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LIC Child Fortune Plus Policy

LIC Child Fortune Plus Policy

What is the Policy launched for?

LIC Child Fortune plus Policy can be said as a unit linked financial solution for the children. This policy has been launched by the LIC as a new plan to the children as a complete solution for their education and the other needs.

Premium Option:

Prospects of the long term investment appreciation are also offered by the LIC Child Fortune plus policy. This policy can be under taken as lump sum option or else as a regular premium option.

Age limit for the Policy:

A parent with a child of 17 years or less can opt to for the LIC Child fortune plus policy. Thus, this policy would cover the entire life of the parents. The maturity benefit will be paid once the child attains the age of 25 years or earlier, or when the assured life attains the age of 75 years.

What is the fund value of this policy?

An amount equal to the fund value of the policy holder is payable on the date of maturity. When there is an unfortunate death of the policy holder, the child nominated will be paid the Sum Assured according to the LIC Child Fortune plus Policy. There after, all the future premiums can be waived or the equivalent units will be credited to the policy fund account at the unit price applicable.

Investment Options Found in the Policy:

This policy offers a four investment options. They are

  • Bond fund,
  • Secured fund,
  • Balanced fund,
  • Growth fund.

Each option will have different levels of risk and return. The other important highlights of this policy are payment of additional amounts which are called top ups, attractive funds, management charges, and liberalized conditions for the continuity of the policy under the event of lapsing.