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1. How to pay premium for a LIC child plan? What are the modes of payment available for LIC child plans? The Life Insurance Corporation of India Ltd. offers 6 modes of premium payment for LIC child plans namely: Cash/Cheque/DD payment at the branch and cash counters Payment at the Axis Bank Payment at the Corporation Bank Online Payment NEFT ECS AP Online MP Online Suvidha Infoserve Easy Bill Pay Premium point by empowered agents Life Plus SBA Retired LIC Employee Collection Phone Banking Authorized Service Provider (in selected cities) For the online payment mode, the policyholder can pay via; Credit Card Debit Card Net Banking 2. How can I check policy status for LIC child plans? For online registered users, they can check LIC policy status of their child plan by logging into the e-portal. Alternately, visit the branch personally to know the policy status of your LIC child plan. 3. What is the policy renewal process for LIC child plans? For renewing the LIC child plan online, follow these easy steps; Step1: Enter your Client ID and Date of Birth to login into e-portal Step2: Choose the LIC child plan policy and payment option (Net Banking/Debit/Credit Card) Step3: Print/save the premium deposit receipt on successful payment completion 4. What is the companys process to settle claim for LIC child plans? For LIC child plan claim settlement, nominee can visit the branch personally and the customer service desk will help you there. 5. What is the policy cancellation process for LIC child plans? For the cancellation of the LIC child plan policy, you can visit the branch personally.

Child plans offered by insurers to provide for the welfare of an individuals child even if the individual is not around. A child plan is developed on the concept of providing financial support to the family for the childs future if the parents meet with an unfortunate death. Insurance plans designed for the child do not usually insure the child. The life insured under these plans are the parent who has a minor child to provide for. The underwriting is done on the life of the parent and the details of the child are to be provided in the policy. Child plans have some common features which are given below: There is a concept of `deferment in some of the child plans. Deferment means postponement and is usually applied if the child is the person insured. Under the deferment clause, the risk coverage under the plan starts after the expiry of a couple of years. In case the child dies during the deferment period, the premiums paid till the date of death are returned because the life cover is not applicable during that period. Another concept is `Vesting which means the age of the child when the policy vests in the name of the child and he becomes the policyholder. The Vesting age is usually 18 years when the child attains majority and becomes the policyholder of the plan. There is an inbuilt Waiver of Premium Rider in most of the child plans. The rider states that if the parent who is the policyholder and life insured under the plan dies during the tenure of the plan, all future premiums payable under the plan will be waived and paid for by the company. The plan will continue unaffected and the benefits as promised under the plan will accrue as and when they fall due.

Child plan is relatively a long term product. Such a plan can be taken as soon as one comes to know that one is going to become a parent or the day the child is born. The sooner one takes child insurance, the better it is for the offspring. The benefits of child policies like the LIC child plans accrue over long term, especially when the child needs them the most. A child plan helps to secure the future of the child, whether boy or girl. This type of life insurance assists in fulfilling the needs and dreams of the child at the right time so that they can lead a life of their choice. A LIC child plan offers several advantages to the child and family as a whole. The important ones are discussed below: Supports Childs School Fees A child plan can help pay the childs school fees. In the event that the parent is no more, the insurance company immediately pays a certain percentage of the sum assured like say 10%. It will also begin periodic annual pay-outs to the tune of 10% or so of the sum assured till the end of the policy term. These pay-outs help to comfortably take care of the school fees in the absence of the breadwinner parent. Assists Childs Extra Curricular Interests LIC child plans, by way of partial withdrawals also assist in nurturing a childs talents and extracurricular interests. Singing, painting, dancing, sports and other such talents can be developing with the help of funds from partial withdrawals from a child plan. In fact some plans disburse periodic amounts to meet expenses incurred on such activities. Helps Fund Higher Education The cost of education is rising consistently. Coupled with inflation, college and higher education fee can become a burden on the family. If a parent plans well and takes a child plan when the child is small, the money back under an LIC child plan can be planned to coincide with the childs higher educational requirements. That way the child will be able to pursue a career of his/her choice even if the parent expires during the interim period. Such an unfortunate circumstance does not terminate the plan. The insurance company pays remaining future premiums and allows the plan to continue such that money back is paid as promised. The child can comfortably pursue professional courses like engineering, medicine, law, chartered accountancy, architecture, commerce, arts, etc. He or she may even go abroad for further studies. One does not have to resort to loans to pay for cost of higher education. Helps Finance Childs Wedding Child plans are a great way for the parent to fulfil their responsibility of their childs wedding. One may plan in a way that a lump sum amount is available when the child becomes of marriageable age. That way the parents dream of a perfect wedding comes true without them having to worry about the finances. Avoids Capital Erosion Market volatility may lead to capital erosion. Dynamic Fund Allocation and Systematic Transfer Plan (STP) offered under child plans help make the best of the invested amount during different life stages. Dynamic Fund Allocation balances equity and debt exposure in the portfolio by automatic allocation of fund value as per predetermined percentages – higher allocation to equities in the initial policy years for generating potentially higher returns, and later, higher allocation to debt as the policy nears maturity to protect the maturity value. Systematic Transfer Plan or Systematic Fund Transfer automatically switches a pre-defined amount to another fund to make the best of market volatility. You may also like to read :Best 5 LIC Policies To Invest in 2018

