Friends, parents are very concerned about their child’s future, wish the best for them. They invest emotionally and financially in providing opportunities, so that their children become successful and well-rounded individuals. This commitment encourages them to purchase child insurance plans that can provide financial support and protection during their critical needs. That is why today we are going to look at information about the best LIC policy for three children.
The first of these schemes is the Amritbal Plan 874. It is specially designed for children. In a way it is a child insurance policy. A savings and life insurance plan can accumulate sufficient funds for the higher education of children. Apart from this, they can also fulfill other needs of children. In this plan you will get guaranteed cashback of Rs 80 on every Rs 1000 sum assured. This refund of Rs 80 will be added to the sum assured of the insurance policy. If you have insured Rs 1 lakh in your child’s name, then LIC will get Rs 8000 in sum insured. This guarantee returns every year at the end of the policy year will be added.
You can take this policy for children from 30 days to 13 years. It will have a minimum maturity of 18 years and a maximum of 25 years. Short term premium payment terms of 5, 6 or 7 years are available for this policy. The maximum premium payment term is 10 years. You can also opt for single premium payment option. Under this you have to take an insurance of at least 2 lakh rupees. If you want, you can take maturity settlement in 5th, 10th or 15th year like money back plan.
Those who invest in this policy will get the sum assured and the guaranteed benefit on maturity. A ‘sum assured on death’ option is also available for policy buyers. Also, if you pay a slightly higher premium, you can avail the premium return rider against the cost.
Another policy is LIC New Children Money Back Scheme. New Children Money Back scheme will get money back three times. First time when the child turns 18 years, then 20% of the sum assured, second time at the age of 20 20% of the sum assured and third time at the age of 22 20% of the sum assured. And when the child turns 25 years old, the policy expires.
Then a bonus of 40% of the Sum Assured is paid. In this policy, if you don’t want the money back at 18, 20 or 22, you can take it on maturity. Insurable age is 0 to 12 years. This policy has a minimum sum assured of Rs 10,000, while there is no maximum sum assured. This plan also has a premium waiver benefit rider-option. Its total tenure is 25 years.
The third policy is LIC Jeevan Lakshya. You can nominate your child by taking this policy in your name. In this you will have a policy term of 13 to 25 years. You will have to pay less for 3 years as compared to the years you took the policy. It has premium waiver benefit ride inbill.
In case of any untoward incident to the insured under the policy, the nominee gets 10% of the sum assured every year and all future premiums are waived. Maturity pay is paid on maturity at 110 percent of the sum assured plus bonus. People between 18 to 50 years of age can avail this policy. The minimum sum assured in this scheme is Rs.1 lakh and there is no limit for it.
Thus, these are the best policies. Which we can take for our children.