LIFE INSURANCE Corporation of India (LIC) has launched two children’s plans – LIC Child Career plan and Child Future Plan.
According to the LIC, under the Child’s career plan vested bonus is payable along with first survival benefit of 30 per cent of sum assured, followed by subsequent five annual survival benefits at the rate of 15 per cent of sum assured. The total returns being 105 per cent of basic sum assured and vested bonus and terminal bonus.
Under the second plan – Child’s Future Plan – first money back instalment amounts to 25 per cent of sum assured followed by four annual instalments at the rate of 10 per cent of sum assured, and 50 per cent of sum assured & vested bonus, and terminal bonus, if any is payable on maturity. Thus the total returns being 115 per cent of the sum assured and vested bonus & terminal bonus.
Mentioning the unique features of both the plans, LIC regional corporate communications manager, V Balagopal said the twin plans area commencement of risk from the age of five years of the child, subject to deferment period of two years, auto risk cover equal to the sum assured during extended term of seven years from the date of maturity. He added that in addition, premium waiver benefit rider could be availed.
Children up to 12 years of age are eligible for insurance under the plan with minimum sum assured Rs 1 lakh and maximum sum assured is Rs 1 crore. The policy term ranges from 11 to 27 years.
{{/usCountry}}Children up to 12 years of age are eligible for insurance under the plan with minimum sum assured Rs 1 lakh and maximum sum assured is Rs 1 crore. The policy term ranges from 11 to 27 years.
{{/usCountry}}During a recent visit to Bhopal, LIC Chairman, TS Vijayan had disclosed about the children plans launched on Saturday to the Hindustan Times.