LIC Child career plan- As the name suggests, this plan is specially designed to meet the growing needs of a child’s education and career henceforth.
This plan can be adopted right from the birth of your child, that is from ‘zero’ years (last birthday) and the maximum entry age into this plan is 12 years. So one can understand that the best fruits of this policy may be obtained in the education times of your child. The maximum maturity age in this plan is 27 years, provided you enter into this policy at ‘zero’ years. So the policy term of this plan will be ranging from 11 years to 27 years.
The minimum and maximum sum assured are 1 lac and 1 crore rupees respectively.
You have the option to pay the premium on a yearly basis, half-yearly basis, quarterly basis or on a monthly basis. If you choose to pay the premium on a yearly basis, you get 2% rebate on tabulated premium amount and 1% premium rebate on tabulated premium if you pay half-yearly. No rebate will be applicable, however if you choose to pay on a monthly basis.
You will have the option to choose the Sum Assured value, Maturity Age, Policy term and mode of payment provided they are within the limits of the plan.
Simple reversionary bonus will be payable to you on yearly basis which will be declared by the corporation for every thousand of the Sum Assured value.
There is an attractive survival benefit too which pays, 30% of the Sum assured along with vested Bonuses if the life assured survives until 5 years before the policy expiry term.
If LA survives from 4 to 1 years before the end of the policy term, 15% of the Sum Assured will be payable.
Sadly, if the death of LA occurs with in the policy term and before the date of expiration, Sum assured along with vested reversionary bonus and final bonus (different from reversionary bonus) will be payable.
If the death occurs, with in 5 years before the date of policy expiration, Sum assured will be payable along with the Additional bonus.
Update: LIC Child Career plan is just one among the many Children policies offered by LIC of India. Apart from this, LIC also has various plans such as Komal Jeevan, Jeevan Ankur, Jeevan Kishor, Jeevan Chhaya, Marriage Endowment etc. Each plan has its own benefits and will suit a child at a particular stage in their life. For personalized advice on which policy to prefer for your child, please contact any LIC agent or use the above contact form describing your requirements.