LIC Child Future Plan

Plan Type

Money back endowment plan

Plan basis

Individual

Premium paying terms

6 years and policy term less 5 years

Premium payment frequency

Quarterly, half-yearly, annually and through salary deductions

Policy term

11 - 27 years

Survival benefits

1. 25% of sum assured is paid on surviving till 5 years before the date of expiry of the policy.
2. 10% of sum assured is paid on surviving till 4 years before the date of expiry of the policy.
3. 10% of sum assured is paid on surviving till 3 years before the date of expiry of the policy.
4. 10% of sum assured is paid on surviving till 2 years before the date of expiry of the policy.
5. 10% of sum assured is paid on surviving till 1 years before the date of expiry of the policy.
6. 50% of the sum assured is paid along with the Simple Reversionary Bonus and additional bonus, if any on expiry of the policy term

Death Benefits

1. Sum assured with Simple Reversionary Bonus and additional bonus, if any, will be paid if the insured dies after the date of commencement of risk.
2. If insured dies during the extended term, the sum assured is paid.
3. If the insured dies before commencement of the risk, the premiums paid along with a 3% interest per annum that is compounded will be paid.

Auto Cover

If the insured has paid two years premium but has not paid any subsequent premium, then the death cover will continue for 2 years from the due date of the first unpaid premium.

Premium waiver benefit

Premium is waived if the proposer dies, the benefit will remain in force.

Paid up value

If three years premiums have been paid but the subsequent premiums have not been paid, then the policy will become paid-up.

Surrender Value

The policy can be surrendered after having paid at least 3 years premiums.

Grace period

30 days grace period is allowed for paying the premiums.

Revival

If the policy has lapsed, it can be revived after paying the premiums that are due.

Nomination

Nominations are accepted under this policy.

Free Look Period

Policyholder can return the policy within 15 days from the activation of the policy term if he or she is not satisfied with the policy.

Loan

Not available.

Exclusions

Suicide committed in the first year is excluded for Premium Waiver Benefit.