LIC Child Career Plan

Entry Age

Minimum

Maximum

Maturity

Minimum -

Maximum

Policy Term

Minimum -

Maximum

Basis

Individual.

Coverage

1. Death Benefit: In the event the life insured dies during the policy term, the nominee will receive death benefit along with bonus, if any.
2. Survival Benefit: The policyholder will get the following for specified durations:

1. 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.
2. 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 -

Maximum

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.