LIC to launch 2 new plans for children on February 8

Nagpur, Feb 6 (UNI) Life Insurance Corporation (LIC) will launch two new plans for children on February 8 across the country.

Speaking to newspersons here today, LIC Senior Divisional Manager Partha Samal said the plans were aimed at providing for children's higher education and marriage.

Under Child Career Plan (Table 184), 30 per cent of the sum assured (SA) along with bonus would be paid five years before the maturity of the policy, followed by 15 per cent of SA every year for the next 5 years, and survival benefit along with final additional bonus at the end of the term, Mr Samal said.

Thus, total survival benefit would be 105 per cent of the SA, he pointed out.

Under Child Future Plan (Table 184), 25 per cent of the SA will be paid five years before maturity, followed by 10 per cent every year for the next four years, and 50 per cent of the SA along with bonus and final additional bonus on maturity, Mr Samal said.

Thus, total survival benefit would be 115 per cent of the SA, he said.

Mr Samal said entry age for both plans was 0 to 12 years of the insured child as on last birthday, with maturity age between 23 and 27 years. The minimum SA is one lakh rupees and maximum Rs one crore rupees per policy, the Senior Divisional Manager said.

Free risk cover for seven years after maturity and death benefit during the term is available under both plans, Mr Samal said. Nagpur Division of LIC has targeted 10,000 new policies under the two plans on the day of the launch, he added.

UNI