Which is the Best LIC Policy for a 6 to 10-Year-Old Baby?
Life insurance for a child may raise several questions and uncertainties for parents. However, understanding the varying needs of your child can help in choosing the right policy. For a 6 to 10-year-old baby, Life Insurance Corporation (LIC) offers several options tailored to meet specific financial needs. Here, we explore some of the best policies and their benefits, along with suggestions from experienced insurance advisors.
LIC Jeevan Tarun Plan: A Comprehensive Child Insurance Plan
The LIC Jeevan Tarun Plan is designed specifically for children to provide both insurance coverage and savings. This dual benefit ensures that your child's future needs are taken care of effectively.
Eligibility: The premium payments are due until the child turns 20 years old, but the policy matures when the policyholder turns 25 years old.Activation: The insurance cover becomes active after two years from the date of purchase or when the child reaches 8 years old.Survival Benefits: If the insured survives until the maturity age, survival benefits are provided.Death Benefits: In the event of the policyholder's death, death benefits or the sum assured (10 times the total annual premium paid) will be provided.For further assistance, it is recommended to consult an Insurance Advisor or visit the nearest LIC office. If you found this information helpful, please share your thoughts in the comments below and consider upvoting.
Planning for LIC Savings: Targeting Higher Studies and Marriage Expenses
When planning for LIC savings, the need for funds should align with the child's future goals. In cases where the primary need is to meet higher education or marriage expenses, the Bima Jyoti 15 yrs term with a 10-year premium paying term and a Premium Waiver Benefit Rider is highly suitable for a 6-year-old baby. This plan ensures that your child can benefit from guaranteed maturity benefits, with a premium around 1.55 lakhs providing a maturity assured sum of approximately 2.275 lakhs.
If the child is older than 8 years, the Jeevan Labh 16 yrs term with a 10-year premium paying term and a Premium Waiver Benefit Rider is recommended. This plan offers a higher maturity sum of approximately 30 lakhs for a similar premium of around 1.55 lakhs. These plans provide a detailed balance between financial security and long-term growth.
Conclusion: Seeking Professional Guidance
The decision to choose the most appropriate LIC policy for your 6 to 10-year-old baby should not be taken lightly. Every child's financial needs and goals are unique, and consulting a professional insurance advisor can provide you with personalized recommendations. By researching and understanding the different plans available, you can ensure that your child's future is secure.
Remember, accurate planning and informed decisions will greatly benefit your child in the long run. If you have questions or need further assistance, feel free to reach out to an Insurance Advisor or visit the nearest LIC office.