LIC Child Plan 2022 is a life insurance plan that is offered by the Life Insurance Corporation of India (LIC) to its policyholders. The plan covers the children of the policyholder in case he/she dies prematurely.
The LIC Children Scheme 2022 is a non-life insurance plan and has been launched to meet the increasing needs of Indian families in terms of financial security and protection for their children from their early years. The LIC policy for children has been designed as an integral part of LIC’s comprehensive range of financial protection products, which includes both term insurance and non-life insurance products for senior citizens, women, and children.
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Benefits of LIC Child Plan
Death benefit - The death benefit is payable in case of premature or accidental death of the covered child who is less than 18 years old at the time of his/her birthday. This cover is inclusive of all other types of cover like medical expenses and funeral expenses up to a maximum sum of Rs 1 lakh per child per calendar year with a minimum sum of Rs 5 lakh per child per calendar year.
Medical expenses - Medical expenses will be paid on Rs 15 lakhs/Rs 20 lakhs for children between 6 months and 6 years old and on Rs 10 lakhs/Rs 12 lakhs for children between 7 years and 8 years old respectively as long as they are below 18 years of age at any time during that year but not exceeding 25% of the sum assured (as applicable). This cover will be provided even if it has already expired due to non-payment.
Hospitalization benefits - The hospitalization benefit of LIC Children policy 2022 is Rs. 15,000 for children who are below six years of age and above three months old. This benefit is paid in the form of a cashless facility to a maximum amount of Rs. 10,000 per hospitalization period. The hospitalization benefit can be availed at any recognized hospital across India.
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