An Analytical Study of Lic Child Insurance Plans in India

This research paper presents an analytical study of the child insurance plans offered by the Life Insurance Corporation (LIC) of India, with a focus on understanding their structure, benefits, affordability, and effectiveness in securing a child’s financial future. Child insurance plans are increasingly recognized as essential tools for long-term financial planning, especially in the context of rising educational and healthcare expenses. The study examines key LIC plans such as LIC Jeevan Tarun, LIC New Children's Money Back Plan, and others, analyzing them on parameters like premium structure, maturity benefits, risk coverage, flexibility, and returns. Both primary and secondary data have been used, including surveys from policyholders and data from LIC’s official reports. The study also compares LIC’s child plans with those offered by private insurers to evaluate their competitiveness. The findings indicate that while LIC plans are trusted for their stability and government backing, there is a growing need for product innovation and increased awareness among consumers. The paper concludes with suggestions to enhance customer engagement and policy features to make them more aligned with the modern financial needs of Indian families.