• LIC Cda Endowment Vesting At 21 Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    LIC Children’s Deferred Endowment Assurance Plan At 21

    The Children’s Deferred Endowment Assurance Plan At 21 from the Life Insurance Corporation of India (LIC) is an endowment policy that a parent/relative/legal guardian can purchase for a child. The policy provides a risk cover against death on the life of the child, after the date of deferment. This is a “with-profit” policy, thus the life assured will also be able to avail bonuses, in addition to the payouts provided by the plan. The proposer/policyholder/nominee can avail tax returns under the prevailing laws of Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    The sum assured is the minimum amount of money that the insurance company is liable to pay to the policyholder/nominee. Keep in mind that what you may receive or what your nominee receives might be higher than this, since this amount does not take into account any bonuses or guaranteed additions. In the case of the Children’s Deferred Endowment Assurance Plan At 21, the proposer will have to work out and choose an optimum sum assured amount. The sum assured is linked to the premium charge. Thus, if you opt for a high sum assured, you will have to pay a high premium, and vice versa.


    When an insurance policy is purchased, the policy buyer pays a premium to the insurance firm. One must make sure to pay the premium amount before the completion of the grace period in order to keep the insurance policy from lapsing. As per this policy, upon the life assured’s death, future premium payments may be waived off in case this benefit has been opted for at the time of purchasing the policy.

    Deferment Date
    • Policy anniversary on/after the life assured attaining the age of 21 years
    Premium Payment Mode
    • Annual
    • Bi-Annual
    • Quarterly
    • Monthly

    *Premiums vary based on age, location, plan term, sum assured, GST, and other factors.

    Plan Coverage - What the LIC Children’s Deferred Endowment Assurance Plan At 21 covers?

    Death Benefit If the life assured, i.e., the child, passes away after the date of deferment, the entire sum assured amount with the addition of vested bonuses will be paid to the nominee in a lump sum amount. On the other hand, if the life assured passes away before the date of deferment, all premiums paid throughout the policy tenure will be refunded to the nominee.
    Maturity Benefit At the completion of the policy tenure, provided all due premiums have been paid, the sum assured amount and the bonuses will be paid by the insurer to the policyholder.

    Riders/Add-On Plans – Additional coverage under the LIC Children’s Deferred Endowment Assurance Plan At 21

    The insurer offers additional riders that can be purchased by the proposer, along with the base policy. While these riders are offered for an extra premium, they will provide a more enhanced coverage to the life assured.

    Other Key Features

    Surrender Value This insurance policy can be surrendered provided it has been active for at least 3 years and all due premium have been paid for those 3 years. Upon surrendering the policy, the insurer will pay the life assured/proposer the Guaranteed Surrender Value or the Special Surrender Value, based on whichever is the higher of the two.
    Bonuses This policy will start acquiring profits after the date of deferment. Profits will be offered in the form of a Simple Reversionary Bonus, which is declared per thousand of the sum assured amount for each fiscal year.

    Tax Benefits – How you can save with the LIC Children’s Deferred Endowment Assurance Plan At 21

    The proposer is eligible to claim tax deductions under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Tax benefits can be claimed for both premiums paid and benefits that one may receive, i.e., the death benefit. Tax laws may change without any prior notice, thus the policyholder must ensure to consult with a tax advisor to make the most of the tax benefits.

    Other Benefits – How you can save with the LIC Children’s Deferred Endowment Assurance Plan At 21

    • Digital Policy Purchase: Certain insurance plans can be purchased online on LIC’s website. Purchasing insurance plans online is a hassle-free and time-efficient procedure since the policy buyer does not have to go through any middlemen or agents.
    • Online Premium Payment: LIC has a range of premium payment channels. If you wish to pay your premium amount online, you can pay it on the insurer’s website, via net banking, credit card, or debit card. However, premium payment can also be done at the insurer’s branch, through authorised banks, merchants, and franchisees.
    • Customer Service Channels: The insurer has a phone-based helpline number, email ID, and SMS-helpline channel through which customers can contact the insurer if they have any queries or require assistance. You can also use the branch locator feature on the insurer’s website and walk-in to the nearest LIC branch in your city.
    • Online Application: You can begin the application process for any insurance policy that you wish to purchase through the insurer’s website. You will have to visit the official LIC website, click on the ‘Apply Now’ option, key-in the name of your plan, and enter your details. After you submit this request, an LIC representative will contact you to take this further.
    • Premium Calculator: You can calculate the payable premium for various policies on LIC’s official website. Comparing premium rates of various policies will help you pick a policy that is right for you.

    Why you should buy the Children’s Deferred Endowment Assurance Plan At 21 from Life Insurance Corporation of India?

    Your child’s financial needs will only increase with time. Buying a child insurance policy, like the Children’s Deferred Endowment Assurance Plan At 21, is a smart way to ensure that your child is provided a risk cover and a maturity benefit that can help meet his/her needs in the future.

    LIC was nationalised in the year 1956 in an effort to increase the penetration of life insurance products, especially in rural areas of the country. The insurer has reported a high grievances resolved ratio of 100% and a claim settlement ratio of 98.33%. The insurer has a host of life and health insurance products, a number of insurance agents, and 2,048 branches across the country, thus ensuring easy accessibility.

    Note: This policy has been withdrawn by LIC.

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