The Life Insurance Corporation of India (LIC) is the oldest life insurance company in India having been formed in 1956. Till the year 1999, LIC enjoyed a monopoly position in the life insurance segment and so, it has the trust of millions of customers. LIC offers a range of life insurance plans ranging from term insurance to unit-linked and pension plans. Child plans are also offered by LIC which help you to create a secured corpus for your child’s future.

Importance of child plans

Every parent wants the best for their child, whether it is when the child is growing up or for their higher education. This can be ensured only when you have the necessary funds to back your child’s dreams. While you are alive, you can earn and save a corpus for your child’s future. But what happens in the case of your premature demise? Would you be able to create the desired corpus?

The premature death of the parent can put an end to the child’s dreams and this is where child insurance plans come to the rescue. They are also called child future plans as they help you secure a corpus for your child even when you are not around so that your child’s dreams can be easily fulfilled.

Benefits of child plans

Here are some benefits that you can avail of if you invest in child insurance plans – 

  1. Secured corpus for the child

    Child plans allow you to save your child’s future. Moreover, they have a death benefit which is a lump sum corpus on the death of the parent, if the parent is insured under the plan. This lump sum benefit gives financial assistance to the family and to the child. The benefit can be used to fund the child’s higher education or marriage as needed even in the absence of the breadwinner.

  2. Premium waiver benefit

    Specialized child insurance plans either offer an inbuilt premium waiver benefit or an optional rider for the same. This benefit ensures that the plan is not disrupted even if the parent passes away during the policy tenure. If the parent is the policyholder and is responsible for paying the premiums, the premium waiver benefit waives off the future premiums if the parent dies. The plan continues unaffected and the child gets the promised maturity benefit. The premium waiver benefit, therefore, earmarks the plan for the child’s benefit whether the parent is around or not.

  3. Different variants

    Child insurance plans come in different variants. You can buy an endowment policy or a money-back policy to guarantee benefits. On the other hand, if you don’t mind risks, you can also invest in market-linked ULIPs which give you attractive returns on your investments and allow you to create an inflation-adjusted corpus for your child.

  4. Tax benefits

    Lastly, child insurance plans also allow you tax benefits while creating a corpus for your child’s future. The premiums that you pay, up to 10% of the sum assured, are allowed as a deduction under Section 80C of the Income Tax Act, 1961 up to a limit of INR 1.5 lakhs. Moreover, if you receive any maturity benefit or survival benefit (from money back plans), such benefits are also tax-free under Section 10(10D) if the premium paid did not exceed 10% of the sum assured. The death benefit is a tax-free benefit too thereby allowing you to create a tax-efficient corpus for your child.

Given these benefits, you should invest in a suitable child insurance plan for your child’s secured future.

Child plans offered by LIC

As mentioned earlier, LIC offers a range of insurance plans that you can choose for your child’s future. These plans can be taken either on your life or on the life of your child. Some plans require you to be a parent or a grandparent of a minor child while other plans can be taken even when you don’t have a child but you want to start saving for a child that you would have in the near future.

So, let’s have a look at the different types of LIC child plans –

Plans available for the parent or the child

  1. LIC’s Bima Jyoti

    LIC’s Bima Jyoti is a non-participating, savings plan which can be brought both online as well as offline. 

    Salient features of the plan

    • Guaranteed lump sum amount is paid if the life assured survives till the maturity of the plan
    • Loan facility is offered to allow you to avail of funds during the coverage tenure
    • Guaranteed additions are added @5% of the basic sum assured every policy year
    • Eligibility Conditions

      Entry age

      Minimum- 90 days

      Maximum- 60 years

      Maturity age

      Minimum- 18 years

      Maximum- 75 years

      Sum assured

      Minimum- INR 1,00,000

      Maximum- No limit

      Premium payment term

      Policy term – 5 years

      Policy term

      Minimum- 15 years

      Maximum- 20 years

  2. LIC’s Bachat Plus

    LIC’s Bachat Plus is a participating endowment plan which offers an enhanced corpus for your child’s future through bonus additions. 

    Salient features of the plan

    • Two optional riders are available for enhancing the coverage
    • You can avail of the maturity benefit in instalments through the settlement feature
    • Loyalty additions are added at the time of death or maturity
    • Eligibility Conditions

      Entry age

      Minimum- 90 days

      Maximum – 70 years

      Maturity age

      Minimum- 18 years

      Maximum- 80 years

      Sum assured

      Minimum- INR 1,00,000

      Maximum- No limit

      Premium payment term

      Single or limited premium for a period of 5 years

      Policy term

      Minimum- 10 years

      Maximum- 25 years

  3. LIC’s New Endowment plan

    LIC’s New Endowment Plan is a participating policy that allows you to save a corpus over a long term period. 

