There are many different LIC plans available, and the best one for your family will depend on your specific needs and circumstances. Some factors to consider when selecting a plan include the ages of your children, your financial goals, and whether you want to provide for your family in case of your death or disability.
If you're looking for a LIC plan that will provide for your family in case of your death, you may want to consider a term life insurance policy. Term life insurance provides coverage for a set period of time, and if you die during that time period, your beneficiaries will receive a death benefit. This type of policy is typically less expensive than a whole life insurance policy, and it can be a good option if you're looking for coverage for a specific period of time, such as while your children are still dependent on you.
If you're looking for a LIC plan that will help you save for your children's education or your own retirement, you may want to consider a whole life insurance policy. Whole life insurance policies build cash value over time, which you can access through policy loans or withdrawals. You'll also pay higher premiums for a whole life insurance policy than you would for a term life insurance policy, but the coverage is typically for your entire life.
There are many other factors to consider when choosing a LIC plan, so be sure to talk to a licensed insurance agent to find the best policy for your family.