Tag Archives: LIC Child Career Plan brochure

LIC Child Career Plan: Features & Benefits

LIC Child Career Plan: This 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 duration.

Options:
You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.

Payment of Premiums:
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 upto 5 years before the policy term.

Sample Premium Rates:
Following are some of the sample premium rates per Rs. 1000/- S.A.:

For 6 years’ Premium paying term
Age Maturity Age

23

24

25

26

27

0

111.25

107.25

103.35

99.60

95.95

4

128.35

123.80

119.35

115.05

110.90

8

148.15

143.05

138.05

133.20

128.50

12

170.20

164.55

159.05

153.65

148.40

 

Mode and High S.A. Rebates:

Mode Rebate:

Yearly mode 2% of Tabular Premium
Half-yearly mode 1% of the tabular premium
Quarterly & Salary deduction NIL

 

Sum Assured Rebate:

Sum Assured Rebate (Rs.)
1,00,000 to 2,99,999 Nil
3,00,000 to 4,99,999 1.5 %o S.A.
5,00,000 and above 2 %o S.A.

Eligibility Conditions and Other Restrictions:

(a) Minimum Entry Age : 0 years (last birthday)
(b) Maximum Entry Age : 12 years (last birthday)
(c) Minimum Maturity Age : 23 years (last birthday)
(d) Maximum Maturity Age : 27 years (last birthday)
(e) Minimum Sum Assured : Rs. 1,00,000
(f) Maximum Sum Assured : Rs. 100,00,000
(g) Policy term : 11 to 27 years
(h) Premium Paying term : 6 years and Policy term less 5 years

Benefits of Child Career Plan:

  • Survival Benefit:
    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 30% of the Sum Assured along with vested
Simple Reversionary Bonuses
4 years before the date of expiry of policy term 15% of the Sum Assured
3 years before the date of expiry of policy term 15% of the Sum Assured
2 years before the date of expiry of policy term 15% of the Sum Assured
1 years before the date of expiry of policy term 15% of the Sum Assured
On the date of expiry of policy term 15% of the Sum Assured along with Final (Additional) Bonus, if any.

 

  • Death Benefit:
    On death (after the Date of Commencement of Risk) –
    (i) 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. 
    (ii) 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.