    Salient features of the plan

    • The plan provides an option to receive the death benefit either in instalment or in a lump sum
    • Attractive premium discounts are allowed for reducing the premium
    • Five optional riders are available with the plan on payment of additional premium for enhanced coverage
    • Eligibility Conditions

      Entry age

      Minimum- 8 years

      Maximum- 55 years

      Maturity age

      Maximum- 75 years

      Sum assured

      Minimum- INR 1,00,000

      Maximum-No limit

      Premium payment term

      Policy term minus 5 years

      Policy term

      Minimum- 12 years

      Maximum- 35 years

  4. LIC’s New Bima Bachat

    LIC’s New Bima Bachat is a participating, single premium, money back plans allowing you to build a corpus with a one-time payment. 

    Salient features of the plan

    • On maturity, the single premium is returned along with loyalty additions
    • There is a settlement option to receive the maturity benefit over a chosen period of 5 years, 10 years or 15 years instead of a lump sum 
    • Eligibility Conditions

      Age at entry

      Minimum- 15 years

      Maximum- 66 years

      Age of maturity

      Maximum- 75 years

      Sum assured

      Minimum- INR 35,000 

      Maximum- No limit

  5. LIC’s Single Premium Endowment plan

    LIC’s Single Premium Endowment Plan is a with-profits plan which allows you to create a guaranteed corpus for your child. 

    Salient features of the plan: 

    • Simple reversionary bonus and final bonus enhance the plan benefits
    • The plan takes care of the liquidity needs through its loan facility
    • It offers two optional riders to get comprehensive coverage on payment of additional premium. 
    • Eligibility Conditions

      Age at entry

      Minimum- 90 days

      Maximum- 65 years

      Age of maturity

      Minimum- 18 years

      Maximum- 75 years

      Sum assured

      Minimum- INR 50,000

      Maximum- No limit

      Policy term

      Minimum- 10 years

      Maximum- 25 years

      Premium payment mode

      Single premium

  6. LIC’s Jeevan Labh

    LIC’s Jeevan Labh is a limited premium endowment plan that helps you create a corpus over a long term horizon.

    Salient features of the plan

    • The plan provides an option to receive the death benefit or maturity benefit in equal instalments 
    • You can opt for up to five riders for enhanced coverage 
    • Eligibility conditions

      Age at entry

      Minimum- 8 years

      Maximum- 59 years 

      Age of maturity

      Maximum- 75 years

      Sum assured

      Minimum- INR 2,00,000

      Maximum- No limit

      Policy term

      16 years, 21 years and 25 years

      Premium payment term

      10 years, 15 years, or 16 years 

  7. LIC’s Aadhar Stambh

    LIC’s Aadhaar Stambh is an individual life insurance policy designed especially for males. Thus, fathers can opt for their child’s future planning.

    Salient features of the plan

    • Loyalty additions are added to the sum assured after completion of the first 5 years of the policy
    • Premium discounts are allowed by the policy
    • You can receive the maturity benefit in instalments rather than in lump sum
    • Eligibility Conditions

      Age at entry

      Minimum- 8 years

      Maximum- 55 years

      Age of maturity

      Maximum- 70 years

      Sum assured

      Minimum- INR 75,000

      Maximum- INR 3,00,000

      Policy term

      Minimum- 10 years

      Maximum- 20 years

      Premium Payment Term

      Same as the term of the policy

  8. LIC’s Aadhaar Shila

    LIC’s Aadhaar Shila is a participating life insurance plan exclusively designed for female lives. So, mothers can take the plan for their child’s future.

    Salient features of the plan

    • You get loyalty additions that enhance the plan benefits
    • You can increase the coverage through an optional rider
    • Bonus additions help enhance the benefits in addition to loyalty additions 
    • Eligibility Conditions

      Age at entry

      Minimum- 8 years

      Maximum- 55 years

      Age of maturity

      Maximum- 70 years

      Sum assured

      Minimum- INR 75,000

      Maximum- INR 3,00,000

      Policy term

      Minimum- 10 years

      Maximum- 20 years

      Premium payment term

      Same as policy term

  9. LIC’s Jeevan Umang

    LIC’s Jeevan Umang is a participating, whole life insurance policy which provides lifelong coverage.

