LIC Child Future Plan | LIC Plan 185 Features, Benefits, Maturity & Details

LIC Child Future Plan Calculator | LIC Child Future Plan 185 Features | LIC Child Future Plan Surrender Value | LIC Child Future Plan185 Maturity Calculator

LIC Child Future Plan is tailored to satisfy the educational, marriage, and other needs of youngsters as they grow older. It provides risk coverage for the child’s life not only during the policy term but also for an extended period of time (i.e., 7 years after the expiry of the policy term). Surviving by the life ensured to the end of the stated durations is eligible for a number of Survival bonuses.

LIC Child Future Plan

LIC Child Future Plan Criteria for Participation

The following are the eligibility requirements:

Maximum entry age12 years
Minimum entry age0 years
Maximum age at maturity27 years
Minimum age at maturity23 years
Maximum sum assuredRs.1,00,00,000
Minimum sum assuredRs.1 lakh

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LIC Child Future Plan Sample Premium Rates

For 6 years’ Premium paying term
Age (in Years)Maturity Age
23 years24 years25 years26 years27 years
For Premium paying term = Policy Term less 5 years
Age(in Years)Maturity Age
 23 years24 years25 years26 years27 years

Note: Some of the sample premium rates per Rs. 1000/- S.A. are shown above.

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LIC Child Future Plan Mode Rebate

Yearly Mode2% of tabular premium
Half-yearly Mode1% of tabular premium
Quarterly & Salary DeductionNil

LIC Child Future Plan Sum Assured Rebate

Sum AssuredRebate (Rs.)
1,00,000 to 2,99,999Nil
3,00,000 to 4,99,9991.5 %o S.A.
5,00,000 and above2 %o S.A.

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LIC Child Future Plan Features

  • Options

Child Future Insurance Policy allows you to customize the Sum Assured (S.A.) amount, maturity age, policy term, premium payment method, and premium waiver benefit for your convenience.

  • Premium Payment

Furthermore, premiums can be paid annually, semi-annually, or quarterly by the policyholder. The policyholder might also choose to have the premiums debited automatically from his or her paycheck account every month. A policyholder can pay premiums for up to 5 years or up to 6 years before the policy term expires.

Benefits of a Child’s Future Insurance Policy

Survival Benefits

If the policyholder survives for the whole length of the insurance, the following sum is payable:

  • 5 years before the policy’s maturity date– 25 percent of the Sum Assured
  • 4 years before the policy’s maturity date– 10 percent of the Sum Assured
  • 3 years before the policy’s maturity date – 10 percent of the Sum Assured
  • 2 years before the policy’s maturity date– 10 percent of the Sum Assured
  • 1 year before the policy’s maturity date– 10 percent of the Sum Assured
  • On the policy’s maturity date– 50% of the Sum Assured is paid out, plus any vested simple reversionary bonuses and supplementary bonuses, if any.

Death Benefits

If you die after the risk’s start date, you’ll get a lump sum payment. Additional bonuses will be paid in addition to the vested simple reversionary bonuses (if there are any).

The money assured is payable if the insured dies during the extended term.

All premiums paid (excluding extra premium and premium for premium waiver benefit, if any) plus interest of 3% p.a. compounding shall be paid if the insured dies before the start date of the risk.

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Tax Benefit

The premium paid for the coverage, up to a maximum of Rs.1.5 lakh, is tax-deductible under Section 80C of the Income Tax Act.

Auto Cover

If a policyholder pays the policy’s premium for two years but fails to pay the subsequent payment, the insurance will continue to cover the policyholder for the two years following the first unpaid premium’s due date. The policyholder can pay the due premium during the auto coverage period. Furthermore, the premium waiver add-on advantage is still in effect during the auto cover period.

Benefit of Premium Waiver

This is an optional benefit provided by the insurance that waives all future policy premiums in the event of the policyholder’s untimely death (parents). The policy’s benefits are still in effect.

LIC Child Future Plan Surrender Value

After the policyholder has completed three policy years from the date of inception, the policy can be surrendered. The LIC Child Future Plan’s guaranteed surrender value is:

  • Before commencement of risk

90% of the entire premium paid to date was paid (excluding the 1st policy year premium)

  • After commencement of risk

After the start of the risk, 90% of the entire premium is paid before the start of the risk (excluding the first policy year premium) and 30% of the premium is paid on and after the start of the risk.

The covered person will also get the monetary value of any current vested bonuses if any. Aside from that, the total amount of due survival benefit on or before the date of surrender would be deducted from the surrender value to be paid to the insured individual.

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LIC Child Future Plan Grace Period

The insured has one calendar month to pay all of his or her due premiums. The Grace period is a month-long period of time.

LIC Child Future Plan Revival

If a policy lapses, it can only be resurrected if the policyholder pays all outstanding premiums plus interest within a five-year period, together with appropriate proofs of continuous insurability. The appropriate interest rate shall be set by LIC from time to time.

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