Child Insurance plans have become very important because they specifically provide for ones childs future even in ones absence. The inbuilt premium waiver rider ensures that the plan continues even after the parents death and the benefits accrue and when they are payable so that the benefits can be utilized for the purpose for which it was initially planned, i.e. for the childs future. For example, an individual with a child currently aged 5 years buys a 20 year child plan which promises money backs at the 15th, 17th and 20th policy anniversary. The policyholder has planned the money back periods to coincide with the childs educational milestones and would receive the funds when the child reaches 20 years, 22 years and 25 years. The funds will be utilized to take care of the childs higher education. If the insured dies, the plan will not be terminated. Future premiums will be paid by the company and the money-backs will be paid as and when promised. Thus, the money will be utilized only for the childs education which was the actual rationale for buying the child education plan.

The Life Insurance Corporation of India, LICI, is the oldest and the most trusted Life Insurer in the insurance sector. Through the Life Insurance Corporation Act passed by the Parliament of India on 1st September 1956, LICI was incorporated and was enjoying monopoly power in the life insurance industry due to absence of other players. In January 2002 the Government of India relaxed the regulations governing the insurance sector and allowed private players to enter the insurance market. Today there are about 28 players in the market but LICI still enjoys the majority of the market share through decades of service in the insurance industry. Today, the company has a vast customer base of more than 250 million people and is striving to maintain the same service and product pricing in the ever competitive insurance market. The range of products offered by Life Insurance Corporation of India include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individuals insurance related requirement at a single source.

1. How to pay premium for a LIC child plan? What are the modes of payment available for LIC child plans? The Life Insurance Corporation of India Ltd. offers 6 modes of premium payment for LIC child plans namely: Cash/Cheque/DD payment at the branch and cash counters Payment at the Axis Bank Payment at the Corporation Bank Online Payment NEFT ECS AP Online MP Online Suvidha Infoserve Easy Bill Pay Premium point by empowered agents Life Plus SBA Retired LIC Employee Collection Phone Banking Authorized Service Provider (in selected cities) For the online payment mode, the policyholder can pay via; Credit Card Debit Card Net Banking 2. How can I check policy status for LIC child plans? For online registered users, they can check LIC policy status of their child plan by logging into the e-portal. Alternately, visit the branch personally to know the policy status of your LIC child plan. 3. What is the policy renewal process for LIC child plans? For renewing the LIC child plan online, follow these easy steps; Step1: Enter your Client ID and Date of Birth to login into e-portal Step2: Choose the LIC child plan policy and payment option (Net Banking/Debit/Credit Card) Step3: Print/save the premium deposit receipt on successful payment completion 4. What is the companys process to settle claim for LIC child plans? For LIC child plan claim settlement, nominee can visit the branch personally and the customer service desk will help you there. 5. What is the policy cancellation process for LIC child plans? For the cancellation of the LIC child plan policy, you can visit the branch personally.

Child plans offered by insurers to provide for the welfare of an individuals child even if the individual is not around. A child plan is developed on the concept of providing financial support to the family for the childs future if the parents meet with an unfortunate death. Insurance plans designed for the child do not usually insure the child. The life insured under these plans are the parent who has a minor child to provide for. The underwriting is done on the life of the parent and the details of the child are to be provided in the policy. Child plans have some common features which are given below: There is a concept of `deferment in some of the child plans. Deferment means postponement and is usually applied if the child is the person insured. Under the deferment clause, the risk coverage under the plan starts after the expiry of a couple of years. In case the child dies during the deferment period, the premiums paid till the date of death are returned because the life cover is not applicable during that period. Another concept is `Vesting which means the age of the child when the policy vests in the name of the child and he becomes the policyholder. The Vesting age is usually 18 years when the child attains majority and becomes the policyholder of the plan. There is an inbuilt Waiver of Premium Rider in most of the child plans. The rider states that if the parent who is the policyholder and life insured under the plan dies during the tenure of the plan, all future premiums payable under the plan will be waived and paid for by the company. The plan will continue unaffected and the benefits as promised under the plan will accrue as and when they fall due.

