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LIC Child Plan Calculator
LIC Child Plan Calculator is an online tool designed to help parents estimate their child's future financial needs. You can quickly calculate the ideal LIC child plan coverage to meet your child's future financial security and education needs by inputting age, desired policy term, and coverage amount.
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LIC Child Plan Calculator- An Overview
LIC Child Plan Calculator is a valuable tool available on the official website of LIC of India. This tool helps you estimate the premiums and benefits of various child insurance policies offered by LIC, ensuring you choose a plan that aligns with your financial goals and your child’s future requirements.Â
Benefits of Using the LIC Child Plan Calculator
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Simplifies Planning: The calculator simplifies planning for your child’s future by providing instant estimates. You don’t need to sift through complex policy documents or manually compute figures.
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Quick and Efficient: Instead of waiting for an insurance agent or financial advisor to provide calculations, you get immediate results online. This efficiency saves time and allows you to make informed decisions faster.
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Provide Flexibility: You can customize the plan based on your child’s age, financial goals, and coverage amount. This flexibility ensures you can tailor the plan precisely to your needs.
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Informed Decision-Making: By understanding the premium and benefits in advance, you can better manage your finances and make informed decisions about your child’s future.
How Does the LIC Child Plan Calculator Work?
Using the LIC Premium Calculator is a simple process. Here’s a step-by-step guide to how it works:
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Enter Basic Details: The calculator requires you to input details such as your child’s age and the policy term.Â
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Choose the Desired Coverage: Specify the amount of coverage you wish to provide. This could be based on projected education costs, potential career needs, or other financial goals. The coverage amount will significantly impact the premium you pay.
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Input Additional Information: You may have to fill in the additional details, such as the premium payment frequency (monthly, quarterly, annually) and any specific riders or add-ons you wish to include in the policy.
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Calculate and Review: Once all the details are entered, the calculator processes the information and estimates the premium you need to pay. It also shows the benefits you will receive, such as maturity benefits and any additional payouts.
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Plan Comparison: The calculator often allows you to compare different LIC child plans, giving you a clearer picture of which plan best suits your needs.
Premium Structure for Child Plans
The premium calculator displays the payable premium based on the inputs matching LIC child plans. The results are shown in the frequencies applicable in the LIC Child Plan Calculator Plan - yearly, half-yearly, quarterly, and monthly.
Let us consider a sample illustration for the LIC Child Plan Calculator Policy, which pertains to the LIC New Children’s Money Back Policy with a proposed Rs.1 Lakh Sum Assured. The annual premium arrived by the premium calculator for the child’s different entry ages are:
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0 years: Rs. 4327
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5 years: Rs.5586
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10 years: Rs.7899
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12 years: Rs.9202
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FAQs
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Q1. How does the Premium Waiver Benefit Rider impact the premium calculator’s maturity prediction?
A1. The Premium Waiver Benefit Rider, as the name suggests, is a worthy choice made at the proposal stage to ensure that the child’s future is not affected by the proposer’s unfortunate demise. All the future premiums are waived to enable the child to continue the studies unhindered, and the money-back schedule and maturity features are not impacted. -
Q2. How can the LIC Child Plan Calculator Plan premium be reduced, and how does the premium calculator assess the impact?
A2. One of the primary ways to reduce the child plan’s premium is by buying the policy when the child is born. The entry age is thus defined from birth to 12 years, while the maturity is fixed at 25 years. The policy term is calculated by deducting the entry age from the maturity age; thereby, it is 25 - 0 for a child plan bought at birth, denoting the longest policy term possible. It ensures a low premium, handsome money-back, and maturity benefit, as displayed by the premium calculator. -
Q3. What happens if the LIC Child Plan Calculator Plan premium is unpaid even during the grace period?
A3. For any default in premium payment, even within the permissible grace period, the policy is considered to have lapsed, and the risk cover ceases. -
Q4. Does the LIC Child Plan Calculator Policy enjoy Income tax exemption?
A4. The premium paid during a financial year is entitled to tax exemption up to a maximum of Rs.1.5 Lakh under Section 80 C of the Income Tax Act, 1961.
Different types of Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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