LIC Child Career Plan is specially designed to meet the increasing educational 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. On life assured surviving to the end of the specified durations an amount (Survival Benefit) specified below is payable. 5 years before the date of expiry of policy term - 30% of the Sum Assured along with vested. 4 years or less than 4 years before the date of expiry of policy term-15% of the Sum Assured.
LIC Children Career Policies and Benefits:
On the date of expiry of policy term-15% of the Sum Assured along with Final (Additional) Bonus, if any. On death (after the Date of Commencement of Risk) - If death occurs within the period from date of commencement of risk to 5 years before the date of expiry of policy term: Sum Assured along with Vested Simple Reversionary Bonuses and Final (Additional) bonus (if any) is payable. If death occurs within 5 years before the date of expiry of policy term: Sum Assured along with Final (Additional) bonus (if any) is 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. If after at least two full years premiums have been paid and any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the due date of the First Unpaid Premium (FUP).
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.
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. Date of commencement of risk: 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.
- 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
For More Information Visit us: LIC Agent Chennai
