Child Future

(Table No. 185)

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 in installments every year during the last five years and part of sum assured along with Bonus and 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:

Year	Benefit
Term – 5 Years	25% Of Sum Assured
Term – 4 Years	10% Of Sum Assured
Term – 3 Years	10% Of Sum Assured
Term – 2 Years	10% Of Sum Assured
Term – 1 Years	10% Of Sum Assured
On Completion Of Term	50% Of Sum Assured + Bonus + 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 before Matuirty:

§  Sum Assured + Bonus + Final Additional Bonus (if any)

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 every year upto 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.

Mode	Rebate
Yearly	2% of tabular premium
Half - Yearly	1% of tabular premium
Quarterly	Nil

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 to provide for higher studies & marraige of female 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