The Life Insurance Corporation (LIC) is considered to be one of the most trusted brands in India. The Life Insurance Corporation (LIC) has a lot of products i.e. insurance plans which make it difficult for clients to choose the most beneficial one among all the products. In the same way, though there is nothing called LIC Child Education plan but there are certainly some plans available in the Life Insurance Corporation (LIC) which covers for child’s education, especially there is LIC child future plan.

Today, let’s talk about the LIC child education plan i.e. the LIC child future plan in this article below:

The notion of the child insurance, just after the birth of your little champ is usual for over decades in India. All parents want to provide their best for the kids in terms of safety, food, shelter, and especially education nowadays. As the expenses for education is too high to cover…that is why people usually plan to buy LIC child education plan for their kid’s future.

The child insurance assistances the kid as the sum of maturity will be expected at the time of your child’s higher educational purpose. Besides, LIC child education plan i.e. the LIC child future plan promises to offer monetary safety to the youngster in the case of death of both parents or either one parent. Let’s know in details about the LIC Child Future Plan i.e. LIC child education plan and its benefits, features and so many more.

What is LIC Child Future Plan Or LIC Child Education Plan

Source :- licinternational . com

What is LIC Child Future Plan Or LIC Child Education Plan?

The LIC Child Future Plan or the LIC Child Education Plan is a sort of cash back gift plan which is planned uncommonly to profit a child so that the entirety guaranteed and the reward sum is quickly paid to the candidate if there should be an occurrence of the demise of the existence safeguarded.

The plan is drafted to meet the rising instructive, marriage and different costs of the developing children. The plan guarantees to give the hazard inclusion on the life of the child till the span of the policy, as well as the inclusion, stretches out for a time of seven years after the expiry of the policy term.

The LIC will be qualified for pay various survival advantages to the enduring child till the finish of the predefined term, which is in the event that the child outlasts the policy residency, the child will be qualified for getting 115% of the whole guaranteed.

The child will additionally get 25% of the aggregate guaranteed 5 years before the date of expiry of the policy term and in conclusion the enduring child will be qualified to get 10% of the entirety guaranteed amid the most recent 4 years, 3 years, 2 years and 1 year before the last development of the child protection policy. Lastly, when the policy develops, the child will get the half of the aggregate guaranteed alongside the amassed vested reward and last extra reward, assuming any.

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Highlights Of The Plan

Source :- medium . com

Highlights Of The Plan:

The plan gives chance cover to the child amid the residency of the policy as well as amid the all-encompassing term of 7 years post development of the policy.

  • Get extra rider of premium waiver advantage.
  • Get development advantage of half of the whole guaranteed in addition to vested reward and last extra reward, if any announced post maturity of the policy.
  • The survival advantage is 25% and 10% of the entirety guaranteed will be paid if the child makes due amid the residency of the policy.

Benefits of the LIC Child Future Plan or the LIC child Education Plan

Source :- easypolicy . com

Benefits of the LIC Child Future Plan or the LIC child Education Plan:

  • Income tax Benefits
  • Survival benefits
  • Death Benefits
  • Maturity benefits
  • Auto cover
  • Premium Waiver benefits

Eligibility Criteria

  • Entry age minimum 0 years to maximum 12 years old
  • Maturity age is minimum 23 years old to maximum 27 years old
  • Policy term is minimum 11 years to maximum 27 years old
  • Sum assured is minimum INR 100000/- to Maximum INR 10000000/- as per the premium payments

Documents Required

  • The birth certificate of the child below 5 years old and ID card from school if the kid is above 5 years old
  • Policyholder’s ID card, age proof, address proof, Income proof
  • Passport size photo of both the policyholder and the child

So, if you are soon to be parents then you can give a second thought to this insurance plan for your child’s better future.

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