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LIC Child Career Plan: Benefits, Premium Rates, Reviews

Having financial security for your children is imperative especially when you are not around to fulfil your child’s dreams. This is where child insurance plans come in the picture. These plans provide a security net for your child’s future dreams by creating an assured financial corpus even in your absence. LIC’s Child Career Plan is one such life insurance plan which is designed to provide financial support to your child. Let’s understand the plan in details –

Overview of LIC Child Career Plan

LIC Child Career Plan is a child insurance plan which covers the child. This is a traditional money back plan which pays regular money back benefits which provide financial assistance to your child when required. The plan also offers an extended term for longer coverage on the life of your child.

Key features of LIC Child Career Plan

LIC Child Career Plan has the following salient features –

  1. There are two types of premium discounts offered by the plan for the premium payment mode and the sum assured that you choose
  2. Survival benefits are paid in the last five years of the policy
  3. The plan is a participating policy which earns bonuses. Bonuses help in enhancing the benefits payable under the policy
  4. An extended coverage term of seven years is allowed under the plan
  5. On death, the full sum assured is paid irrespective of the survival benefits already received
  6. The policy allows auto coverage even if the premiums are not paid
  7. Premium waiver rider is available as an optional coverage

Benefits under LIC Child Career Plan

Here are the different types of benefits which LIC Child Career Plan pays –

  1. Survival benefit
    Money-back benefits are paid over five years before the policy expires. The benefit payable is as follows-
Policy durationSurvival benefit paid
5th last policy year30% of the sum assured + vested reversionary bonuses
4th last policy year15% of the sum assured
3rd last policy year15% of the sum assured
2nd last policy year15% of the sum assured
Last policy year15% of the sum assured
  1. Maturity benefit
    When the policy matures, 15% of the sum assured is paid along with any final additional bonus, if any.
  2. Death benefit
    If the insured child dies during the coverage period or during the extended coverage period, a death benefit is paid. This benefit depends on the period when death takes place. It would be as follows –
    1. If the insured dies any time before the last five policy years – the sum assured + reversionary bonuses + final additional bonus
    2. If the insured dies over the last five policy years – the sum assured + final additional bonus
    3. If the insured dies over the extended coverage period – the sum assured
    4. If, however, the risk cover has not started and the child dies, the premiums paid would be refunded back.
  3. Bonuses
    The plan attracts simple reversionary bonuses over the policy duration if the company earns a profit and declares a bonus. Moreover, a final additional bonus might also be paid when the plan matures or if the insured dies.
  4. Rider benefit
    The plan allows an optional Premium Waiver Benefit Rider. The rider can be taken on the life of the parent who is the proposer of the policy. Under the rider, if the proposer dies during the policy tenure or over the auto cover period, the premiums would be waived but the policy would continue unaffected.
  5. Auto cover benefit
    If you have paid the premiums of the first two years of the policy and any subsequent premiums are not paid, the policy would not lapse. It would continue with the full sum assured for the next two years. This period would be called the auto cover period where full benefits would be paid.
  6. Paid-up value
    If the premiums of the first three policy years have been paid and then subsequent premiums are not paid, the policy acquires a paid-up value. Under the paid-up value, the coverage reduces and is calculated as follows –

    Paid-up sum assured = (number of premiums paid / total number of premiums payable) * sum assured

    The paid-up value would be the paid-up sum assured and the vested bonus. Future bonuses would not accrue and you cannot even avail the extended coverage for seven years after the completion of the policy tenure.
  1. Surrender value
    If the policy acquires a paid-up value, you can surrender it whenever you want. Surrender is, therefore, allowed after the premiums of the first three policy years have been paid. The surrender value would be higher of the guaranteed surrender value or special surrender value. The guaranteed surrender value will be 90% of the premiums paid if risk cover has not started. If the risk cover has started, the value would be 30% of the premiums paid. Special surrender value, on the other hand, is calculated by LIC and is specified from time to time.
  2. Revival
    The policy also allows you to revive a lapsed policy by paying the outstanding premiums. Revival is allowed within two years of lapse of the policy.
  3. Premium discounts
    As mentioned earlier, the plan offers two distinct types of premium discounts to customers. The first one is the modal discount which is available if you pay the premium yearly or half-yearly. The discount rate is 2% and 1% of the tabular premium for yearly and half-yearly premiums respectively.

