Today, the cost of education right from early childhood is rising rapidly. Insurance policies can be a good way for parents to deal with this expenditure. For a newborn baby girl, LIC Children Plans can prove to be the best fit.
1. New Children’s Money Back Plan
This plan helps you to fulfill a variety of needs of children at different stages. The basic eligibility age for this plan is minimum 0 years (time of birth) and maximum 12 years. The total age at maturity is 25 years.
- This plan is an individual policy plan.
- Maturity benefit will be provided which would be equal to the assured sum and other applicable bonuses.
- The premium would be paid quarterly, monthly, annually or half yearly
- The minimum sum assured is Rs. 1, 00,000
- This policy covers maturity benefit, death benefit and survival benefit.
- In this plan, the premium amount is paid at regular intervals. The child receives 20% of the total sum at 18 years of age, 20% each year again at 20 and 22 years of age and the remaining 40% is provided at 25 years of age.
2. Jeevan Tarun Plan
This plan can be a good option for children of 2 years or less. This plan has a limited pay option. You need to pay the premium until the child attains age 20 and the policy is continued until the child is 25 years of age. It is the best lic policy for new born baby girl.
- The covering of risk budget can be started when the child attains 8 years, or 2 years from the starting date of plan or policy, whichever comes first.
- The premium is to be paid until your child reaches 20 years and you can get the payout after 20 years of age till age 25.
- The rest of the sum is given as maturity benefit when the policy terminates. There is also a death benefit of sum which is 10 times the annual premium or 125% of the assured sum. You get the one which is higher and minimum amount of 105% of total amount of premium is paid till the date.
- The minimum sum assured is Rs. 75,000.
3. Jeevan Umang Plan
This plan gives insurance coverage for lifetime. This plan facilitates regular payouts from the last payment of premium till survival. If the customer dies within the period of the policy, a fixed amount of money is to be given.
- The survival benefit is paid each year, which is 8% of the assured sum.
- Other benefits like rider benefit, death benefit, maturity benefit and tax benefits are available.
- The minimum age for entry is 90 days.
- The terms for paying premium are 30, 25, 20 and 15 years. The maturity age is 100 years with the birthday which is nearest.
- The minimum assured sum is Rs 2,00,000.
- Premium payment is via NACH or SSS only which is paid yearly, quarterly, half-yearly and monthly.