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).
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:
|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.
|Death benefit||The death benefit is paid based on the following factors:
|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:
|Nomination||The nominee/beneficiary details can be changed by contacting Life Insurance Corporation.|
LIC Child Career Plan doesn’t allow attachment of any add-on/rider.
Suicide exclusion – Suicide is excluded for premium waiver benefit for the first year. The plan doesn’t have any other exclusion.
|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.|
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.
In addition to the policy benefits mentioned above, the following features are equally important when it comes to buying an insurance policy:
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.