Child plan is relatively a long term product. Such a plan can be taken as soon as one comes to know that one is going to become a parent or the day the child is born. The sooner one takes child insurance, the better it is for the offspring. The benefits of child policies like the LIC child plans accrue over long term, especially when the child needs them the most. A child plan helps to secure the future of the child, whether boy or girl. This type of life insurance assists in fulfilling the needs and dreams of the child at the right time so that they can lead a life of their choice. A LIC child plan offers several advantages to the child and family as a whole. The important ones are discussed below: Supports Childs School Fees A child plan can help pay the childs school fees. In the event that the parent is no more, the insurance company immediately pays a certain percentage of the sum assured like say 10%. It will also begin periodic annual pay-outs to the tune of 10% or so of the sum assured till the end of the policy term. These pay-outs help to comfortably take care of the school fees in the absence of the breadwinner parent. Assists Childs Extra Curricular Interests LIC child plans, by way of partial withdrawals also assist in nurturing a childs talents and extracurricular interests. Singing, painting, dancing, sports and other such talents can be developing with the help of funds from partial withdrawals from a child plan. In fact some plans disburse periodic amounts to meet expenses incurred on such activities. Helps Fund Higher Education The cost of education is rising consistently. Coupled with inflation, college and higher education fee can become a burden on the family. If a parent plans well and takes a child plan when the child is small, the money back under an LIC child plan can be planned to coincide with the childs higher educational requirements. That way the child will be able to pursue a career of his/her choice even if the parent expires during the interim period. Such an unfortunate circumstance does not terminate the plan. The insurance company pays remaining future premiums and allows the plan to continue such that money back is paid as promised. The child can comfortably pursue professional courses like engineering, medicine, law, chartered accountancy, architecture, commerce, arts, etc. He or she may even go abroad for further studies. One does not have to resort to loans to pay for cost of higher education. Helps Finance Childs Wedding Child plans are a great way for the parent to fulfil their responsibility of their childs wedding. One may plan in a way that a lump sum amount is available when the child becomes of marriageable age. That way the parents dream of a perfect wedding comes true without them having to worry about the finances. Avoids Capital Erosion Market volatility may lead to capital erosion. Dynamic Fund Allocation and Systematic Transfer Plan (STP) offered under child plans help make the best of the invested amount during different life stages. Dynamic Fund Allocation balances equity and debt exposure in the portfolio by automatic allocation of fund value as per predetermined percentages – higher allocation to equities in the initial policy years for generating potentially higher returns, and later, higher allocation to debt as the policy nears maturity to protect the maturity value. Systematic Transfer Plan or Systematic Fund Transfer automatically switches a pre-defined amount to another fund to make the best of market volatility. You may also like to read :Best 5 LIC Policies To Invest in 2018

Child Insurance plans have become very important because they specifically provide for ones childs future even in ones absence. The inbuilt premium waiver rider ensures that the plan continues even after the parents death and the benefits accrue and when they are payable so that the benefits can be utilized for the purpose for which it was initially planned, i.e. for the childs future. For example, an individual with a child currently aged 5 years buys a 20 year child plan which promises money backs at the 15th, 17th and 20th policy anniversary. The policyholder has planned the money back periods to coincide with the childs educational milestones and would receive the funds when the child reaches 20 years, 22 years and 25 years. The funds will be utilized to take care of the childs higher education. If the insured dies, the plan will not be terminated. Future premiums will be paid by the company and the money-backs will be paid as and when promised. Thus, the money will be utilized only for the childs education which was the actual rationale for buying the child education plan.

The Life Insurance Corporation of India, LICI, is the oldest and the most trusted Life Insurer in the insurance sector. Through the Life Insurance Corporation Act passed by the Parliament of India on 1st September 1956, LICI was incorporated and was enjoying monopoly power in the life insurance industry due to absence of other players. In January 2002 the Government of India relaxed the regulations governing the insurance sector and allowed private players to enter the insurance market. Today there are about 28 players in the market but LICI still enjoys the majority of the market share through decades of service in the insurance industry. Today, the company has a vast customer base of more than 250 million people and is striving to maintain the same service and product pricing in the ever competitive insurance market. The range of products offered by Life Insurance Corporation of India include Protection plans in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With a wide range of products, the company strives to meet every individuals insurance related requirement at a single source.

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