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  • LIC Child Career 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 Child Career Plan is a specially designed children plan that aims to meet the increasing educational and other needs of the child. Under this plan, the extended risk cover on the child’s life continues for another 7 years after the expiry of the policy term. The plan offers the flexibility of choosing the sum assured, policy term, maturity age, premium payment mode, and premium waiver benefit. If the life insured survives till the end of the policy term, he/she will be eligible for the survival benefits and bonuses (if applicable).

    Eligibility - Who is the LIC Child Career Plan for?

    The plan is suitable for any parent who wishes to meet his/her child’s increasing educational and other needs and provide adequate financial help. In order to buy this plan, the following eligibility criteria are taken into consideration:

    Parameters Eligibility
    Minimum age at entry 0 years
    Maximum age at entry 12 years
    Minimum maturity age 23 years
    Maximum maturity age 27 years
    Minimum sum assured Rs.1,00,000
    Maximum sum assured Rs.100,00,000
    Policy term 11 – 27 years
    Premium payment term 6 years and policy term less 5 years
    Premium payment mode Yearly, half-yearly, quarterly or through salary deductions

    The age is based on the last birthday of the life insured.

    Sum Assured and Premium Range- What You Get and What It Costs

    • Sum assured – The sum assured is chosen by the proposer at the inception of the policy. This policy offers a minimum sum assured of Rs.1,00,000 and a maximum of Rs.100,00,000. The sum assured is either payable at maturity for surviving the policy term or as the death benefit in case of unfortunate death of the life insured. The policy also offers a rebate on the high sum assured schemes. For a policy with sum assured of Rs.1,00,000 to Rs.2,99,999 will not be eligible for any rebate, however, if the sum assured is between Rs.3,00,000 to Rs.4,99,999, a sum assured rebate of 1.5 % will be applicable. Additionally, the policies with a sum assured of Rs.5,00,000 and above will attract a sum assured rebate of 2%.
    • Premium – The policyholder can choose to pay the premiums in yearly, half-yearly, quarterly, or monthly basis or opt for salary deductions. The premiums can be paid either for 6 years or up to 5 years before the policy term. The policy also offers premium waiver benefit (subject to terms and conditions of the policy). The calculation for premium is based on the policy term, premium payment mode, and the sum assured chosen by the customer at the inception of the policy.

    Plan Coverage- What the LIC Child Career Plan covers

    Death benefit The death benefit is paid based on the following factors:
    • If the life insured encounters unfortunate death within the period of policy inception date and the 5th policy year, the beneficiary will be entitled to the sum assured along with the vested reversionary bonuses and final bonus, if any.
    • If the death occurs within 5 years before the expiry of the policy term, the sum assured along with the final bonus, if any, will be payable to the beneficiary.
    • If the death occurs in the extended term of 7 years after the expiry of the policy term, only the sum assured will be payable.
    • If the death occurs before the date of commencement of risk, the premiums paid along with the interest of 3% p.a. compounding yearly will be paid.
    Survival benefit If the life insured survives till the end of the policy term, the following survival benefits will be paid based on the completion of specific policy duration:
    • 5 years before the end of policy term - 30% of the sum assured and vested simple reversionary bonuses will be paid
    • 4 years before the end of policy term - 15% of the sum assured will be paid
    • 3 years before the end of policy term - 15% of the sum assured will be paid
    • 2 years before the end of policy term - 15% of the sum assured will be paid
    • 1 years before the end of policy term - 15% of the sum assured will be paid
    • On the date of policy term expiry - 15% of the sum assured along with the final bonus, if any, will be paid.
    Nomination The nominee/beneficiary details can be changed by contacting Life Insurance Corporation.

    Riders / Add-On Plans – Additional coverage under the LIC Child Career Plan

    LIC Child Career Plan doesn’t allow attachment of any add-on/rider.

    Exclusions - What the LIC Child Career Plan doesn’t cover

    Suicide exclusion – Suicide is excluded for premium waiver benefit for the first year. The plan doesn’t have any other exclusion.

    Other Key Features – Free-look Period, Surrender Values, Grace Period, etc.

    Free-look period The policy comes with a 15 days free-look period to cancel/return the policy if the customer doesn’t agree with any of the terms and conditions of the policy. The original policy document along with a statement of objection is required to be sent to Life Insurance Corporation in order to receive the refund. The insurer will refund the premium paid by the customer after the deduction of applicable charges, if any.
    Surrender values The policy acquires surrender value after the completion of 3rd policy year, provided all the premiums are paid. If the policy is surrendered for cash before the commencement of risk, 90% of the premium value will be paid excluding the premium for the first year. If the policy is surrendered after the commencement of risk, 90% of the premium value will be paid before the commencement of risk and 30% of premiums will be paid on or after the commencement of risk (excluding premium for the first year).
    Grace period The policy allows a grace period of one calendar month to make the payments for the due premiums.
    Policy revival If the due premiums are not paid within the grace period, the policy will lapse. A lapsed policy can be revived within 5 years from the date of 1st due premiums. In order to revive the policy, all the arrears needs to be paid and a satisfactory evidence needs to be produced to indicate continued insurability.

    Tax benefits – How you can save with LIC Child Career Plan

    The LIC Child Career Plan offers tax benefits under the Section 80C and Section 10(10D) of the Income Tax Act, 1961. The tax benefits are subject to change from time to time. Customer are advised to speak with a qualified advisor before making a purchase decision.

    Other benefits – How you can save with the LIC Child Career Plan

    In addition to the policy benefits mentioned above, the following features are equally important when it comes to buying an insurance policy:

    • Policy information – For any policy related information, Life Insurance Corporation can be contact through telephone, email, website, and the branches for a quick and accurate answer.
    • Policy notifications - Life Insurance Corporation sends out important policy notifications such as reminder for premium due date, policy renewal date, etc. through email and text SMS to keep the customers updated.
    • EMI calculator – The EMI calculator on the Life Insurance Corporation’s website allows the customers to generate an instance illustration of premiums for all types of plans. This helps the customers in understanding the contribution amount and frequency based on variable factors such as policy term, premium payment term, sum assured, etc.

    Why you should buy the LIC Child Career Plan from Life Insurance Corporation?

    The LIC Child Career Plan helps the customers in preparing themselves for the upcoming increase in child’s educational, career, and other needs. The plan offers flexibility in choosing the sum assured, policy term, maturity age, premium payment mode, etc. that makes it adaptable to customer’s specific requirements.

    Being the largest life insurance company in India that has resulted through the merger of over 245 insurance companies and provident societies, Life Insurance Corporation continues to offer high-quality services to the clients. With many years of experience and commendable expertise in the insurance market, the company takes pride in the excellent claim settlement ratio they have achieved. The team of skilled and qualified advisors in the LIC’s customer service team ensure customer satisfaction through prompt services and essential follow-ups.