LIC’s CHILD FUTURE PLAN is a tailor made policy which secures your child’s educational and careers aspirations and also provides your child with a financially secure and comfortable life after that.

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CHILD FUTURE PLAN


LIC's CHILD FUTURE PLAN is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations. You may choose Sum Assured (S.A.), Maturity Age, Policy Term and Premium Waiver Benefit.


Survival Benefit:

On life assured surviving to the end of the specified durations an amount specified below is payable:

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
On the date of expiry of policy term 50% of the Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus, if any.

Death Benefit:

On death (after the Date of Commencement of Risk) - Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus, if any shall be payable.
On death during the Extended Term - Sum Assured is payable.
On death (before the Date of Commencement of Risk) - All the premiums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% p.a compounding yearly shall be payable.

Premium Waiver Benefit:

The proposer can opt for this benefit if aged between 18 and 55 and is medically fit. It provides waiver of premiums on death of proposer. Further the benefit shall remain in force during the Auto cover period. Any premiums that have fallen due and not paid during the Auto Cover period shall also be waived. This benefit shall not be available in case of suicide by the proposer within one year of policy. Further, revival of the policy shall be subject to medical fitness of the proposer.

TAX SAVING :
Premium paid in that financial year towards all life insurance come  with Tax rebate under Sec 80C and in case of Health insurance under sec 80D.