Lic child education plan provides financial support for a child’s education. It is a saving-cum-insurance plan that helps parents secure their child’s future with financial stability.
As a parent, securing your child’s future is a top priority. One of the crucial aspects of a child’s life is education, which can be quite expensive in today’s world. To ensure that your child’s education is not affected by financial constraints, lic child education plan provides a safe and reliable option. This plan offers both insurance coverage and a savings option for your child’s future. It helps in building a corpus that can be used to cover the expenses of your child’s education at different levels, including primary, secondary, higher secondary, and even professional courses. The premium paid towards the plan is tax-deductible under section 80c of the income tax act. Therefore, lic child education plan is an ideal investment option for parents who want to protect their child’s future and provide financial security.
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Benefits And Features Of Lic Child Education Plan
Lic child education plan is a great option for parents who wish to plan their child’s future. It is a unique savings plan that helps you ensure that your child’s education expenses are taken care of. The benefits and features of lic child education plan are many, making it an excellent investment option.
In this blog post, we will discuss some of its key benefits and features.
Tax Benefits And Exemptions Available
The plan comes with several tax benefits, making it an advantageous option for those who are looking for tax-saving opportunities.
- Tax benefits under section 80c and 10(10d) of the income tax act
- Maturity and death benefits under the plan are tax-free
- Premium paid on the policy is eligible for tax exemption
Maturity Benefits And Guaranteed Returns
One of the most significant advantages of the lic child education plan is the guaranteed maturity benefit. The plan ensures that the policyholder receives a certain sum assured at the end of the plan’s term, along with vested bonuses. Moreover, the plan also offers a death benefit in case of the policyholder’s unfortunate demise during the plan’s term, which includes sum assured and vested bonuses.
Top-Up Facility And Free-Look Period
The plan also comes with a top-up facility, which allows policyholders to pay an additional premium amount to enhance the policy benefits. Additionally, there is a free-look period, which is a period of 15 days from the date of receiving the policy, during which policyholders can change their minds about opting for the policy and receive a refund.
Premium Waiver Benefit And Bonus Allocation
Another significant benefit of lic child education plan is the premium waiver benefit. In case of the policyholder’s untimely demise or permanent disability, the plan continues without the need for further premium payments, ensuring that the child’s education continues without any financial burden.
Additionally, the plan also provides a bonus allocation, making it an excellent investment option for those who want to ensure their child’s future is financially secure.
Lic child education plan is an excellent investment option that comes with several benefits. The plan offers tax benefits, guaranteed maturity and death benefits, top-up facility, free-look period, premium waiver benefit, and bonus allocation, making it a must-have option for those looking for a secure financial future for their children.
Choosing The Right Lic Child Education Plan
Factors To Consider Before Choosing A Plan
Choosing the right lic child education plan can be overwhelming, especially when you’re new to it. It’s essential to choose a plan that suits your child’s needs, and you can be comfortable with the payments.
- Age of your child: it’s important to consider how old your child is when choosing a plan. A plan less than ten years might not work out best for you if your child is already a teenager.
- Duration of the plan: the duration of the plan is also a crucial factor to consider. It would be best to choose a plan that is long enough to meet your child’s education needs.
- Premium: your budget is essential, and you need to choose a plan that you can afford for a reasonably long time.
- Maturity benefit: maturity benefit is the payment you get at the end of the plan. It’s necessary to consider the amount and how it aligns with your child’s education needs.
Comparison Between Different Plans Offered By Lic
Lic offers different child education plans that cater to different needs.
- Jeevan tarun plan: this plan is an excellent option for parents who want more flexibility when paying premiums. It allows you to choose how much you want to contribute and at what intervals.
- Children’s money-back plan: this plan offers survival benefits every five years, making it an excellent option for parents looking for steady payouts.
- New children’s money-back plan: this plan offers a shorter term as compared to other plans, making it a good option for parents who want to pay premiums for a shorter duration.
Recommended Lic Child Education Plans
Lic offers different child education plans that cater to different needs.
- Jeevan tarun plan: this plan offers flexibility in premium payments, making it a great option for parents who want more control over their contributions.
- Children’s money-back plan: this plan offers a steady payout every five years, making it a perfect option for parents looking for regular payouts to cover their child’s education expenses.
- New children’s money-back plan: this plan is an excellent option for parents who want a shorter duration plan. It’s also flexible enough, allowing for partial withdrawals, which can come in handy in case of emergencies.
Lic’s child education plans offer different benefits that cater to different parents’ needs. Choosing the right plan requires you to consider factors such as your child’s age, duration of the plan, premium, and maturity benefit. Comparing different plans can also help you choose the right one.
Finally, we recommend the jeevan tarun plan, children’s money-back plan, and new children’s money-back plan as the top options to consider.
LIC Child Education Policy | top 2 LIC Child Education Plan in India | LIC Policy for Your Child
Eligibility And Documentation
Lic child education plan is a great option for parents who want to secure their child’s academic future. With the increasing cost of education, it’s essential to have a good plan in place. However, before purchasing the plan, it’s crucial to understand the eligibility criteria and the documentation required.
