Every parent dreams of providing the best education for their child and ensuring they are financially secure for important milestones in life. With the rising cost of higher education and other major expenses, starting financial planning early has become more important than ever.

For many families in India, Life Insurance Corporation of India (LIC) remains a trusted option for long-term savings and protection. Here are three popular LIC child plans that can help parents build a financial corpus for their children's future.

1. LIC Amritbal (Plan 874)

LIC Amritbal is a child-focused savings plan designed to help parents accumulate funds for higher education and other future needs.

Key Features

• Available for children aged 30 days to 13 years.
• Offers guaranteed benefits along with a guaranteed annual addition as per the policy terms.
• Flexible premium payment period ranging from 10 to 25 years.
• Maturity benefits are payable when the child reaches the selected maturity age, helping fund higher education or other major expenses.

This plan is suitable for parents looking for predictable, long-term savings with guaranteed benefits.

2. LIC Children's Money Back Plan (Plan 832)

This plan is designed for parents who expect to need funds at different stages of their child's education.

Key Features

• Available for children from birth up to 12 years of age.
• Survival benefits are paid at specified ages before maturity, providing financial support during higher education years.
• On maturity, the remaining sum assured along with eligible bonuses is paid.

The periodic payouts can help meet expenses such as college admission fees, tuition, or other educational costs.

3. LIC Jeevan Tarun (Plan 834)

LIC Jeevan Tarun is a flexible child savings plan that allows parents to choose how much money they would like to receive before maturity.

Key Features

• Available for children aged 90 days to 12 years.
• Parents can choose the percentage of survival benefits during the policy term, depending on their financial needs.
• The remaining maturity amount is paid when the policy ends, providing a lump sum for future goals.

Its flexibility makes it suitable for families with changing financial requirements.

Why the Premium Waiver Benefit Rider Is Important

When purchasing a child insurance plan, many financial experts recommend considering the Premium Waiver Benefit (PWB) Rider.

If the life assured covered under the rider dies during the policy term, future premiums may be waived (subject to the policy's terms and conditions), while the policy continues. This helps ensure that the child's financial goals remain protected even in unforeseen circumstances.

Tax Benefits

Subject to the provisions of the Income Tax Act, eligible premiums paid toward these policies may qualify for deductions under Section 80C, within the applicable limit. Maturity proceeds may also qualify for tax benefits, provided the policy satisfies the conditions prescribed under the Income Tax Act.

Which Plan Is Right for You?

Each of these LIC plans serves a different financial objective:

• LIC Amritbal – Suitable for parents seeking guaranteed long-term savings.
• LIC Children's Money Back Plan – Ideal for those who need periodic payouts during their child's education.
• LIC Jeevan Tarun – A good option for parents looking for flexibility in receiving benefits.

Before investing, compare the policy features, premium commitments, benefits, exclusions, and eligibility criteria. It is also advisable to assess your financial goals and consult an LIC representative or financial advisor to choose the plan that best suits your family's needs.