LIC Plans For Child Future In Nagpur

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LIC Child Future Plan

LIC Child Future Plan is a Money Back Endowment Plan for the benefit of a child such that, Sum Assured plus Bonus is paid immediately to the nominee on death of the Life Insured. However, if the child outlives the entire tenure, then he receives 115% of the Sum Assured. He would receive 25% of the Sum Assured 5 years before the date of expiry of policy term. Then he would receive 10% of the Sum Assured in the last 4 years, 3 years, 2 years and 1 year before Maturity of the policy. Also, when the policy matures, he would receive the 50% of the Sum Assured along with Vested Bonus and Final Addition Bonus, if any.  

Key Features of LIC Child Future Plan

  • This plan provides risk cover on the life of a child not only during the policy term but also during the extended term of 7 years postmaturity
  • On life assured surviving, Survival Benefit of 25% and 10% of the Sum Assured is paid
  • Maturity Benefit is 50% of the Sum Assured along with Vested Bonus and Final Addition Bonus if any declared
  • There is an additional rider of Premium Waiver Benefit 
Benefits you get from LIC Child Future Plan

Death Benefit – In case of death of the Life Insured, i.e. child after risk commencement, the nominee would receive the Sum Assured + Vested Bonus + Final Addition Bonus.
However, if the Life Insured, i.e. the child dies before risk commencement, then the nominee would receive all basic premiums paid till date + 3% p.a. interest compounded annually.
In case of death during Extended Term, then only Sum Assured is payable.

Survival Benefit – On life assured (i.e child) surviving till the end of the specified duration, LIC will pay the amount mentioned below

5 years before the date of expiry of policy term - 25% of the Sum Assured
4 years before the date of expiry of policy term - 10% of the Sum Assured
3 years before the date of expiry of policy term - 10% of the Sum Assured
2 years before the date of expiry of policy term - 10% of the Sum Assured
1 year before the date of expiry of policy term - 10% of the Sum Assured 

Maturity Benefit – On maturity, the Life Insured, i.e. the child gets the 50% of the Sum Assured + Vested Bonus + Final Addition Bonus.

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C

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