deductions under Section 80C Of the Income Tax Act. It will, therefore, help you reduce your overall tax liability.
How to Purchase the Plans?
You can purchase the best LIC policy for a girl child online as well as offline. Both these processes to apply for an LIC policy for a girl child are mentioned below:
| Online Purchase of a LIC Policy for Girl Child | Offline Purchase of a LIC Policy for Girl Child |
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FAQs on Best LIC Policy for Girl Child in 2024
One can purchase LIC child plans online and offline.
# To buy online you can visit LIC's official website and choose the plan and proceed with the payment.
# To buy offline you can visit nearest branch or connect with the LIC agents.
It is an insurance programme that provides money security for your child's goals and aspirations.
No, Section 10(10D) of the Income Tax Act of 1969 applies to this LIC tax advantage.
LIC Jeevan Tarun is the best LIC policy for a girl child. It is a policy especially designed to help your daughter meet future requirements by supporting her with education and other major expenses.
Some of the main benefits of investing in a LIC policy for a girl child are:
- Lump Sum Maturity Benefit
- Additional Rider Benefits
- Supports Girl’s Education
- Supports Future Expenses like Marriage
- Tax Benefits Under Section 80C of the Income Tax Act
Some of the documents required for the LIC girl child policy are:
- Proof of Age
- Proof of Identity
- Proof of Address
- Proof of Bank
The eligible entry age for a girl child LIC plan in India is 90 days.
LIC offers some special plans to sponsor a child’s education. These LIC child plans help offer funds for the education of the child enabling parents to indulge in a proper upbringing of the child by lending a financial hand in meeting his or her future expenses.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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