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LIC Child Career Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

LIC Child Career Plan is specifically designed to meet the educational and other needs of your child. Child will get risk cover during the policy term and during the extended term. You get to choose the sum assured, maturity age and premium payment mode and waiver benefits.

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.
  • Death Benefit: In the event the life insured dies during the policy term, the nominee will receive death benefit along with 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

The advantages of LIC Child Plan are:

  • Survival benefits are paid to the policyholder.
  • Death benefit is offered to the nominee if the insured dies during the policy term.
  • Auto cover and premium waiver benefit is available.
  • Tax benefits can be availed.
  • The policy can be surrendered after completing 3 policy years.
  • Policy can be converted to paid-up if three full years premiums have been paid.

How the Plan Works

Miss Roopa took LIC Child Career Plan for her newborn child. The policy term she chose was 25 years and the premium payment term she chose was 6 years. The sum assured that she opted for was Rs.1 lakh. The monthly premium she had to pay was Rs.10,128. The extended term was 7 years. She will get survival benefit. If she dies during the term, the death benefit will be offered and the premium will be waived off.

Premium Payment

The premium can be paid yearly, half-yearly, quarterly or through salary deductions. The monthly payments are to be made through ECS or Direct Debit.


There are no riders available with this policy.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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