Choosing the right LIC plan for your child is a big decision — and LIC has several options that look similar on the surface. Here's an honest, no-marketing comparison to help you pick the right one.
The Four Real Choices
| Plan | Why It's Marketed for Children | Best When |
|---|---|---|
| Jeevan Anand 915 | Maturity + lifelong cover | You want cover to continue after maturity for the child's whole life |
| Jeevan Labh 936 | Highest bonus, limited pay | You want to pay for only 10–16 years, then have money keep growing for 16–25 years |
| Jeevan Lakshya 933 | Annual income + lump sum | You want a predictable yearly payout during the term to fund school/college fees |
| Jeevan Tarun | 3-stage payouts | Structured payouts for age 18 (school), 22 (college), 25 (career) |
Pick by Your Child's Age and Goal
- Child 0–5: Jeevan Labh 936 (term 25) or Jeevan Anand 915 (term 25) — long bonus accrual, big maturity
- Child 5–10: Jeevan Lakshya 933 with 25-year term — annual income starts when they hit higher classes
- Child 10–15: Jeevan Anand 915 or Jeevan Labh 936 with 20-year term — matches college/marriage timeline
Why NOT to Buy a Child Plan
Honest take: a child plan gives you guaranteed, insured savings for a specific future event. If the goal is "best long-term wealth for the child" and you can stomach volatility, an equity mutual fund via SIP usually outperforms. A child plan is best for:
- Disciplined, fixed-date goals (school admission in 2035)
- Parents who don't want to take market risk on behalf of their child
- Backup if all other investments fail
Smart Combination
- Child plan for the "guaranteed education corpus" (e.g., ₹10 lakh for graduation)
- SIP in equity fund for the "abundance corpus" (university abroad, business, house down-payment)
- Term plan for the parent — so the child's plan never lapses due to parent's death
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