It is a regular plan with limited payment option. Flexible Survival benefit is available to meet education needs from age 20 to age 24 years of child age. It gives guaranteed tax free maturity at age 25 years of child. Policy can be availed with a maturity age as 25 years and can be taken by children between the ages of 0 years to 12 years. This plan also offers cover on the life of child during policy term.
Money back from the age of 20 Years to 24 years at predefined percentage is available to take care of the education needs of child and lump sum maturity at the age of 25 years of child to take care of marriage expenses of child.
Periodic Survival Benefits in the form of Money Back can be reinvested in other policies and utilized along with maturity amount.
Every year, LIC declares valuation results.
As per valuation result declared by LIC, profit is being shared among all policyholders as bonus.
By paying small extra premium amount, you can secure your life in case of sudden demise which waives future premium and continue policy with assured returns to fulfil your child’s dream even without you.
Eligibility Criteria
| Minimum | Maximum |
Entry Age | 30 Days Completed | 12 Years (Last Birthday) |
Term | (25 Years - Age at Entry) Years | |
PPT | (20 - Age at Entry) Years | |
Sum Assured | ₹ 2,00,000/- | No Limit |
Premium Modes
Yearly, Half-Yearly, Quarterly and Monthly (NACH only) or through salary deductions (SSS).
Riders Available
LIC’s Premium Waiver Benefit Rider
4 Options are available.
Option | Survival Benefit from Age 20 to 24 Years | Maturity Benefit |
Option 1 | No Survival Benefit | 100% of Basic Sum Assured |
Option 2 | 5% of Basic Sum Assured every year for 5 Years | 75% of Basic Sum Assured |
Option 3 | 10% of Basic Sum Assured every year for 5 Years | 50% of Basic Sum Assured |
Option 4 | 15% of Basic Sum Assured every year for 5 Years | 25% of Basic Sum Assured |
Death Benefit
On death of the Life Assured during the Policy Term, Sum Assured on Death alongwith vested Simple Reversionary bonuses and Final Additional bonus (if any), where “Sum Assured on Death” is defined as higher of 125% Basic Sum Assured or 7 times of annualised premium.
This Death Benefit (as defined above) shall not be less than 105% of total premiums paid upto the date of death. Where,
1. “Annualized Premium” shall be the premium amount payable in a year, excluding the taxes, rider premiums, underwriting extra premiums and loadings for modal premiums.
2. “Total Premiums Paid” means total of all the premiums paid under the base product, excluding any extra premium, and taxes, if collected explicitly. In case LIC’s Premium Waiver Benefit Rider is opted for, in the event of death of Proposer, any subsequent Premiums which are waived shall be deemed to have been received and be included in the Total Premiums Paid.
Maturity Benefit
Sum Assured on Maturity alongwith vested Simple Reversionary Bonus and Final Additional Bonus.
Loan Facility is available after completion of first policy year provided one full year’s premium has been paid.
Option to Surrender the Policy
The policy can be surrendered by the policyholder after completion of first policy year provided atleast one full year’s premium(s) has been paid. However, the policy shall acquire Guaranteed Surrender Value on payment of atleast two full years’ premiums and Special Surrender Value after completion of first policy year provided one full year’s premium(s) has been paid. On surrender of an in-force or paid-up policy, the Corporation shall pay the surrender value equal to higher of Guaranteed Surrender Value and Special Surrender Value.