    The second discount is offered if you choose the high sum assured levels. The discount rates are as follows –
Sum assured levelPremium discount
INR 300,000 to INR 499,9991.5% of the sum assured
INR 500,000 and above2% of the sum assured

Eligibility parameters of LIC Child Career Plan

Entry age0 years to 12 years
Maturity age23 years to 27 years
Term of the policy11 years to 27 years
Sum assuredMinimum – INR 1 lakh
Maximum – INR 1 crore
Premium paying tenure6 years or term – 5 years

Premiums payable under LIC Child Career Plan

Premiums for LIC Child Career Plan are payable for a limited duration. The amount of premium depends on the age of the child, term and sum assured.

Here are the sample premium rates which would be payable at different entry and maturity ages provided that the sum assured is INR 5 lakhs and premiums are paid annually.

Entry ageMaturity age 23 yearsMaturity age 25 yearsMaturity age 27 years
0 yearsINR 44,713INR 40,842INR 37,216
8 yearsINR 62,794INR 59,024INR 53,165
12 yearsINR 73,598INR 68,135INR 62,916

How does LIC Child Career Plan?

Let’s assume that LIC Child Career Plan is being bought for a child aged 8 years with a term of 15 years. The sum assured is INR 5 lakhs and the maturity would be when the child attains 23 years of age. The premium would be INR 62,794. Here are the benefits which the plan would promise –

  • In the 5th last policy year, INR 1.5 lakhs would be paid as survival benefit with accrued bonuses
  • In the 4th,3rd, 2nd and last policy year, INR 75,000 would be paid as survival benefits
  • If the plan matures, INR 75,000 would be paid as maturity benefit with the final additional bonus
  • If the child dies during the policy tenure, INR 5 lakhs would be paid with vested bonus

How to buy LIC Child Career Plan?

LIC Child Career Plan is no longer being sold by LIC as the plan has been withdrawn. You can buy other child insurance plans offered by the company like LIC Jeevan Tarun. 

Alternatively, you can buy any other child insurance plans offered by other insurance companies online through Turtlemint. Turtlemint has a tie-up with major life insurance companies, and it allows you to buy the best insurance plan for your child. 

Just visit https://www.turtlemint.sanity.turtle-feature.com/life-insurance and choose ‘Savings for Child’ as your insurance goal. You would, thereafter, have to enter the relevant details like your age, age of the child, gender, investment horizon, investment amount, etc. to arrive at the list of child insurance plans. You can then compare the available plans and choose the best policy for your child.

Claim process of LIC Child Career Plan

To make a survival or a maturity claim under the policy, fill up a claim discharge form and submit it to the company. The company would assess the form and settle your claim. For a death claim, however, the process is different. The nominee should fill up Claim Form 3783 and submit it to LIC to make a claim. Various death-related documents would also be required which should be submitted so that the claim is duly settled by LIC.

Instead of following the claim process yourself, you can also make a claim through Turtlemint if you have bought the policy from it. Turtlemint would then take care of the claim related steps to allow you to get the settlement of your claims easily and quickly. To make a claim, call Turtlemint at 1800 266 0101 or simply send an email to claims@turtlemint.com and your claim would be handled

Documents required for claims

In order for a maturity claim to be settled, the following documents would have to be submitted –

  • Policy bond
  • Identity proof
  • Claim discharge form
  • Bank details of the claimant#

For a death claim to be settled, you would have to submit the following documents –

  • Claim form number 3783, filled and signed
  • Death certificate of the insured
  • Identity proof of the claimant
  • Bank account details of the claimant
  • Police inquest report, FIR, post mortem report, etc. if the insured died in an accident.


You can pay premiums monthly (through Salary Saving Schemes), quarterly, half-yearly or annually.

Yes, the grace period is allowed for payment of due premiums. The period is 15 days for monthly premiums and 30 days for all other modes.

No, the extended coverage duration is allowed only for additional protection. No survival benefit or bonus is paid during that period.

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