Child Plans

Marriage Endowment/ Education Annuity Plan is a child policy such that Sum Assured plus Bonus would be paid for the child’s benefit on the term’s maturity even if the Life Insured dies before. Thus, nothing is payable immediately to the nominee on death of the Life Insured, unless accidental; only the future premiums are waived and paid by the company such that the Maturity Benefit of the Sum Assured plus Bonus is duly paid.

Advantages of LIC Marriage Endowment / Educational Annuity Plan

•           On maturity, maturity benefits are paid to the policyholder.

•           If the insured dies during the policy term, death benefit is offered to the nominee.

•           Tax benefits can be availed.

•           The policy can be surrendered after completing 3 policy years

Key Features of LIC Marriage Endowment / Education Annuity Plan

·         Premium needs to be paid till maturity or earlier death.

·         There are inbuilt benefits like Premium Waiver Benefit and Accidental Death Benefit.

·         There are additional riders like Critical Illness Benefit and Term Benefit riders.

·         On Maturity the Life Insured or his nominee would receive the Sum Assured + Bonus.

·         The proposer or his nominee has the option to get the Maturity Amount in 10 half-yearly instalments.

Protect Your Kids

Child plans do not look out to insure the child. The life insurance usually covers the parents. The insurance cover allows the child to be protected in case of mishaps and accidents. However, the policy term can be extended and planned until the child becomes a major and become liable to pay the premiums on its own.