LIC Child Career Plan

Specially designed to meet the burgeoning needs of children, LIC has introduced Child Career Insurance Policy. This is a money-back endowment plan that has been launched for the child of the benefits and provides risk coverage during the policy term and during the extended term. Under LIC Child Career Insurance policy, the sum assured plus bonus is paid immediately to the beneficiary on the death of the life insured on the commencement of risk.

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Besides this, if the child outlives the entire policy tenure, then he/she is provided with 105% of the sum assured. 5 years before the date of expiry of the policy term, the child would receive 30 % of the sum assured along with the vested simple reversionary bonus. After that, he/she would receive 15% of the sum assured in the last 4years, 3 years, 2 years, and 1 year before the maturity of the policy tenure. On the policy's maturity, the child will receive the remaining 15% of the sum assured along with the final additional bonus.

Let us now discuss the features and benefits of the plan in more detail.

Key Features of the Policy:

  • The plan provides risk cover on the child's life during the tenure of the policy and during the extended term of 7 years post maturity.
  • The policy offers survival benefits as 30% of the sum is assured. The balance sum is payable in the last 4 years, 3 years, 2 years, and 1 year before policy maturity.
  • The vested simple reversionary bonus is also payable on the 5th year, prior expiry of the policy tenure.
  • The maturity benefit of the policy is 15% of the sum assured, including the final addition bonus.
  • The plan provides an add-on rider as the premium waiver rider.

Benefits of LIC Child Career Insurance Policy

  1. Death Benefit

    In the event of the unfortunate demise of the life insured during the policy's tenure, the beneficiary will receive the sum assured plus bonus. However, if the child, i.e., the life insured, dies before the risk commencement, then the policy's beneficiary will receive the entire basic premium paid until death with 3% interest compounded annually.

  2. Survival Benefit

    If the child survives the entire policy term, he/she will receive 30% of the sum assured along including the vested simple reversionary bonus, 5 years before the policy expiration date, and the remaining sum is paid in four installments- the last 4 years, 3 years, 2 years and 1 year before policy maturity.

  3. Maturity Benefit

    On the maturity of the policy, the insured, i.e., the child, receives the 15 % of the sum assured in addition to the final additional bonus.

  4. Income Tax Benefit-

    The premium paid up to Rs 1,00,000 is exempt from tax deduction under section 80C of the Income Tax Act.

Here, let us include a case study to explain how the Plan Works:

Miss Dipanjali took LIC’s Child Career plan for her newborn baby. She chose the policy tenure of 25 years and the premium payment tenure of 6 years. Miss Dipanjali opted for a sum assured of Rs1,00,000, and the monthly premium paid by her is Rs10,128. The extended tenure of the policy is 7 years. If she dies during the policy term, then the child will receive the death benefit, and the premium will be waived off.

To help our customers know more about the policy, we have explained the policy's eligibility criteria in a tabular form. 




Tenure of the Policy



Sum Assured



Tenure of Premium Payment


Policy term-5 years

Entry Age



Maturity Age



Single premium



Payment Mode

Yearly, Half-yearly, quarterly, monthly

Along with all these benefits, the plan also provides add-on benefits as premium waiver benefits riders. Moreover, if the insured fails to pay the premium on time, the insured can pay all the due premiums within a grace period of 30 days. To avail of the utmost benefits offered by the policy, you can compare the quotes online and choose the most suitable plan for yourself.

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