What is the LIC Child Career Policy?
LIC Child Career Plan is life insurance plan that is designed specifically in order to meet the increasing needs of educational expenses of the growing children. Under this policy, the risk cover is not provided during the term of policy, as well as during the extended term. This extended term includes 7 years after the expiry of the policy term.
There are numerous survival benefits provided under this LIC Child Career Plan and it is payable, when the life assured survives up to the end of the duration specified. There are options provided to choose the Sum assured, Maturity age, policy term, mode for the payment of premium and premium waiver benefit.
What are the types of Premiums and the types of payment that are available in this policy?
Premiums for this LIC Child Career Plan can be paid regularly at intervals of yearly, half yearly, quarterly, or else by means of Salary deductions for the entire term of policy. Also the premiums can be paid before the policy term for 6 years or up to five years.
What are the benefits of this policy?
The benefits under this policy are as follows,
- Survival benefit and
- Death benefit.
The other features of this LIC child career plan are Auto cover, Premium waiver benefit, Participation in the profits of corporation, paid up value, guaranteed surrender value etc.
Under the feature of Auto cover, if two full years of premium are paid and any subsequent premium is not duly paid, then the full death cover will continue for the period of two years starting from the due date of first unpaid premium. Also, one or more installments of the premiums can be paid with interest without submitting the health evidence.