All you need to know about the LIC child plan

In this article, we discuss the top two child plans from LIC. We talk about their benefits and how they can be of use to you and your child. Take a look. Life Insurance Corporation of India, or LIC, as it is commonly known is one of the oldest and the most reputed life insurance companies in the country. It has some very good insurance products. The child insurance plans from LIC especially stand out as they have some of the best features. In this article, we take a look at the LIC child plans and their features and benefits.

What is a child plan?

Before we proceed, let us first understand what a child plan is. A child insurance plan provides protection to a child by covering his parent. The parent is, therefore, the policyholder and the child is the beneficiary. So if anything happens to the parent, the sum assured from the child plan will be given to the child and can be used for her or his education, health and general well-being.

LIC child insurance plans

There are primarily two child plans available from LIC. They are:

1. LIC Child Future Plan
2. LIC Child Career Plan

Let us take a detailed look at these plans.

LIC Child Future Plan

The features of this LIC child plan are as follows:

• Waiver of Premium: The premium is waived off if the parent, who is the policyholder, dies within the policy period. The insurer pays the premium on behalf of the parent and the plan continues with its regular payouts.

• Money Back Plan: This is a money back insurance plan where the child gets payouts at regular intervals. The payouts can be used to pay the child’s school and college admission fees and also to pay for her or his marriage later on in life.

• Death Benefit and Sum Assured: If the parent dies with policy period, the nominee receives a death benefit right away along with any bonus that has been earned. If however the policy period is outlived, an amount equivalent to 115% of the sum assured is paid to the child.

• Additional Cover: The child continues to stay covered for an added term of 7 years after the policy matures.

These features make the LIC Child Future Plan one of the best child insurance plans in India presently.

LIC Child Career Plan

Next, we have the Child Career Plan from LIC. This too is a money back plan where the child receives payouts at pre-decided intervals. The features of this plan include:

• Waiver of Premium: Here too, the premium is waived off if the parent dies within the policy period. The child continues to remain covered, however. He or she receives an additional coverage of 7 years after the policy matures.

• Survival Benefit: The LIC Child Career Plan provides a survival benefit. A sum equivalent to 30% of the sum assured is paid in this case.

• Maturity Benefit: When the policy matures, the child receives an additional amount, equivalent to 15% of the sum assured, along with the accumulated bonus.

• High Age Bracket: The plan can be taken for children between the ages of 0 months and 12 years. The maturity age of the policy varies between 23 and 27 years.

These are some of the features that make the LIC Child Career Plan stand out.

To Sum It Up

As we saw, the LIC child plans are packed with benefits. As a parent, you must do everything within your power to protect your child. A child is a gift and the gift needs care. So buy a child plan from the Life Insurance Corporation of India and keep your precious child secured. After all, you would want him or her to enjoy a comfortable life even after you are gone.

Source: All you need to know about the LIC child plan

Do Kids Need Health Insurance?

Many factors prompt you to buy health insurance for your kids. In this article, we discuss the various reasons why you must protect the health your children.

As a responsible parent, it is your duty to protect the well-being of your child in all walks of life. And since health is such a crucial aspect, you have to secure your child’s health. Health insurance for kids is as important as health insurance for any other family member. Take a look at the points mentioned below to know exactly why you need a good medical insurance plan for your children.

Reasons why kids need health insurance

Here are some of the main reasons why you should buy a good health plan for your child:

1. Healthcare is Expensive: As we all know, health care costs are very expensive these days. Treating a simple ear infection can also cost you thousand of rupees. So you can quite imagine what a more complicated illness would cost! And since we always want to provide the best treatment to our children, buying insurance is the only option. With a health insurance plan in place, you can afford to take your child to the best hospital in the unfortunate event of an illness.
2. Protection During Unfavourable Times: Let us assume you lose your job. Along with it, you not only lose your income but also your group health insurance coverage. What happens if your child falls ill during this period? We never think such incidents would strike us, but life is unpredictable and we have to take all the precautions. It, therefore, is vital for you to buy health insurance for kids and keep them protected always.
3. Preventive Care: Most health insurance plans for children cover vaccines, doctor consultation fees, medicines and OPD charges. This is a good reason to buy a health plan for your children. Children who have health insurance, for this reason, are seen to have better access to preventive health care and therefore lead healthier lives in general.
4. Children Need Constant Care: It is true that an older person is more likely to get sick as compared to a child. However, children need constant medical care as their immune systems are weak. With exposure to infections at school, children are often seen to suffer from a wide range of diseases. Some of these are mild while some are serious, but all require medical attention. With a health insurance in place, you can always afford to address the small and big health issues of your child.
5. Protection in Your Absence: If you die suddenly, your child will continue to stay protected under the health plan. This is a very big advantage. It assures you that even in your absence your child will be entitled to the best healthcare facilities.

Health Insurance for kids – An Absolute Necessity

It indeed is rightly said that children’s health insurance is a complete necessity. So if you have a young child at home, secure his or her health at the earliest. As you clearly saw from the points mentioned above, a good medical insurance plan protects the child from a number of unpleasant issues that can crop up at any time. Trouble often comes unannounced. And as we all know, prevention is better than cure. So buy a health insurance plan for your children and prevent the troubles from striking, as much as possible. Even if they do strike, be equipped to face them properly. Speak to your insurance agent and see what options are available in the kids’ health insurance department. Go through your requirements, choose an appropriate plan and keep your children safe at all times.

Source: Do kids need health insurance?