LIC

Child Fortune Plus (Plan No.194)

Child Fortune Plus Plan No.194 Summary:

All of us wish to ensure the best possible future for our children. With the cost of education skyrocketing, it is all the more important that an early provision is made to ensure that your sweet child gets a good head start in this competitive life.  LIC’s Child Fortune Plus is a total solution to your child’s education and other needs. A plan is a unit-linked (ULIP) one offering the prospects of long-term capital appreciation.

Who is Eligible?

Child Fortune Plus Plan No.194 is a unit-linked plan (ULIP) that will be allowed to the parents who have a child up to the age of 17 years last birthday. The risk cover under the plan will be on the life of the parent who will be the life assured. There will be no insurance coverage on the life of the child, but the policy will be allowed based on the age of the child. The policy will continue till the child attains the age of 25 years last birthday or till the life assured attains the age of 75 years nearest birthday, whichever is earlier. The purpose of the plan is to meet the educational and other needs of the child named as a nominee in the policy.

Features:

Switching of funds:

The policyholder can switch between any fund types during the policy term. On switching the entire amount is switched to the Fund opted for. Within a given policy year, 4 switches will be allowed free of charge. Subsequent switches shall be subject to a switching charge of Rs.100 per switch.

Partial Withdrawals:

The policyholder can partially withdraw the units at any time after the third policy anniversary subject to the following:

1. Partial withdrawals may be in the form of a fixed amount or in the form of a fixed number of units.
2.
Under regular premium policies where premiums have been paid for less than 3 years and further premiums are not paid, partial withdrawal shall not be allowed.
3.
Under regular premium policies where at least 3 years’ premiums have been paid, partial withdrawal will be allowed subject to a minimum balance of two annualized premiums in the Policyholder’s Fund Value.
4.
Under Single Premium policies, partial withdrawal will be allowed subject to a minimum balance of Rs. 5000/-in the Policyholder’s Fund or 10% of single premium, whichever is higher.
5.
Partial withdrawal from Policyholder’s Fund pertaining to top-up premiums shall be allowed only after completion of three years from the date of allocation of that top-up premium. This condition will not apply if the top-up premiums are paid during the last three years of the policy term.
6.
After the death of the life assured during the policy term, partial withdrawal may be made by the child named in the policy if he/she is major i.e. after completion of 18 years of age or by the appointee if the child is a minor subject to an undertaking by the appointee that the partial withdrawal is solely for the benefit of the named child.

Payment of Premiums:

The regular premium can be paid either in yearly, half-yearly, quarterly, or monthly (ECS) installments. The minimum Annualized Premium (other than monthly through ECS) will be Rs. 10,000/-increasing thereafter in multiples of Rs. 1,000/-. In the case of monthly (ECS), the minimum premium will be Rs. 1,000 p.m. increasing thereafter in multiples of Rs. 250/-.

Single premium:

The single premium can be paid subject to a minimum of Rs. 25,000 and thereafter in multiples of Rs.1,000.

Investment Options:

The plan offers a choice of four investment options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund; each tailored to different levels of risk and return. The Policyholder will have the option to choose any ONE of the above 4 Funds.

BENEFITS:
a) Benefits payable on death:
On the death of Life Assured, if the child is alive. In case of death of the Life Assured within the policy term, when the cover is in full force and the child is alive, Sum Assured shall be payable to the nominee. Also, in the case of regular premium policy, when the cover is in full force, payment of all future premiums due under the policy shall be waived. Units equivalent to an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy – total premiums paid under the policy) shall be credited to the policyholder’s fund. The units shall be allocated at the unit price applicable for the fund type opted for under the policy on the date of notification of death. The policy shall continue. If less than 3 years’ premiums have been paid and the policy is in lapsed condition, then the Policyholder’s Fund Value shall become payable to the nominee and the policy will terminate.

On the death of the Life Assured, after the death of the child:

In case of death of the Life Assured during the policy term, after the death of the child, Sum Assured plus policyholder’s fund value together with an amount equal to all future premiums including outstanding premiums, if any, (i.e. sum total of all premiums payable under the policy – total premiums paid under the policy) shall be payable to the nominee/ legal heir, as the case may be, at that time and the policy shall terminate. This shall also be applicable in case of simultaneous death of the life assured and the child nominee.

