LIC

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  Key Features of LIC Child Future Plan

  1) This plan provides risk cover on the life of child not only during the policy term but also during the extended term of 7 years post maturity

  2) On life assured surviving, Survival Benefit of 25% and 10% of the Sum Assured is paid.

  3) Maturity Benefit is 50% of the Sum Assured along with Vested Bonus and Final Addition Bonus, if any declared.

  4) There is an additional rider of Premium Waiver Benefit.

• Benefits Of Child Future Plan:

  Survival Benefits: On life assured (i.e child) surviving till the end of the specified duration, LIC will pay the amount as per table below

  5 years before the date of expiry of policy term - 25% of the Sum Assured

  4 years before the date of expiry of policy term - 10% of the Sum Assured

  3 years before the date of expiry of policy term - 10% of the Sum Assured

  2 years before the date of expiry of policy term - 10% of the Sum Assured

  1 year before the date of expiry of policy term - 10% of the Sum Assured

  Death Benefit: In case of death of the Life Insured, i.e. child after risk commencement, the nominee would receive the Sum Assured + Vested Bonus + Final Addition Bonus.

  However, if the Life Insured, i.e. the child dies before risk commencement, then the nominee would receive all basic premiums paid till date + 3% p.a. interest compounded annually.

   In case of death during Extended Term, then only Sum Assured is payable.

  Maturity Benefit: On maturity, the Life Insured, i.e. the child gets the 50% of the Sum Assured + Vested Bonus + Final Addition Bonus.

  Premium Waiver Benefit: Premium Waiver is other possible benefit that can be adjoined to your basic plan, it requires a supplementary premium. The main benefit of this premium is that the proposer can protect his / her premium to the end of the suspension period and this period is to be taken as 18 minus age at entrance of child

  Surrender Value: if life insurance contract is terminated at an early stage, then the surrender value is allocated.

  Guaranteed Surrender Value: The time period for surrendering the policy depends on that the policy must be in power for 3 years or more. Apart from the premiums paid during the first year and extra premium paid, the Guaranteed Surrender value before the commencement of risk is 90% of premium paid. After the commencement of risk the Guaranteed Surrender value is 90% of premium paid plus 30% of extra premium paid.

   

   

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