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Child Career


(Table No. 184)

Today, life is highly competitive. Education and settling in life entails high costs. Parents need, therefore, to make provision, in advance, for good education for their children. Children also need financial support for entering business/career. L.I.C now introduces a plan to take care of these needs - a Children’s Money Back Assurance Plan, with payment of premium either for 6 years or upto 5 years before the policy term.  The plan, besides offering risk cover, also offers payment of Sum Assured along with Bonus in installments every year during the last five years and part of sum assured along with Final Additional Bonus on Maturity. The Plan offers free 7 years of extended Risk Cover after maturity of the policy.

Risk under this policy will commence two years from the date of commencement of the policy or from the policy anniversary immediately following the completion of 5 years whichever is later.

Benefits

Ø  Survival Benefit:

Yearly
Benefit
Term – 5 Years
30% of Sum Assured + Bonus
Term – 4 Years
15 % Of Sum Assured
Term – 3 Years
15 % Of Sum Assured
Term – 2 Years
15 % Of Sum Assured
Term – 1 Years
15 % Of Sum Assured
On Completion Of Term
15 % Of Sum Assured + Final Additional Bonus (If Any)

Ø  Death benefits:

ü  Before commencement of Risk:      
§  All the Premium Paid (excluding any extra premium and Premium for Premium waiver Benefit) + 3% p.a. compounding yearly Interest.

ü  After commencement of Risk but 5 years before date of Maturity:     
§  Sum Assured + Bonus + Final Additional Bonus

ü  After commencement of Risk but within 5 years before date of Maturity:     
§  Sum Assured + Final Additional Bonus

ü  During Extended Term:
§  Sum Assured is Payable


Ø  Participation in profit
ü  This plan is a with profit plan and will be therefore eligible for a Revisionary Bonus which will be declared every year. The Bonus will be added to the policy until five years before the selected policy term or till death.

Ø  Premium Waiver Benefit (Optional):
ü  In case of unfortunate death of the proposer future premiums are waived. The premium waiver benefit can be availed by the proposer under this plan for which additional premiums will be payable.

Ø  Auto Cover Benefit:
ü  If premiums are not paid on time, the plan continues to provide full death cover for two years from the date of first unpaid premium, provided minimum 2 years' premiums have been paid.

Ø  Mode Benefit:
ü  The following table shows the rebate available on the mode of premium payment.


Ø  Sum Assured Benefit:
ü  The following table shows the rebate available on the sum assured.

Sum Assured
Rebate
3,00,000 To 4,99,999
Rs. 1.5 Per Thousand
5,00,000 And Above
Rs. 2 Per Thousand

Features

Ø  More suitable for male children to provide for professional studies of Child.

Ø  Minimum Sum Assured - Rs. 1,00,000/-

Ø  Maximum Sum Assured - Rs. 1,00,00,000

Ø  No Minimum age Limit

Ø  Maximum age at entry- 12 years (Completed)

Ø  Minimum Maturity Age - 23 Years (Completed)

Ø  Maximum Maturity Age - 27 Years (Completed)

Ø  Term - 11 to 27 Years

Ø  Premium Paying Term - 6 Years or Policy term less 5 years.

Ø  Modes Allowed - Yly, Hly, Qly & SSS