LIC’s Fortune Plus Child (PLAN NO. 194): LIC launched on 1st November 2008, Child Fortune Plus is a unit linked insurance policy by LIC, which Ensure secure and successful future of the child at present, and even in absence of parents because parenting does not mean only loving and taking care of child but it also means to secure child’s smooth and successful career.
| Term | Age | Sum Assured | |
| Minimum | 8 | 18 | 50000 |
| Maximum | 25 | 55 | No Limits |
Premium Ceasing Age : 75 Premium Ceasing Term : 0
Features: Flexibility to increase/ decrease premium & withdraw money according to your needs. Save Tax upto Rs.33390.
Benefits Payable on Death.
1. On death of Life Assured, if the child is alive.
a) Sum Assured shall be payable to the nominee.
b) Payable of all future premiums due under the policy shall be waived.
c) Units equivalent to an amount equal to all future premiums including
outstanding premiums, if any shall be credited to the policy holder fund.
d) The policy shall continue
2. On death of Life Assured, if the child is alive:
If less than 3 years premium have been paid and the policy is in lapsed condition, the Policy holder Fund Value shall become payable to the nominee and the policy will terminate.
3. On death of Life Assured, after the death of the child:
Sum Assured plus policy holder fund value together will an amount equal to all future premium including outstanding premiums, if any shall be payable to the nominee/legal heir, as the case may be, at that time and the policy shall terminate.
This shall also be applicable in case of simultaneous death of assured and child nominee.
4. On death of child before life assured death:
The policy will continue till maturity of till the life assured survives, whichever is earlier.
5. On death of child after life assured death:
An amount equal to the Fund Value of units shall be payable to the legal heir of assured and the policy shall terminate.
Maturity Benefits:
On the policyholder surviving up to the date of vesting, the Policyholder will get Fund value.
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