LIC Child Career Plan

Eligibility Conditions of LIC Child Career Plan

Entry Age	Minimum – 0 years Maximum – 12 years
Maturity	Minimum – 23 years Maximum – 27 years
Policy Term	Minimum – 11 years Maximum – 27 years

Key Features of LIC Child Career Plan

Basis	Individual.
Coverage	Death Benefit: In the event, the life insured dies during the policy term, the nominee will receive death benefit along with a bonus, if any. Survival Benefit: The policyholder will get the following for specified durations: 30% of sum assured with vested and simple reversionary bonus for 5 years before the date of expiry of policy term. 15% of sum assured for 4 years, 3 years, 2 years and 1 year before the date of expiry of the policy term. 15% sum assured and final additional bonus if any is paid on maturity. Premium waiver benefit: This benefit can be taken if the policyholder is aged between 18 – 55 years. If the proposer dies, then the premiums will be waived. Auto Cover: If 2 years premiums have been paid after which the policyholder fails to pay subsequent premiums, then he will continue to get death cover for 2 years from the due date of the first unpaid premium.
Sum assured	Minimum – Rs.1,00,000 Maximum – Rs.1,00,00,000
Minimum Premium amount	Rs.20,000 for first premium
Premium paying term	6 years or up to 5 years before the policy term.
Premium paying frequency	Quarterly, half-yearly, yearly or through salary deductions over the policy term.
Premium paying method	Monthly premium payment must be transmitted through ECS or direct debit.
Revival	If the premium due is not paid within the grace period, then the policy will lapse. The policy can be revived within 5 years from the date of the first unpaid premium or before maturity. The arrears must be paid with interest.
Bonuses	Simple reversionary bonus is declared at the end of each financial year. Additional bonus and vested bonuses are payable if any.
Surrender Value	The policy can be surrendered after 3 years premium has been paid. The surrender value before commencement of risk is 90% of the total amount of premiums paid. Surrender value after commencement of risk is 90% of the total premiums paid before commencement of risk and 30% of premiums paid after commencement of risk.
Paid-up value	If the policyholder fails to pay subsequent premiums, then the policy shall not lapse and instead become paid-up provided that at least 3 full year’s premiums have been paid.
Loan	Loan facility is not available.
Grace period	30 days grace period is allowed for paying the premium.
Free look period / Cooling off period	The plan has a 15 days free look within which you can return the policy.
Tax benefits	Prevailing tax benefits are applicable.
Nomination	You can appoint a nominee.
Exclusion	If the policyholder commits suicide within a year from the date of taking the policy, it is excluded for Premium Waiver Benefit.

Advantages of LIC Child Career Plan