LIC Child Plan Calculator: Secure Your Child’s Future with Ease

Friends, are you worried about your kid’s future? I’ve got just the solution for you – the LIC child plan calculator. Think, if you don’t know how to plan for your child’s education or big life events. Scary, right? Many parents lose sleep over this. But here is the good news: LIC’s child plan calculator can help you figure it all out. This user-friendly tool lets you see exactly how much you need to save.

No more guesswork or stress. Let’s dive in and see how this lic plan calculator can make your life easier!

Understanding LIC Child Plans

LIC offers various child plans, among them most popular plans are- Jeevan Tarun (Plan No. 934) and the New Children’s Money Back Plan (Plan No. 932). Here is the below details breakdown. 

Jeevan Tarun (Plan No. 934)

Let’s focus on Jeevan Tarun (Plan No. 934). This plan is very profitable because it combines protection and savings.

Jeevan Tarun helps you save for your child’s education and other needs. The plan pays out annual Survival Benefits from ages 20 to 24. At age 25, you get a Maturity Benefit. Cool, right?

You can choose how much Survival Benefit you want. Options range from no survival benefit to 15% of the Sum Assured each year. The Maturity Benefit changes based on your choice.

Do you want to know about Jeevan Tarun’s (Plan No. 934) various options?  Here in the below Jeevan Tarun options explanations:

Option 1: No survival benefit. Your kid gets 100% of the Sum Assured at maturity. It’s like a big payday when they turn 25!

Option 2: Your child gets 5% of the Sum Assured every year for 5 years, starting at age 20. At maturity, they get 75% of the Sum Assured.

Option 3: This one pays out 10% of the Sum Assured yearly for 5 years, starting at age 20. The maturity benefit is 50% of the Sum Assured.

Option 4: The highest regular payout. Your kid gets 15% of the Sum Assured each year for 5 years, starting at 20. The maturity benefit is 25% of the Sum Assured.

Remember, all options also include bonuses on top of these payouts. You pick the option that fits your family’s needs best. 

New Children’s Money Back Plan (Plan No. 932)

Let me tell you about LIC’s New Children’s Money Back Plan (Plan No. 932). It’s a cool savings plan for your little ones.

This plan starts to return benefits when your child turns 18. After that, they get money back every four years – 20% of the sum assured each time. Pretty neat, right? When the policy matures, they get the remaining 40% plus any bonuses.

The best part? If something happens to you, LIC takes care of future premiums. Your kid still gets all the benefits. Talk about peace of mind!

You can start this plan when your child is between 0 and 12 years old. The policy term depends on your child’s age when you start.

It’s flexible too. You can pay premiums yearly, half-yearly, quarterly, or monthly. And don’t forget the tax benefits!

Remember, this plan’s all about securing your child’s future. It’s like planting a money tree that grows with your kid!

How to Use the LIC Child Plan Calculator

Using the LIC Child Plan calculator is pretty easy. Here’s how:

1. Go to the Calculator section (top on this page)
2. Enter your child’s age
3. Choose the Sum Assured amount
4. Pick the policy term
5. Select premium payment frequency
6. Hit calculate!

Boom! You’ll see your premium amount and benefits breakdown.

Factors Affecting LIC Child Plan Calculations

Several things impact your calculations:

• Sum Assured: A higher amount means bigger benefits but costlier premiums
• Policy Term: Longer terms often mean lower premiums
• Child’s Age: Starting early usually costs less
• Premium Payment Mode: Yearly payments typically offer discounts

Play around with these factors in the calculator. See how they change your results!

Interpreting Calculator Results

The calculator shows you three main things:

1. Maturity Benefit: Money you get when the policy ends
2. Survival Benefits: Regular payouts during the policy term
3. Death Benefit: Amount your family gets if something happens to you

These numbers help you decide if the plan fits your needs and budget.

Additional Features to Consider

LIC child plans offer some cool extras:

• Riders: Add-ons for extra protection
• Premium Waiver Benefit: Keeps the policy going if something happens to you
• Loan Option: Borrow against your policy if needed
• Surrender Option: Cash out early (but try to avoid this)

The calculator might not show these, so ask an LIC agent for details.

Maximizing Returns with LIC Child Plans

Want to get the most return with LIC plans? Here’s how:

• Bonuses: LIC adds these to your policy, boosting your returns
• Tax Benefits: You can save on taxes with these plans

The calculator might show projected bonuses. Remember, actual bonuses may differ.

Comparing LIC Child Plans with Other Options

LIC plans stand out because:

• They’re backed by the government
• They offer guaranteed returns
• You get both insurance and savings

But always compare with other options. Look at premiums, benefits, and flexibility.

Tips for Using the LIC Child Plan Calculator Effectively

Make the most of the calculator with these tips:

• Try different scenarios
• Recalculate yearly as your needs change
• Compare plans side by side
• Don’t forget about inflation

Remember, the calculator gives estimates. Actual results may vary.

Conclusion

The LIC child plan calculator is good for planning your kid’s future. It helps you see how much to save and what benefits you’ll get. But remember, it’s just a tool. Talk to an LIC agent for personalized advice. Your child’s future deserves careful planning. So go ahead, play with the calculator, and start securing your little one’s dreams today!

Related Calculator:

• LIC Plan 133 Maturity Calculator
• LIC Plan 178 Maturity Calculator

FAQs

What’s the minimum Sum Assured for LI8C child plans?

Usually ₹1,0000, but check with LIC’s official website for the latest info.

Can I change how often I pay premiums?

Yes, but only on policy anniversaries. Ask LIC for details.

How does the Premium Waiver Benefit work?

If something happens to you, LIC pays future premiums. Your child still gets all the benefits.

What if I miss a premium payment?

You get a grace period. After that, the policy might lapse. Try to pay on time!

Can I surrender the policy early?

Yes, but you might get less money back. It’s best to keep the policy till maturity.

How do bonuses work?

LIC declares bonuses yearly. They add to your final payout.

Are there tax benefits?

Yes! Premiums can give you tax deductions. Payouts are often tax-free too.

Can I get a loan against my LIC child plan?

Usually yes, after paying premiums for a few years. Check with LIC for specifics.

What’s the difference between guaranteed and non-guaranteed benefits?

Guaranteed benefits are fixed. Non-guaranteed ones, like bonuses, can change.

How often should I use the calculator?

At least once a year, or when your financial situation changes.