A LIC children plan enables parents to secure the future of their children’s finances. This policy for children also acts as a guardian, if the actual parents of the child are absent. The LIC policy for children comforts the parents about their expertise to be a reliable provider for their children and to also guarantee a stable future for them financially.

  1. These child insurance plans inspire kids to persevere in their life goals, even if they lose their parents.
  2. They protect the kids from the uncertainties of life and also allow parents to build upon their savings to secure their children’s future over a long course of time.
  3. Life insurance plans encourage a practice of healthy savings and they prepare the children for their future monetary requirements in advance.
  4. LIC child plans serve as a tax-saving means which gives policyholders eligibility for reductions under the act of Section 80C and 10 (10D) belonging to the Income Tax Act, 1961.
  5. With an LIC plan, even under untoward incidents, the education of your children will not get affected. The insurance provider gives a specific portion of the total amount assured or a lump sum amount immediately.
  6. It is always better to plan, when the kids are young as while pursuing higher studies, a child might choose to opt for any course or might choose to study at any faraway geographical location.
  7. A LIC plan not only takes care of a child’s education but some plans also give a specific amount regularly for sponsoring co-curricular activities.
  8. If a LIC child policy has a condition that an individual is eligible for a lump sum payment when the child reaches a marriageable age, then the child’s wedding might not prove to be a huge task for the parents.