LIC to launch children plans

Wednesday 07, February, 2007 The state insurer, Life Insurance Corporation of India (LIC) will be launching two children plans-Child Career Plan and Child Future Plan on 8th February. These two plans are MoneyBack With-Profit plans and are designed to meet the increasing educational needs and events like marriage, which require monetary aid. The plans provide risk cover on the life of the child not only during the policy term but also during the ‘Extended Term’ i.e. 7 years after the expiry of the policy term. Its other features include ‘Auto Cover’, which continues to provide death cover for a period of 2 years in case of policyholders who have not made their premium payments. But for the Auto Cover to be functional, the policyholders should have paid the premiums for atleast two years. Apart from this, the plan has other features like Premium Waiver Benefit, which is available on the payment of an additional premium. The minimum and maximum age of entry under this plan are 0 years and 12 years respectively. The minimum sum assured under this plan is Rs. 1 lakh and the maximum limit set is Rs. 1 crore.

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