{"id":1591,"date":"2018-02-25T23:47:27","date_gmt":"2018-02-25T18:17:27","guid":{"rendered":"https:\/\/www.antworksmoney.com\/blog\/?page_id=1591"},"modified":"2018-07-04T18:27:35","modified_gmt":"2018-07-04T12:57:35","slug":"lic-child-career-plan","status":"publish","type":"page","link":"https:\/\/www.antworksmoney.com\/blog\/lic-child-career-plan\/","title":{"rendered":"LIC Child Career Plan"},"content":{"rendered":"

Eligibility Conditions of\u00a0LIC Child Career Plan<\/strong><\/h2>\n\n\n\n\n\n
Entry Age<\/strong><\/td>\nMinimum<\/strong>\u00a0– 0 years\u00a0Maximum<\/strong>\u00a0– 12 years<\/td>\n<\/tr>\n
Maturity<\/strong><\/td>\nMinimum –\u00a0<\/strong>23 years\u00a0Maximum<\/strong>\u00a0– 27 years<\/td>\n<\/tr>\n
Policy Term<\/strong><\/td>\nMinimum –\u00a0<\/strong>11 years\u00a0Maximum<\/strong>\u00a0– 27 years<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Key Features of\u00a0<\/strong>LIC Child Career Plan<\/strong><\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Basis<\/strong><\/td>\nIndividual.<\/td>\n<\/tr>\n
Coverage<\/strong><\/td>\n\n
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  • Death Benefit<\/strong>: In the event, the life insured dies during the policy term, the nominee will receive death benefit along with a bonus, if any.<\/li>\n
  • Survival Benefit<\/strong>: The policyholder will get the following for specified durations:<\/li>\n<\/ul>\n

    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.<\/p>\n

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    • Premium waiver benefit<\/strong>: This benefit can be taken if the policyholder is aged between 18 – 55 years. If the proposer dies, then the premiums will be waived.<\/li>\n
    • Auto Cover<\/strong>: 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.<\/li>\n<\/ul>\n<\/td>\n<\/tr>\n
Sum assured<\/strong><\/td>\nMinimum –\u00a0<\/strong>Rs.1,00,000\u00a0Maximum<\/strong>\u00a0– Rs.1,00,00,000<\/td>\n<\/tr>\n
Minimum Premium amount<\/strong><\/td>\nRs.20,000 for first premium<\/td>\n<\/tr>\n
Premium paying term<\/strong><\/td>\n6 years or up to 5 years before the policy term.<\/td>\n<\/tr>\n
Premium paying frequency<\/strong><\/td>\nQuarterly, half-yearly, yearly or through salary deductions over the policy term.<\/td>\n<\/tr>\n
Premium paying method<\/strong><\/td>\nMonthly premium payment must be transmitted through ECS or direct debit.<\/td>\n<\/tr>\n
Revival<\/strong><\/td>\nIf 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.<\/td>\n<\/tr>\n
Bonuses<\/strong><\/td>\nSimple reversionary bonus is declared at the end of each financial year. Additional bonus and vested bonuses are payable if any.<\/td>\n<\/tr>\n
Surrender Value<\/strong><\/td>\nThe 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.<\/td>\n<\/tr>\n
Paid-up value<\/strong><\/td>\nIf 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.<\/td>\n<\/tr>\n
Loan<\/strong><\/td>\nLoan facility is not available.<\/td>\n<\/tr>\n
Grace period<\/strong><\/td>\n30 days grace period is allowed for paying the premium.<\/td>\n<\/tr>\n
Free look period \/ Cooling off period<\/strong><\/td>\nThe plan has a 15 days free look within which you can return the policy.<\/td>\n<\/tr>\n
Tax benefits<\/strong><\/td>\nPrevailing tax benefits are applicable.<\/td>\n<\/tr>\n
Nomination<\/strong><\/td>\nYou can appoint a nominee.<\/td>\n<\/tr>\n
Exclusion<\/strong><\/td>\nIf the policyholder commits suicide within a year from the date of taking the policy, it is excluded for Premium Waiver Benefit.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Advantages of LIC<\/a> Child Career Plan<\/h2>\n
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