Small Installment, Big Benefit: LIC Plans for Marriage and Education

G GOWTHAM
Planning for your child’s future milestones — such as education or marriage — can feel overwhelming due to rising costs. LIC (Life Insurance Corporation of India) offers plans that allow you to invest small amounts regularly while ensuring substantial benefits when needed.

1. Why Choose lic for Child Milestones?

  • LIC is a trusted and government-backed insurer with decades of experience.
  • Offers flexible premium payment options with affordable installments.
  • Combines savings, insurance, and maturity benefits in one plan.
  • Helps parents plan systematically for education or marriage without financial stress.
2. Key lic Plans for Child’s marriage and Education

✅ 1. lic Jeevan Anand

  • Type: Endowment with risk coverage
  • Benefit: Lump sum maturity payout plus life coverage
  • Use case: education fees, marriage expenses, or other milestones
✅ 2. lic New Children’s Money Back Plan

  • Type: Money-back plan
  • Benefit: Periodic payouts during the child’s growing years
  • Use case: Funds educational expenses like school/college fees
✅ 3. lic New Endowment Plan

  • Type: Savings cum insurance
  • Benefit: Maturity amount plus bonus at the end of policy term
  • Use case: marriage planning or long-term higher education
All plans allow monthly, quarterly, or annual premiums, making them flexible for small budgets.

3. Advantages of lic Plans

✅ Affordable Installments

  • Start with small monthly contributions, easing the financial burden.
✅ Guaranteed Payouts

  • Most lic plans offer assured sum plus bonuses, giving financial security for your child’s milestones.
✅ Life Cover

  • Protects your child’s future even in case of untimely demise of the policyholder.
✅ Tax Benefits

  • Premiums are eligible for tax deduction under Section 80C, and maturity proceeds may be tax-free under Section 10(10D).
4. Tips for Maximizing Benefits

  • Start Early: The earlier you start, the lower your monthly installment and the higher your maturity benefit.
  • Choose the Right Term: Match policy duration with the target milestone (e.g., education at age 18, marriage at age 25).
  • Review Periodically: Adjust premium or top-up plans if future costs rise.
  • Consider Bonuses: lic plans often declare annual bonuses, which can significantly boost maturity amount.
5. Key Takeaways

  • LIC offers small installment plans that grow into substantial benefits, helping you secure your child’s education or marriage.
  • Starting early, choosing the right plan, and consistent premium payment ensures financial readiness.
  • Beyond savings, lic provides life cover and tax advantages, making it a holistic financial tool for parents.
💡 Pro Tip: Use LIC’s online calculators to estimate premiums and maturity benefits, and pick a plan that data-aligns with your child’s milestone timelines and future financial goals.

 

Disclaimer:

The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of any agency, organization, employer, or company. All information provided is for general informational purposes only. While every effort has been made to ensure accuracy, we make no representations or warranties of any kind, express or implied, about the completeness, reliability, or suitability of the information contained herein. Readers are advised to verify facts and seek professional advice where necessary. Any reliance placed on such information is strictly at the reader’s own risk.

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