Know about LIC child plans and LIC saving plans and their importance

A brief on LIC or Life Insurance Corporation of India
The LIC or the life insurance corporation of India is one of the oldest and the most trusted insurer in this sector. LIC has always come up with various kinds of outstanding schemes for the people and helping them to save and invest for the future always. LIC believes in building a better future than a good present and thus the schemes and plans of all the LIC programs are based on this. One of the most fascinating and efficient plan that LIC came up is the LIC child plans.

What is the LIC Child Plan?
The LIC Child Plan solely focuses on the betterment of your child and securing their future. As a parent you always want the best for your kid and nothing is better than securing your child’s future and giving him/her a safe and secured life. LIC has devised a blueprint for your child which has some really amazing features if unfortunately meet with an unfortunate death and mishaps as such.

Features of the LIC Child Plan
When it comes to the features of the LIC Child Plan the things have been kept pretty clean and simple and everything is summarised to three very simple features.

• This LIC child plan is such a participating plan that it can earn bonuses and the premium is paid for a limited term of the plan.
• Children who are less than 8 years of age have a deferment period under this plan and the risk cover will start a day before the completion of 2 years of the policy commencement.
• Under this particular plan, in case of any unfortunate death of the insured during the deferment period only the paid premiums are returned.

Child insurance plans have become very important now because they specially provide for one’s child’s future even in an absence of his/her parents. The money will be utilized only for the child’s education which was the actual rationale while buying the child plan.

What are the LIC Saving Plans 
It is a known and a very obvious fact that you might have plans for your loved ones and for yourselves and it makes perfect sense to prepare properly in advance with a saving plan combined with a life insurance cover. LIC has come up with such saving plans which will in all ways help you plan your savings, whether it be your child’s education or wedding, buying a new house or of a dream vacation so that you can celebrate life to its fullest.

Plans that come under the LIC Saving Plans
All your dreams can be made possible by the help of different saving plans introduced by LIC. Some of these plans include

• Smart bachat plan- which is an endowment plan designed to keep the promise or the obligation of paying the premium over a long period of time at bay. With this plan you can safeguard the future of your family as well as plan your investments wisely
• New endowment plan - which is a participating non-linked plan that offers a very attractive combination of protecting and saving features. It provides a support for the family of the deceased policyholder before maturity.
• LIC money back plans – A plan that offers an attractive combinatiLIC Of India 12/56, DB Gupta Road, Karol Bagh, Block 56, Karol Bagh, New on of protection and also come with a periodic payment on survival at specified durations during the term. It also offers liquidity through its loan facilities.

The need of the LIC Saving Plans in today’s life

Day by day as the income of people is increasing the expenses are also increasing and on the other hand taxes as well. A large part of the salary goes in paying of service and professional taxes to the government. Plans like the LIC Saving Plans are designed in such a way that your money increases with the passing time as you get a rate of interest on your investment on a monthly or a quarterly basis. More over the receipts that you get from these investments also help you to get rebates on taxes as well. There are loan facilities as well in some of the plans as well in case you need money suddenly.