LIC Child Future plan is one of the plans that are planned specifically in order to meet the educational, marriage expense, and other important needs of the rising children.
What is the risk cover that comes along with this policy?
It gives a risk cover on the life of the child during the term of LIC Child Future plan as well as during the comprehensive term which includes 7 years after the expiry of the term of policy. On survival of the life of the assured child, a figure of survival benefits are provided to the child upto the end of the particular durations.
A lot of options are provided to choose in case of Sum assured, maturity age, term of policy, mode of paying the premium amount, and premium waiver benefit. The premium amount can be paid at the intervals of either annual or half-yearly or quarterly or by means of the salary deductions during the entire term of policy. Before the insurance policy term period, the premiums can be paid for either 6 years or 5 years.
What are the benefits provided in this policy?
The benefits that are provided under this LIC Child Future plan are
Survival benefit
Auto cover
Death Benefit
Premium waiver benefit
Under the survival benefit, about 25% percent of the assured sum will be paid 5 years before the date of expiry of policy term and about 10% percent of the assured sum will be paid 4, 3, 2, 1 year before the date of expiry of the term of policy.
And on the date of expiry of the term of LIC Child Future plan, about 50% percent of the assured term will be paid along with vested and reversionary bonus and final or additional bonus will also be given if any.
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Tags: insurance policy, LIC, LIC Child Future Plan