Should you buy LIC Policy for your Girl Child? | List of LIC Girl Child Plans with Brief, Benefits

Life Insurance Corporation (LIC) offers a wide variety of policies to choose from. Policies provide a safety net financially that might assist you with future goals like educational expenses and marriage. Every girl child has a right to education and living their lives according to their own wish and Parents wouldn’t want and hindrance or any restrictions, at least financially, when it comes to them achieving their dreams.

There are many benefits when parents take LIC policies, which would help them in unimaginable ways, like helping pay school and college fees in the absence of parents or going for any other endeavors. Parents could choose the best plan they believe would suit their girl child.

• Best LIC Girl Child Policies
• Jeevan Tarun
• Jeevan Labh
• LIC New Children’s Money Back Plan

Best LIC Girl Child Policies

The most popular girl child policies are :

1. Jeevan Tarun
2. Jeevan Labh
3. LIC New Children’s Money Back Plan

Jeevan Tarun

A LIC non-linked, participation-based plan for girl children combines the benefits of a life insurance policy, and savings account into one package. With low premium cost, Jeevan Tarun provides ultimate convenience to the parents. LIC created this plan to meet the girl child’s financial needs specifically by assisting them with secondary schooling and other requirements.

It provides a lot of benefits. In case the policyholder dies before the tenure ends, then LIC would still pay the sum assured to the nominee. Or, when the insured individual remains alive throughout the policy’s term, a particular figure is secured. It is paid after that, a certain percentage of the figure given for the next four years. The amount paid depends on what the individual has chosen at the proposal stage itself. They are as follows

• Nil
• 5% each year
• 10% each year
• 15% each year.

The insured individual also receives benefits like additional bonuses and introductory reversionary bonuses. The insured individual is eligible to receive a specific risk cover of two years from the start of the tenure or when she turns eight, whichever is earlier. The figure provided when demise is 105% of all the premiums paid till date or 125% of the figure assured, whichever is higher. The minimum sum assured is rewarded at a 20% rate if the insured individual survives 18, 20, and 22.

Also, Read: YES Bank rescue plan: Govt may nudge LIC to play white knight along with SBI

Jeevan Labh

Jeevan Labh is another girl child policy that LIC offers in which there are additional features that might help parents. Clients are offered a Grace Period of 30 days wherein policy buyers can pay the premiums for the procedure. And if they fail to do so, it might result in the policy plan getting lapsed. Nonetheless, the month-long grace period is only applicable for projects that demand premiums yearly, half-yearly, or quarterly. The programs which require monthly-based premiums have been offered a 15 day grace period.

LIC Jeevan Labh also provides a feature to its customers that allows them to surrender the policy after three years on the condition that all premiums of that particular time frame have been duly paid. Customers are also provided with an option to terminate their plan if they are not completely satisfied with the terms and conditions within 15 days from the plan’s start. The most significant benefit of this plan is that it offers the policyholder loan benefits against this plan when all the premiums have been duly paid.

LIC New Children’s Money Back Plan

A non-linked plan aims to provide parents with a plethora of benefits that would help them save for their Children’s future. This plan allows you to invest in your child’s marriage or further education. This plan provides rebates on the higher premium amounts paid, which helps the insured individual save money and relish the benefits of the program. If there’s sudden demise of the insured individual, LIC will pay the figure assured to the dependent as a death benefit.

Conclusion

Getting a Girl Child plan has become almost necessary to ensure a safe and secure future. Parents’ utmost priority is to provide their children the best and be financially able to fulfil any of their child’s dreams even if they are absent tomorrow. Thus, LIC has some great plans for the future of the girl child, which are offered at low premiums, vouching for a better lot.