Child Future Plan:

LIC’s Child Future Plan is one of its kinds that are tailor made to take care of the rising needs of children as they grow up, like their school education, higher education, marriage, etc.

Child Future Plan is a plan which not only provides security for your child during the policy term, but if you have extended your policy for seven years after it has expired, it provides cover for your child even during that time.

You will receive benefits like
It permits you to pay the premiums according to your convenience.  It can be either monthly, quarterly, half yearly, or annually.  You can also permit for the premium to be taken away from your salary.

According to the survival benefit offered by this policy, twenty five percent of the sum assured will be paid to you if you survive five years before the policy expires, and ten percent if one survives for four, three or two years before the maturity of the policy.  On maturity of the policy term fifty percent of the sum assured plus added bonuses along with any terminal bonuses that are applicable to you will also be paid.

If by any unfortunate incident, the life insured dies, and his death takes place after the date of commencement of risk, his beneficiary is eligible to receive the sum assured along with the added bonuses as well as the terminal bonus, if any.

If death occurs before the commencement of risk, the beneficiary is eligible to receive all premiums paid as well as the three percent interest that has been calculated per annum. If death occurs during the extended period, the beneficiary is eligible to receive the sum assured.

Since this a business related plan, the life insured will be given additional bonuses coinciding with the profits made in the market.  You are permitted to surrender your policy if you wish to do so after you have completed three full policy years, only then you will receive the guaranteed surrender value.

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.