LIC Child Future Plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations. You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit. You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or up to 5 years before the policy term.
Following are some of the sample premium rates per Rs. 1000/- S.A. On life assured surviving to the end of the specified durations an amount specified below is payable. 5 years before the date of expiry of policy term - 25% of the Sum Assured.4, 3, 2, 1 years before the date of expiry of policy term - 10% of the Sum Assured. On death (after the Date of Commencement of Risk) - Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus, if any shall be payable. On death during the Extended Term - Sum Assured is payable. On death (before the Date of Commencement of Risk) - All the premiums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% P.A compounding yearly shall be payable.
Eligibility Conditions and Other Restrictions:
Minimum Entry Age - 0 years (last birthday)
Maximum Entry Age - 12 years (last birthday)
Minimum Maturity Age - 23 years (last birthday)
Maximum Maturity Age - 27 years (last birthday)
Minimum Sum Assured - Rs. 1, 00,000
Maximum Sum Assured - Rs. 100, 00,000
Policy term - 11 to 27 years
Premium Paying term - 6 years and Policy term less 5 years
You may surrender the policy for cash after at least three full years’ premiums have been paid. The Guaranteed Surrender Value will be 90% of the total amount of premiums (excluding premiums for the first year ) paid Before commencement of risk.90% of the total amount of premiums (excluding premium for the first year) paid before commencement of risk and 30% of premiums paid on and after the commencement of risk After commencement of risk. Corporation may, however, pay Special Surrender value as the discounted value of Paid up value and existing vested bonus, as applicable on date of surrender. The Special Surrender value will be subject to the deduction of the survival benefits which have become due on or before the date of surrender. The Special Surrender value will be payable provided the same is higher than Guaranteed Surrender value. A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums. If the policy is lapsed, it can be revived by paying arrears of premium together with interest within a period of five years, subject to production of satisfactory evidence of continued insurability.
The rate of interest applicable will be as fixed by the Corporation from time to time. If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days. Suicide is excluded for Premium Waiver Benefit for first year. No other exclusions. If age of Life Assured is up to 10 years, risk shall commence either after 2 years from the date commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 5 years of age of Life assured, whichever is later. In other cases, risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured. The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the LIC of Corporation and the Life Assured.
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