In this blog post, we’ll explore these in detail.
Age And Other Eligibility Criteria
To purchase lic child education plan, certain eligibility criteria need to be fulfilled.
- The child should be between the age of 0-12 years.
- The policy can be taken by either parent or legal guardian of the child.
- The minimum sum assured is rs. 1 lakh.
Required Documentation For Purchasing Lic Child Education Plan
To purchase the lic child education plan, certain documents are necessary.
- A copy of the child’s birth certificate as age proof.
- Identity and address proof of the parent or guardian purchasing the policy.
- Income proof of the parent or guardian.
- Policyholder’s photograph.
It’s essential to ensure that all the documents are complete and accurate to avoid any complications during the claim settlement process.
The lic child education plan is a great option for parents who want to secure their child’s future. The eligibility criteria are straightforward, and the documentation required is minimal. By investing in this plan, parents can ensure that their child’s academic goals are achieved without any financial hurdles in the future.
Frequently Asked Questions
Lic Child Education Plan – Frequently Asked Questions
Are you worried about providing your child with the best education? Do you want to ensure that your child has the financial backing to pursue their aspirations? If yes, then the lic child education plan is the perfect solution for you.
Here, we will provide answers to some of the most commonly asked questions about this plan.
Common Queries Related To Lic Child Education Plan
What Is The Lic Child Education Plan?
- Lic child education plan is a life insurance plan designed to financially secure your child’s education and future.
- It is a non-linked, participating, and individual life insurance policy that guarantees both survival and maturity benefits.
What Are The Policy Benefits?
- The lic child education plan provides financial support for your child’s education.
- The plan offers a maturity benefit that includes the basic sum assured and accrued bonuses on survival until the policy’s maturity.
What Are The Premium Payment Options Available?
- Policyholders can choose to pay the premium annually, biannually, quarterly, or monthly, depending on their preference.
- Policyholders can also opt for a limited premium payment term of 5 or 8 years.
What Is The Minimum And Maximum Entry Age For The Policyholder?
- The minimum age for the policyholder to avail of this plan is 18 years.
- The maximum age for the policyholder is 50 years.
What Is The Minimum And Maximum Entry Age For The Child?
- The minimum age for the child is 0 years.
- The maximum age for the child is 17 years.
What Is The Policy Term?
- The policy term for lic child education plan ranges from 11 to 27 years.
- The policy term varies depending on the age of the child.
What Is The Sum Assured?
- The minimum sum assured for the lic child education plan is rs. 1 lakh.
- There is no maximum sum assured limit for this plan.
Parents want to give the best to their children, and educating them is a crucial part of that process. However, with rising education costs, parents need to plan well in advance to provide the required financial support. Lic child education plan provides a guaranteed return, enabling parents to secure their child’s education and future.
Frequently Asked Questions On Lic Child Education Plan
What Is Lic Child Education Plan And How Does It Work?
Lic child education plan is an insurance policy that helps parents save money for their children’s education. The plan works by providing a lump sum payment when the child reaches a certain age or milestone. The policy also includes features such as waiver of premium and life coverage for the parent.
Premiums are paid regularly over the policy term.
What Are The Key Benefits Of Opting For Lic Child Education Plan For My Child’S Education?
Lic child education plan offers financial security, tax benefits, and a guaranteed sum assured to ensure your child’s future education is well-funded. In addition, the plan provides life coverage to the parent, flexibility in paying premiums, and optional riders for enhanced protection.
How Much Does Lic Child Education Plan Cost And What Is The Premium Payment Schedule?
The premium for lic child education plan varies based on the policy term, sum assured, and age of the child. The premium payment schedule can be monthly, quarterly, half-yearly, or yearly, depending on the policyholder’s choice. Contact lic agents or visit their website for specific details.
What Is The Minimum And Maximum Age Limit For Enrolling In Lic Child Education Plan?
The minimum age requirement for lic child education plan is 18 years and the maximum age limit is 45 years. Plan benefits can be availed until the age of 65 years.
How Can I Track The Status Of My Lic Child Education Plan And How Do I Make A Claim If Required?
To track your lic child education plan status and make a claim, visit the lic website and log in to your account. You can view the plan details and claim status under the “policy details” section. If you require assistance, contact lic customer care.
Conclusion
Investing in a lic child education plan is a wise decision for parents looking to secure their child’s future education. With the rising cost of education, having a plan in place can help alleviate financial burdens and ensure that your child has access to quality education.
Lic child education plans offer flexibility, tax benefits, and a range of options to suit your needs. It’s never too early to start planning for your child’s education, and lic’s plans can help you achieve your financial goals. With the peace of mind that comes with a lic child education plan, you can focus on what matters most: your child’s growth and development.
Contact lic today to learn more about their plans and start securing your child’s future.