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LIC Child Fortune Plus: Offers a good safety net for your child
The scheme is a unit linked plan which offers you a solution to meet your child's educational and other needs. Individuals can also insure themselves under this plan if you are the parent of a child. The limit fixed for insurance purposes is that the age of the child should be below 17 years in case of single premium policies and age of 10 years last birthday in case of regular premium policies.
The child named under the policy shall be the nominee. There will not be any insurance coverage on the life of the child, but the policy will be allowed based on the age of the child. The policy will continue till the child attains the age of 25 years last birthday or till you (life assured) attain the age of 75 years nearest birthday, whichever is earlier.
Four types of investment Funds are offered. Premiums paid after allocation charge will purchase units of the Fund type chosen. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).
You can pay the premiums either in lump sum (single premium) or regularly throughout policy term.
The death benefit under the policy shall be the Sum Assured. You can choose the level of cover (Sum Assured) within the limits, which will depend on whether the policy is a Single premium or Regular premium contract, your age and the amount of premium you agree to pay. In addition, for regular premium policies, in case of death of the life assured during the term of the policy, the plan also provides for waiver of all future premiums including outstanding premiums, if any, provided life cover is in force.
You will also have an option to make additional investments under the policy through Top-up premiums.
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