LIC Child Career Plan

The LIC Child Career Plan is a money-back endowment plan originally designed to meet your growing child's educational and other needs. This plan provides the child risk coverage during the policy and the extended term. Under the LIC Child Career Insurance policy, the sum assured plus the bonus is paid immediately to the beneficiary on the death of the life insured. 

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LIC Child Career Plan- An overview

LIC Child Career Plan offered by the LIC of India is designed with a primary objective to create a corpus for the child's future needs, such as education, higher studies, or starting a business, ensuring that financial resources are available at the right time. The company, however no longer sell the LIC Child Career Plan as it was withdrawn by the company.

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

Key Features of the Policy:

  • The plan provides risk cover on the child's life during the policy's tenure and during the extended term of 7 years post-maturity.

  • If the child outlives the entire policy tenure, then he/she is provided with 105% of the sum assured.

  • The maturity benefit of the policy is 15% of the sum assured, including the final additional bonus.

  • It comes with an auto cover period if premiums have been paid for 2 years in full. It activates when a parent misses a premium payment. During the auto cover period, the life cover on the child remains active for two years from the date of the first unpaid premium.

  • The plan provides the premium waiver rider. If premium paying parents opt for it, then on their death all the pending premiums will be waived off but the policy will continue.

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. If the child, i.e., the life assured, dies before risk commencement, then the policy's beneficiary will receive the premium paid until death with 3% interest compounded annually.

  2. Survival Benefit

    Five years before the policy expiration date , the child receives 30% of the sum assured including the vested simple reversionary bonus. The remaining sum is paid in four installments in the last 4 years, each installment equal to 15% of the sum assured.

  3. Maturity Benefit

    On the maturity of the policy, the insured, i.e., the child receives an additional 15 % of the sum assured along with the final additional bonus.

  4. Additional Riders

    LIC Child Career Plan allows policyholders to enhance the coverage by adding riders such as accidental death and disability benefit riders, which provide additional financial protection in case of unforeseen events.

  5. Income Tax Benefit-

    The premium paid up to Rs 1,50,000 is exempt from tax deduction under section 80C of the Income Tax Act.

    “Tax benefit is subject to changes in tax laws. Standard T&C apply.”

How Does the LIC Child Career Plan Work?

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 Rs 10,128. The extended tenure of the policy is 7 years.

If the parent dies during the policy term, then the future premiums will be waived off. Since the life cover is on the child, the death benefit is payable only on the death of the child.

If the child survives, he/she gets the following –

  • At the end of the 20th year of the policy term – 30% of Rs. 1,00,000 – Rs. 30,000 + Simple reversionary bonus

  • At the end of the 21st year of the policy term – 15% of Rs. 1,00,000 – Rs. 15,000

  • At the end of the 22nd year of the policy term – 15% of Rs. 1,00,000 – Rs. 15,000

  • At the end of the 23rd year of the policy term – 15% of Rs. 1,00,000 – Rs. 15,000

  • At the end of the 24th year of the policy term – 15% of Rs. 1,00,000 – Rs. 15,000

  • At the end of the 25th year of the policy term – 15% of Rs. 1,00,000 – Rs. 15,000 + Final additional bonus, if any.

Eligibility Criteria of LIC Child Career Plan

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

Minimum Maximum
Tenure of the Policy 11 27
Sum Assured Rs1,00,000 Rs1,00,00,000
Tenure of Premium Payment 6 Policy term-5 years
Entry Age 0 12
Maturity Age 23 27
Single premium - -
Payment Mode Yearly, Half-yearly, quarterly, monthly


  • Q: What happens if I want to surrender the policy?

    Ans: You will receive the surrender value but only if you have paid all the premiums for at least 3 years. If you surrender the LIC Child Career Plan before the risk cover starts, you will get 90% of the premiums paid minus the 1st year’s premium amount. If surrendered after the risk cover starts, you get 90% of the premiums paid before the cover minus the 1st year’s premium amount and 30% of the premiums paid after.
  • Q: Will the life cover on my child continue if I stop paying premiums?

    Ans: Yes, the life cover will continue for 2 more years during the auto cover period. However, you should have paid at least 2 years’ premiums before stopping.
  • Q: Can I apply for a loan against the sum assured with LIC’s Child Career Plan?

    Ans: No, loans cannot be availed with this plan.
  • Q: Is LIC Child Career Plan still active?

    Ans: No, the plan was withdrawn by LIC in 2014. It is no longer available for sale.
  • Q: Which LIC policy is best for children?

    Ans: You can choose LIC’s SIIP Plan to grow a big corpus for your child’s future. The plan lets you invest in market-linked equity fund which generate higher returns. You can also explore LIC’s traditional child plans such as LIC Jeevan Tarun or LIC's New Children’s Money Back Plan.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

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