LIC Child Career Plan Summary:
LIC Child Career Plan (Table 184) provides funds at regular yearly intervals for professional or higher education and start-in-life in the form of 6 money-back installments commencing from a minimum age of 18 years. So your child will get money when they really need it.
Child’s Career Plan (Table no. 184, with profits)
Under Child’s Career Plan vested bonus is payable along with the first survival benefit of 30% of sum assured followed by subsequent 5 annual survival benefits @15% of sum assured. Thus total returns being 105% of basic sum assured + vested bonus and terminal bonus if any.
Premium waiver benefit:
Child Career plan (PWB) is available on payment of an additional premium during the premium payable term or till the death of the proposer, whichever occurs earlier.
i) after the date of death of the proposer the premium falling due shall be waived.
ii) during the auto cover period the premium waiver benefit shall remain in force.
iii) the premium waiver benefit as stated in (i) shall be granted on the basis of proposer age personal health declaration and other requirements. In case any given information is found to be untrue and incorrect, all clime to the benefit shall cease.
iv) in the event of the proposer by his own hands whether sane or insane within one year from the issuance of FPR the PWB described in (i) and (ii) shall not operate.
105% Survival benefit:
- 5 yrs. Before maturity: 30% of the SA+ Vested simple reversionary bonuses
- 4 yrs. Before maturity: 15% of the SA
- 3 yrs. Before maturity: 15% of the SA
- 2 yrs. before maturity: 15% of the SA
- 1 yrs. Before maturity: 15% of the SA
on maturity date: 15% of the S.A + final additional bonus (FAB), if any.
Eligibility condition for LIC Child career plan:
- Min. age at entry: 0 year
- Max. age at entry: 12 years
- Min. S.A.: Rs. 1 lakh.
- Max. SA.: Rs 1 crore.
- SA in multiples: Rs.5,000
- Min. Maturity age: 23 years.
- Max. Maturity age: 27 years.
- Modes Allowed: Yly/Hly/Qly/SSS
- Policy term: 11 to 27 years
- Max. Age end of PPT: 70 years
- Premium paying Term: 6 years OR Term minus 5 years.
- PWB Prop. Age Min: 18 years completed.
- PWB Prop. Age Max: 55 years
Update: Child Career Plan No. 184 Has Been Discontinued.
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.