LIC Child Future Plan
LIC Child Future plan is one of the plans that is designed specifically in order to meet the educational, marriage expense, and other important needs of the growing 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 extended term which includes 7 years after the expiry of the term of policy. On survival of the life of the assured child, a number of survival benefits are provided to the child upto the end of the specified 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 yearly or half-yearly or quarterly or by means of the salary deductions during the entire term of policy. Before the policy term period, the premiums can be paid for either six years or five years.
What are the benefits provided in this policy? The benefits that are provided under this LIC Child Future plan are Survival benefit, Death Benefit, Auto cover Premium waiver benefit.
Under the survival benefit, about 25% of the assured sum will be paid 5 years before the date of expiry of policy term and about 10% 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% of the assured term will be paid along with vested and reversionary bonus and final or additional bonus will also be given if any.