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LIC Child Future Plan


LIC Child Future Plan (Table 185) is a money back Endowment plan that provides funds at regular yearly intervals for professional or higher education and start-in-life in the form of 6 money back installments.
Under Child’s Future Plan, the premium need not be paid for the last 5 years of the policy term. Maturity benefit will be paid back in the last 6 years of the policy term. 25 % of Sum assured will be paid in the 1st of the 6 years. It will be followed by 10 % of Sum assured in the next 4 years. At the end of the policy term, 50 % of Sum assured with Vested Bonus and Final Additional Bonus will be paid.

Features of LIC Child Future Plan :


• The Risk cover on the child extends to 7 years after the maturity of the policy. The risk starts from the age of 5 years of the child.
• The maturity benefit will be paid for the last 6 years of the policy term. Vested Bonus with Final additional Bonus will be paid with the last year maturity benefit.


LIC Child Future Plan Eligibility Conditions :


Minimum

Maximum

Sum Assured (in Rs.) 1,00,000 1 Crore
Policy Term (in years) 11 27
Premium Payment Term(in years) Policy term - 5
Entry Age of Life Insured 0 12
Age at Maturity 23 27
Payment modes Yearly, Half-yearly, Quarterly and SSS

Benefits of LIC Child Future Plan :


Maturity Return – Maturity benefit will be paid for the last 6 of the policy years.

- 25 % of Sum assured will be paid on 1st of 6 years.
- 10 % of Sum assured will be paid for the next 4 years.
- 50 % of Sum assured with Vested Bonus & Final Additional Bonus will be paid on policy maturity.



Death Benefit – On the death of the child after the commencement of risk, the nominee would get the Sum assured with Bonus. However if the child expires before the commencement of risk, the nominee will get only the premiums paid with 3 % p.a. compounded intrest on it.
If the child expires after receiving the maturity benefit, Sum assured will be paid.

Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns
Loan on Policy - Not Available
Housing Loan Surity-Not Available

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