On the death of a child before the life assured’s death: The policy will continue till maturity or till the life assured survives, whichever is earlier.

On the death of a child, afterlife assured’s death: An amount equal to the Fund Value of units shall be payable to the legal heir of the life assured and the policy shall terminate.

b) Benefits payable on maturity: On the life assured or the child nominee surviving the date of maturity an amount equal to the Policyholder’s Fund Value is payable.

Eligibility Conditions And Restrictions for Child Fortune Plus:

1. Minimum Age at entry for child: 0 (age last birthday)
2. Maximum Age at entry for child: 17 years (last birthday)
3. Minimum Age at entry for Life Assured: 18 years (last birthday)
4. Maximum Age at entry for Life Assured: 55 years (nearest birthday)
5. Policy Term: (25 – age last birthday at entry of life assured’s child) or (75 -age nearest birthday at entry of life assured), whichever is lower Maximum Policy Term: 30 years
6. Maximum Maturity Age: [25] last birthday of child or [75] nearest birthday of life assured, whichever is earlier.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to LIC of India within 15 days.

The Unique Identification Number (UIN) for LICs Child Fortune Plus plan is 512L251V01.


Update: Child Fortune Plus Table No.194 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.

36 thoughts on “Child Fortune Plus (Plan No.194)”

  1. Hi Basu, My query isn’t addressed yet. What I need to know is can I insevt my earnings after reaching the age of 60 or so in any Anuity fund then, without presently insevting in any pension plans? Hope my query is clear now.

  2. Vijay-Looking at the old closed Jeevan Nidhi reurtns, we can presume that same will follow in this policy too as this too belongs to traditional plan. Hence your reurtns from this policy may be around 6-8%. So for generating the good retirement corpus this plan is actually a big no. Instead you can easily accumulate good amount by investing in PPF kind of instruments.

  3. hi am investing 6000 quarterly from 2009 for my child from his birth plan term 25 yrs fund type growth

    how much amount will get on maturity

    can i transfer this money to other plan

    can i withdraw money if i need before maturity

    what you think this plan is good for my child or i have to switch for other

  4. Sir, my daughter is 3 years and i want to know which policy is best my daughter for her future education and marriarge.

    I am ready to invest 100000 per annum or i can go for the single premium worth rs 500000.

    Please advice sir

    Thanks,
    Guru

  5. I WANT TO TAKE A SINGLE PREMIUM POLICY FOR MY GRAND SON
    BY INVESTING RS 100000/.HE IS 20 DAYS OLD.

    HOW MUCH HE GETS IN RETURNS WHEN HE ATTAINS AN AGE OF 17 YEARS FOR HIS EDUCATIONAL NEEDS.

  6. want to know about lic’s child fortune plus.i have been investing rs 25000 per anum in this policy since 2oth april2009. the date of birth of my daughter is 11 july 2007.should i continue or go for any other policy.i want2500000at the time of her marrge.

  7. Sir, my child(boy) is of 3.5 years old. I can spent Rs. 10000per year. Which policy shall i go for to get a sum of 1000000 at age 18 of him.

  8. sir i want a child policy for my child,which child policy is best for my child, he is 8 months old,i wants a gurantee policy from which i can get around Rs25.Lakhs,when he is 20.years old, sir kindly tell me is there any policy,if yes then what will be the annual premium or what amount will be invest one time

    Regards,
    SONALI

  9. Hello,
    Please suggest me the policy for child.(Baby Girl)
    I want one time investment upto 4-5 years………..after that i want return from 18-21 years at lump-sum or gradually upto 2-3 years. Upto girl marriage i want lumpsum money………
    Regards,
    Ramesh
    kalpakkam

  10. MY LIC Fortune Plus (187) Policy No is 703919605. Kindly send the status of the policy regarding no of units hold.

  11. sir i want a child policy for my child,which child policy is best for my child,she is 3.5.years old,i wants a gurantee policy from which i can get around Rs15-20.Lakhs,when she is 21.years old for her marriage,sir kindly tell me is there any policy,if yes then what will be the one time premium

  12. My grand children i.e Baby Girl & Baby Boy are one month old. They are born & residing in the USA. My son is is working with US company on H1B1 visa. Please let me know whether my son can cover his children under table 184/185/or194 Policy.