    Salient features of the plan

    • The plan pays annual survival benefits @8% of the sum assured after the expiry of the premium payment term till the maturity of the plan
    • You get premium discounts for paying annual or semi-annual premiums as well as for choosing a high sum assured level
    • You can customize the plan with an option of four rider benefits
    • Eligibility Conditions

      Age at entry

      Minimum- 90 days

      Maximum- 55 years

      Age of maturity

      Maximum- 100 years

      Sum assured

      Minimum- INR 2,00,000

      Maximum- No limit

      Policy term

      100 years minus age at entry

      Premium payment term

      15 years, 20 years, 25 years and 30 years

      Age at the end of premium paying term

      Minimum- 30 years

      Maximum-70 years

  10. LIC’s New Money Back plan- 20 years

    LIC’s New Money Back plan is a participating, limited premium insurance policy with a fixed term of 20 years. 

    Salient features of the plans

    • The plan provides periodic survival benefits at specified durations during the term of the plan
    • Four optional riders are available with the plan at an additional premium 
    • Eligibility Conditions

      Age at entry

      Minimum- 13 years

      Maximum- 50 years

      Age of maturity

      Maximum- 70 years

      Sum assured

      Minimum- INR 1,00,000

      Maximum- No limit

      Policy term

      20 years

      Premium payment term

      15 years

  11. LIC’s New Money Back plan- 25 years

    LIC’s New Money Back plan- 25 years is a protection cum money back life insurance policy with a fixed term of 25 years. 

    Salient features of the plan

    • You get money back benefits at regular intervals which give you liquidity
    • You can get the benefit of settlement option to receive the maturity benefit in equal instalments
    • Eligibility Conditions

      Age at entry

      Minimum- 13 years

      Maximum- 45 years

      Age of maturity

      Maximum- 70 years

      Sum assured

      Minimum- INR 1,00,000

      Maximum- No limit

      Policy term

      25 years

      Premium payment term

      20 years

  12. LIC’s Bima Shree

    LIC’s Bima Shree is a limited premium, a money-back insurance policy which comes with a high sum assured.

    Salient features of the plan

    • Guaranteed additions are added till the end of the premium paying term that enhance the corpus
    • You can defer the survival benefits to get enhanced benefits at a later date
    • Eligibility Conditions

      Age at entry

      Minimum- 8 years

      Maximum- 55 years

      Age of maturity

      Maximum – 69 years 

      Sum assured

      Minimum- INR 1,00,000

      Maximum- No limit

      Policy term

      14 years, 16 years, 18 years and 20 years

      Premium payment term

      Policy term minus 4 years

  13. LIC’s Nivesh Plus

    LIC’s Nivesh Plus is a unit-linked, single premium life Insurance policy with market-linked returns.

    Salient features of the plan

    • The plan offers a choice of four investment options as per your risk appetite
    • Guaranteed additions as a fixed percentage of the premium shall be added to the unit fund after completion of specified durations
    • The plan provides two coverage options with the flexibility to choose the type of coverage that you need
    • Eligibility Conditions

      Age at entry

      Minimum- 90 days

      Maximum- 70 years

      Age of maturity

      Minimum- 18 years

      Maximum- 85 years

      Sum assured

      Minimum- 1.25 times the single premium 

      Maximum – 10 times the single premium

      Policy term

      Minimum- 10 years

      Maximum- 25 years

      Premium payment term

      Single premium

      Premium amount

      Minimum- INR 1,00, 000

      Maximum- No limit

  14. LIC’s SIIP Plan

    LIC’s SIIP is a unit-linked policy which allows you to create a market-linked corpus for your child’s future.

    Salient features of the plan

    • The mortality charges are refunded along with the maturity benefit 
    • Guaranteed additions are added to the fund value at specified durations during the policy tenure
    • You can choose to receive the death benefit in instalments through the Settlement Benefit feature
    • Eligibility Conditions

      Age at entry

      Minimum- 90 days

      Maximum- 65 years

      Age of maturity

      Minimum- 18 years

      Maximum- 85 years

      Sum assured

      Up to 10 times the annual premium

      Policy term

      Minimum- 10 years

      Maximum- 25 years

      Premium payment term

      Same as the term of the policy

      Premium amount

      Minimum- INR 40,000 for yearly mode

      Maximum- No limit

  15. LIC’s New Endowment Plus

    LIC’s New Endowment Plus is a unit-linked plan which allows flexibility while creating a corpus for the child’s future. 

