LIC Child Career Plan is a special plan designed to focus on the educational studies and other needs of children. On the life of child it offers risk cover not only during the policy term but also the extended term. Child Career Plan offers different benefits such as benefit on death in this benefit within the period from the date of commencement of risk to 5 years and before the end of the policy term, sum assured plus revisionary bonuses and some extra bonuses will be allocated. Sum assured along with final bonuses will be allocated if death occurs within 5 years before the end of policy term. Moreover all the premiums along with interest of 3%p.a compounding yearly will be allocated if death occurs before the date of commencement of risk. In case of auto cover full death cover shall be paid for the continued period of two years from the time, if any premium is not paid. Installments of premiums with interest will be paid without any submission of proof of health. During the auto cover period, premium waiver benefit shall be in effect.
Child Career Plan endows with Premium Waiver Benefit this benefit is applicable for the proposer having age that lies between 18 and 55 with no health disorder. During auto cover period these benefit will be in power. Premiums that are not paid during the auto cover shall be relinquished. In case of suicide by the proposer this benefit is not applicable.
The time period for surrendering the policy depends on that the policy must be in power for 3 years or more. The lowest surrender value acceptable under this policy is as under:
1) Before the commencement of risk: 90% of the premiums paid excluding the premium for the first year.
2) After the commencement of risk: the guaranteed surrendered value is 30% of premium paid plus the 90% of the premiums paid before the commencement of risk.
Life Insurance Child Career Plan also offers Paid-up Value in which without making any allowance for death benefit that is provided under the auto cover period, if any 3 years full premium is paid and any succeeding premium is not properly paid, the policy will be fully paid and it will not be invalid. Before the commencement of risk, if policy turns into paid up then policy will receive the Guaranteed surrender value. In other case if policy is not surrendered this value will be allocated on the expiry of policy term or on death of life Assured. After the commencement of risk, if policy turns into up then the sum assured will be reduced to paid up value. This paid up value will be allocated on the expiry of policy term or on death of life Assured.
Before the date of surrender, the above guaranteed value will be subject to the conclusion of whole quantity of survival benefits. Some special surrender value plus some other bonuses are paid by corporation, before the date of surrender value is to be deducted from survival value.
Child Career Plan this plan also offers grace period in which a premium is allocated when the grace period is not less than 30 days and must be one calendar month.
Child Career Plan endows with Premium Waiver Benefit this benefit is applicable for the proposer having age that lies between 18 and 55 with no health disorder. During auto cover period these benefit will be in power. Premiums that are not paid during the auto cover shall be relinquished. In case of suicide by the proposer this benefit is not applicable.
LIC Child Career Plan provides Surrender Value:
The time period for surrendering the policy depends on that the policy must be in power for 3 years or more. The lowest surrender value acceptable under this policy is as under:
1) Before the commencement of risk: 90% of the premiums paid excluding the premium for the first year.
2) After the commencement of risk: the guaranteed surrendered value is 30% of premium paid plus the 90% of the premiums paid before the commencement of risk.
Life Insurance Child Career Plan also offers Paid-up Value in which without making any allowance for death benefit that is provided under the auto cover period, if any 3 years full premium is paid and any succeeding premium is not properly paid, the policy will be fully paid and it will not be invalid. Before the commencement of risk, if policy turns into paid up then policy will receive the Guaranteed surrender value. In other case if policy is not surrendered this value will be allocated on the expiry of policy term or on death of life Assured. After the commencement of risk, if policy turns into up then the sum assured will be reduced to paid up value. This paid up value will be allocated on the expiry of policy term or on death of life Assured.
Before the date of surrender, the above guaranteed value will be subject to the conclusion of whole quantity of survival benefits. Some special surrender value plus some other bonuses are paid by corporation, before the date of surrender value is to be deducted from survival value.
Child Career Plan this plan also offers grace period in which a premium is allocated when the grace period is not less than 30 days and must be one calendar month.
No comments:
Post a Comment