A career plan for children by LIC of India is a life insurance product that, in order to meet increasing education and other needs of growing children, has been specifically developed. It provides risk protection for the life of a child, not only during the policy term but also following an extended period which is up to seven years after the end of the policy term. To survive a life guaranteed for the end of specified time periods, many survival benefits are payable.
Under Child’s Career Plan vested bonus is payable along with first guaranteed survival benefit of 30% of sum assured followed by subsequent 5 annual guaranteed survival benefits @15% of sum assured. Thus total returns being 105% of basic sum assured + vested bonus and terminal bonus, if any.
Premium Waiver Benefit:
In LIC’s Child Career Plan there is a provision for additional risk cover of the proposer. The proposer may choose for his benefit waiver of premiums on death of proposer.
Income Tax benefits:
Income tax benefits are available to the proposer as per the regulations of Income tax Act.
Benefit Illustration of LIC of India’s Child Career Plan:
This plan is discontinued, and we’ll recommend a new plan as you need it.
Please send a mail to [email protected] along with following details for specialized illustration for you.
Date of birth
Date of birth
Amount you are willing to invest annually
Any other information you want to provide
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