    Salient features of the plan

    • The plan offers four types of investment funds to invest your premium 
    • You have the option to purchase LIC’s Linked Accidental Death Benefit Rider to enhance the coverage 
    • Eligibility Conditions

      Age at entry

      Minimum- 90 days

      Maximum- 50 years

      Age of maturity

      Minimum- 18 years

      Maximum- 60 years

      Premium amount

      Minimum- INR 20,000 for yearly mode

      Maximum- No limit

      Policy term

      Minimum- 10 years

      Maximum- 20 years

      Premium payment term

      Same as a term of the policy

    Specialized plans for the child

    LIC also offers two child-oriented life insurance plans that can be taken only by a parent or grandparent of a child and they insure the minor child. These plans are as follows –

  16. LIC’s Jeevan Tarun

    LIC’s Jeevan Tarun is a participating, limited premium child insurance plan which offers money-back benefits.

    Salient features of the plan: 

    • The plan offers four options to choose the proportion of the survival benefit that you want to receive
    • You can add the premium waiver rider at an additional premium
    • Mode and high sum assured discounts ensure affordable premiums
    • Eligibility Conditions

      Entry age

      Minimum- 90 days

      Maximum- 12 years

      Maturity age

      Maximum- 25 years

      Sum assured

      Minimum- INR 75,000

      Maximum- No limit

      Premium payment term

      20 years minus age at entry

      Policy term

      25 years minus age at entry

  17. LIC’s New children’s Money Back plan

    LIC’s New Children’s Money Back plan gives money back benefits to meet important life stages of your child’s growth.

    Salient features of the plan

    • Bonus additions enhance the maturity and death benefits
    • You can defer the money-back benefits to a later date to receive increased pay-outs
    • The death benefit can be availed in instalments
    • Eligibility conditions

      Age at entry

      Minimum- 0 years

      Maximum- 12 years

      Age of maturity

      Maximum- 25 years

      Sum assured

      Minimum- INR 1,00,000

      Maximum- No limit

      Policy term

      25 years minus age at entry

      Premium payment term

      Same as policy term

How to buy LIC child plans?

You can buy any of the above-mentioned LIC child plans either online or offline. Let’s understand how –

  1. Buying offline

    You can visit the nearest branch office of LIC and apply for any LIC child plan that you want to buy. Alternatively, you can get in touch with LIC’s agent or broker and invest in a suitable child insurance plan.

  2. Buying online

    LIC offers a range of its child plans online. You can, therefore, visit the official website of LIC which is https://licindia.in/Products/Home.aspx, select the LIC policy for child that you want to buy, fill in an online application form, pay the premium online and invest in the plan.
    You can also compare the plans online and then choose. Then, provide your details so that you can be recommended suitable child insurance plans. You would, then, be able to check out child plans offered by leading insurance companies, including LIC. You can compare the available plans and choose LIC’s best child plan as per your coverage needs.

How to renew LIC child plans?

Renewal of LIC child education plans can be done online or offline just like buying the policy. For renewing offline, you can visit LIC’s branch office and submit the premium amount by cheque, cash or demand draft. You can also pay the insurance agent or broker for renewing the plan. Don’t forget to mention your name and policy number when renewing.

For online renewals you can simply visit https://licindia.in/Home/Pay-Premium-Online and either log into your online account or pay the renewal premium without logging in. enter your policy number and other details for verification and choose any digital premium payment option. Pay the premium online and your policy would be renewed instantly.

Why choose LIC child plans?

For buying the best child plan, LIC offers some amazing choices. There are different types of plans and you can choose the best LIC policy for your child that you believe would fulfil your coverage requirements. LIC also offers attractive bonuses on its participating plans allowing you to create a considerable corpus over time. Its ULIP plans also offer attractive returns and different investment strategies to ensure that you get the best returns on your investment.

Lastly, LIC’s claim process is smooth and the company has a high Claim Settlement Ratio making it a trustworthy insurer for your coverage needs.

So, compare the different LIC child education plans available and choose the best policy for the security of your child’s future.


FAQ’s

Risk coverage depends on the age of the child. If the child is below 8 years of age when buying the policy, risk coverage starts either after two policy years or after the child attains 8 years of age, whichever is earlier. However, if the child is aged more than 8 years when buying the policy, risk cover starts immediately.


Endowment and money-back child plans allow premium discounts. Premium discounts are allowed for choosing a high sum assured as well as for paying the premium annually or semi-annually.


The grace period depends on the premium payment frequency. If you pay premiums annually, semi-annually or quarterly, you get a grace period of 30 or 31 days. For monthly premiums, however, a grace period of 15 days is allowed.


Unless you opt for a single premium plan, all child plans offered by LIC allow annual, semi-annual, quarterly and monthly premium payment frequencies.


Yes, when the child attains 18 years of age, he/she becomes the owner of his/her policy. This is called vesting.