LIC Children Plan – Complete Guide for Parents
How to choose the right LIC policy for your child’s education, career and marriage – explained simply.
Every parent wants money ready when the child turns 18 – for college admission, coaching, a professional course or studies abroad – and later for marriage. LIC’s children plans are built for exactly this: they combine life cover with a payout schedule matched to your child’s age.
This guide compares LIC’s current child plans side by side, explains when each one pays, and shows how to protect the plan if something happens to the parent. Advice is free from Vedpal Singh, LIC Development Officer at the Manimajra branch, Chandigarh.
LIC child plans compared
| Plan | Life insured | When money comes | Best for |
|---|---|---|---|
| LIC Amritbaal Plan 774 | Child | Guaranteed additions every year; lump sum at maturity | A guaranteed, known education fund |
| LIC New Children’s Money Back Plan Plan 732 | Child | 20% at ages 18, 20, 22; 40% + bonuses at 25 Calculator » | Money at each college stage |
| LIC Jeevan Tarun Plan 734 | Child | Choose 0/5/10/15% yearly from age 20 to 24; balance + bonuses at 25 Calculator » | Flexible payouts you choose |
| LIC Jeevan Lakshya Plan 733 | Parent | Maturity with bonuses; on parent’s death: lump sum + 10% yearly income + maturity amount Calculator » | Single-income families protecting a goal |
Summary from LIC’s brochures. Bonuses are not guaranteed. Entry ages, sum assured limits and rates are as per the latest LIC brochure – we confirm them for your child before you apply.
Step 1: Decide when you need the money
- At several college stages (18, 20, 22, 25) – New Children’s Money Back.
- Every year during graduation (20 to 24) – Jeevan Tarun, where you choose the payout level.
- One guaranteed lump sum – Amritbaal.
- A fixed goal year, protected even if you are not there – Jeevan Lakshya.
Step 2: Protect the plan against the parent’s death
The biggest risk to a child’s goal is the earning parent not being there. In plans on the child’s life, add the Premium Waiver Benefit rider where available – future premiums are waived and the payouts still come on time. If you are the only earner, also look at Jeevan Lakshya or a term plan alongside the child plan.
Step 3: Choose the right sum assured
Estimate today’s cost of the course you have in mind and allow for education inflation over the years until your child is 18. Then use our calculators to see what each plan pays and when:
Child plan for a daughter
All LIC child plans can be taken for daughters. Many parents combine a payout plan for education (Children’s Money Back or Jeevan Tarun) with a lump-sum plan maturing around the expected marriage age (Amritbaal or Jeevan Lakshya). We help you set both timelines.
Documents needed
- Child’s birth certificate
- Parent’s Aadhaar, PAN and photograph
- Parent’s bank details (for NEFT payouts)
- Income proof for higher sum assured, as required by LIC
FAQs
Related
Child Plan Advice – Free
Apni details bhejiye – Vedpal Singh aapko call karke sahi plan batayenge.