LIC Child Fortune Plus
What is the nature of this policy?
LIC Child fortune plus policy is a unit linked plan that are allowed only to those parents who have a child up to 17 years of age completed. Under this plan, risk cover lies on the life of the parent and the parent will be the life assured. The policy will be provided only based on the age of the child, but there will be no coverage of insurance on the life of the child.
What is the minimum and maximum age limit entry that is available in this policy?
This LIC Child fortune plus policy continues until the child attains the age of 25 years or continues till the age of 75 years of the life assured on the policy. The basic purpose of this policy is to meet the educational and other needs of the child specified as the nominee in the policy.
What are the important features of this policy?
The important features of the LIC Child fortune plus plan are
- Switching of funds,
- Partial withdrawal,
- Payment of premiums,
- Investment options.
Under the switching of funds of feature, the policy holder is able to switch between any of the fund types during the term of policy.
What are the different types of funds available in this policy?
In this LIC Child fortune plus about four switches are allowed at free of charge, within the given policy year. All the subsequent switches will be Rs.100 for each. When the policy holder switches to any fund, the entire amount is switched to chosen fund.
There are four investment options available. They are:
- Bond Fund
- Secured Fund
- Balanced Fund
- Growth fund.
Each option will have its own different levels of risks and returns.