LIC – Life Insurance Products

Child Insurance Plans

Plans that help fund a child's education and future milestones, with protection for the parent.

How we help

A child plan is taken on a parent's life, with the child as the beneficiary. It pays out lump sums or instalments timed for years such as school, college and early career.

If the parent dies during the term, many plans pay the sum assured and waive future premiums, while the planned payouts to the child continue. The exact benefit depends on the plan, so we read the wording with you.

We start from the cost of the goal and the years left to meet it, then match the payout dates and premium to that plan.

What it covers

Savings for education and milestones
Life cover on the parent
Benefits subject to policy terms

Policy benefits, eligibility, premiums, and terms vary by insurance product.

Before you decide

Points to check

01The payout years and how they line up with the education costs you expect
02Whether future premiums are waived if the parent dies, and whether payouts continue
03Whether the plan is traditional or market-linked, and who bears the risk
04The premium you can keep paying for the full term

Common questions

What people ask us about Child Insurance Plans

Who is the life assured in a child plan?

Usually the parent. The child is the beneficiary of the payouts. Some plans insure the child's life instead, so we check how the policy you are considering is structured.

What is a premium waiver?

If the parent dies during the term, the insurer pays the benefits and the remaining premiums are waived, so the child's plan continues without further payments. Availability depends on the plan.

Is a child plan better than a term plan plus separate savings?

It depends on how much you value built-in discipline and a waiver of premiums against lower cost and flexibility. We show you both so you can compare.