  13. Dear sir,
    I am an Ex-servicemen, got discharged from Air Force in the month of march 2010, So far i could not invest money in LIC, now planning for my child , she is 12 years old, please suggest me which policy is correct. Even I am ready to take one time investment policy so that I should get good amount of money at the time of my daughters age i.e.23-25 yrs .

    Thanks

  14. Sir,
    My son has 6 yrs old so i want that after 29 yrs. his age i want Rs. 1000000/- so pls suggest me that which policy is best for my son and how much his annual premieum.

    Thanks

  15. which policy suits best for my child(3 yr), but i hav to pay by monthly(1000-1500). please suggest the best product.
    thanks in advance.

  16. Hi,
    I have two son,one is 5years old & one is 3years old so can u please suggest me which policy is best,

    Thanks & Regards
    Prem Singh

  17. sir i want a child policy for my child,which child policy is best for my child,she is just four (4)months old,i wants a gurantee policy from which i can get around Rs 5 Lakhs,when she is 21.years old for her marriage,sir kindly tell me is there any policy,if yes then what will be the annual premium

    Anupam Harsh

  18. my sister’s son is 10 months. which policy is better for he. how much annual prenimum will paid. i wount 10 lakhs rs. in his 20 year for his education

  19. any LIC plans / ULIP (with one time premium only upto 50000/-) for my daughter (one year) maturity / withdrawal anytime after 21 years.

    Regards,
    Rohit

  20. Hello,

    Please suggest me the policy for child.(Baby Girl)

    I want one time investment upto 4-5 years………..after that i want return from 18-21 years at lump-sum or gradually upto 2-3 years. Upto girl marriage i want lumpsum money………

    Regards,
    Ravi Jejure
    Pune

  21. i want more details abt thtis plan in the form of numerical values 4 more convinient of the coustmour

  22. sir i want a child policy for my child,which child policy is best for my child,she is 10.months old,i wants a gurantee policy from which i can get around Rs25.Lakhs,when she is 21.years old for her marriage,sir kindly tell me is there any policy,if yes then what will be the annual premium

  23. Mrs. ALPANA ANOOP KUMAR SAHU

    i want to purchase one ulip plan for my children future for 29 year for my wife and for myself 24 year but premium will be 12000=00 per person after 29 and 24 year how much amount i will get or can i take particular amonut between my policy period for my children education and her marraige.or which ulip plan will be suitable for me for high return.
    ANOOP KUMAR SAHU(HUSBUND OF ABOVE PERSON)

  24. SUB: LIC-India website is ineffective because of Management Information System (MIS) Problem in LIC (Websites are not informative at all).

    Dear Sir,

    I am well-wisher of LIC and I am having two policies given as follows:

    Life Insurance 70(20) Policy No. 293523134
    Money Plus Policy No. 115028161

    When I login into your Website to see our policies status, I used to dissapointed all the way. Your websites are not giving my policies

    complete status.

    I have paid all my premium through CASH, some premium through ONLINE. If I am paying premium by any mode either by CASH/

    CARDS/ ONLINE etc. at anywhere in the INDIA, it should be reflected on website user account immediately or within a day or two.

    Website’s User Account should have all the information of premium what the policy bearer is being paid. It should be done immediately

    and real-time. Only one detail of the policy has been uploaded this is not fair enough. Day to day NAV updation and the latest value of the

    Plan (ULIP/SIP etc.) should be shown in the website and it should be realtime.

    If LIC is unable to manage its IT-Deptt. then LIC should outsource these problems to some MNC just like other Finance companies are

    doing and growing well. I have lot of policies in BIRLA SUNLIFE, ICICI etc.but they are doing well. Consider this as my suggestion and

    send it to higher authorities of LIC.

    Hoping for betterment of LIC.

    Thanking You,

    VED PRAKASH PANDEY

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