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.
- These child insurance plans inspire kids to persevere in their life goals, even if they lose their parents.
- 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.
- Life insurance plans encourage a practice of healthy savings and they prepare the children for their future monetary requirements in advance.
- 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.
- 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.
- 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.
- 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.
- 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.