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  • LIC Child Fortune Plus 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

    The Child Fortune Plus Plan from Life Insurance Corporation of India is a unit-linked insurance policy that offers a risk cover against death on the life of the parent/policyholder but provides payouts that can help one meet key milestones in their child’s life. A prospective policy buyer can purchase this policy based on his/her child’s age. The minimum monthly premium payable under this plan is Rs.1,000. Policyholders can claim tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Eligibility - Who is LIC’s Child Fortune Plus Plan for?

    Policy buyers who are looking to purchase this plan will need to ensure that they meet the eligibility criteria set by the insurer.

    Parameters Criteria for eligibility
    Minimum age at entry
    • Policyholder: 18 years
    • Child: 0 years
    Maximum age at entry
    • Policyholder: 55 years
    • Child: 10 years for Regular Premium Policies and 17 years for Single Premium Policies
    Maximum age at maturity
    • Policyholder: 75 years
    • Child: 25 years

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

    Sum Assured

    The sum assured is a basic amount of money that the insurer is liable to pay to the nominee if the policyholder happens to meet with an untimely death.

    Minimum Sum Assured
    • Single Premium Policy: 1.25 x Single Premium
    • Regular Premium Policy: 5 x Annualised Premium
    Maximum Sum Assured
    • Single Premium Policy
    • 5 x Single Premium, if the life assured’s age at entry is 35 years or lesser
    • 2.5 x Single Premium, if the life assured is between 36 to 45 years
    • 1.25 x Single Premium, if the life assured’s age at entry is 46 years and above
    • Regular Premium Policy
    • 25 x Annualised Premium, if the life assured’s age at entry is 45 years or lesser
    • 15 x Annualised Premium, if the life assured’s age is 46 years and above

    Premiums*

    The policy buyer has to pay a certain sum of money, called a premium, to the insurance firm in order to enjoy the risk cover provided by the policy.

    Policy Tenure (75 - age closest to the birthday at entry of the policyholder) or (25 – age closest to the birthday at entry of the child), based on whichever is the lower of two
    Premium Payment Mode
    • Annual
    • Bi-Annual
    • Quarterly
    • Monthly
    Minimum Single Premium Amount
    • Regular Premium Policies: Rs.10,000 p.a. or Rs.1,000 p.m.
    • Single Premium Policies: Rs.40,000 p.a.

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

    Plan Coverage - What LIC’s Child Fortune Plus Plan covers?

    Death Benefit
    • If the life assured passes away during the policy tenure, the child will receive the death benefit/sum assured.
    • If the life assured passes away after the child’s death, the sum assured, fund value, all future premiums with the inclusion of outstanding premiums will be paid to the legal heir.
    • If the child passes away before the life assured, the policy will continue till maturity or death of the policyholder.
    • If the child passes away after the policyholder’s death, the fund value will be paid to the legal heir of the policyholder.
    Maturity Benefit If the policyholder/child survives till the completion of the policy tenure, the fund value will be paid as the maturity benefit.

    Riders/Add-On Plans – Additional coverage under LIC’s Child Fortune Plus Plan

    No additional riders/add-ons can be purchased along with this policy.

    Exclusions - What LIC’s Child Fortune Plus Plan doesn’t cover?

    If the policyholder commits suicide within a year of purchasing the policy, the insurer will only pay the fund value to the nominee. No other death benefit payout will be provided.

    Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.

    Free-look Period The policy comes with a free-look period of 15 days. Policy buyers can return their policy during this time.
    Revival Lapsed policies can be revived within 2 years of the lapse of the policy by paying all due premiums.
    Surrender Value If the policy is surrendered after a period of 3 years, the fund value will be paid.
    Loan There is no facility to avail a loan against this policy.
    Assignment Assignment facility is not provided under this policy.
    Top-Up Premium Top-up premiums in multiples of Rs.1,000 can be made at any time during the policy tenure.

    Tax Benefits – How you can save with LIC’s Child Fortune Plus Plan?

    Policyholders can avail tax rebates for both premiums paid towards the policy and any benefits they receive via the policy, under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

    Other Benefits – How you can save with LIC’s Child Fortune Plus Plan?

    • Customer Service: Policyholders/customers can contact the insurer through the contact number provided on the website, email ID, or the SMS-based helpline channel. The insurance provider has dedicated contact details for different cities.
    • View NAV: Policyholders can view the performance of various funds directly through the insurer’s website.
    • Policy Status: Policyholders can check the status of the policy, including information about the maturity calendar, loans, etc., on the insurer’s website.
    • Choice of Policy: LIC has a varied range of both retail and group insurance plans on offer.

    Why you should buy LIC’s Child Fortune Plus Plan from Life Insurance Corporation of India (LIC)?

    Every parent would wish to secure the life of his/her child. With the Child Fortune Plus Plan from LIC, policyholders are assured of benefits that can go a long way in helping their children meet their goals. Life Insurance Corporation of India (LIC) has always been one of the leading insurance providers in the country. The insurer has reported a claim settlement ratio of 98.33% for the fiscal year 2015-2016. A high claim settlement ratio, like what was reported by the insurer, is one of the key factors that one should look for when selecting an insurance provider. LIC has also won several awards in the past, which is a true testament to the superior services and benefits they offer.

    Note: This policy has been withdrawn by LIC.