Introduction

This policy is to meet the expenses of a child’s education and marriage requirements. It provides the risk cover on the child’s life as well.

Why Child Education and Marriage Plan

This plan provides the risk cover in case of a child’s death and also for an extended period of 7 years after the demise of the child.

Key Features

You have the entire policy term in your hand to pick your compatible policy according to the plans and the premium waivers.

  • This plan is combination of few plans and is specially designed keeping in mind the two important aspects of children i.e. Education and Marriage.
  • Best suited for a newly born child.
  • Children will receive money regularly from age 18 to 25 years which will help in their education and marriage.
  • In case of sudden demise of any parent, future premium will be waived off and child will receive the same amount at the same time as decided while taking policy.
  • Also certain amount will be paid to the family along with waiver off premium for children’s basic education purpose.
  • Double tax benefit of section 80 C& 10 (10D).
  • All in one combo for child’s education and marriage purpose.

Maturity Benefits

On the maturity of the policy term, the amount paid to the policyholder or the nominee depends on various options. The policy papers are to be consulted before reaching to any conclusion.

An Illustration: At the Basic Sum Assured (BSA) of 9 Lac
CHILD EDUCATION & MARRIAGE PACKAGE
Age of Father  30 Years
Age of Child 0 Years
Annual Premium: Nearly ₹ 45,000
On Survival: Earns Money at the right time
Age of Child Amount Receivable
18 ₹ 1 Lac
19 ₹ 1.90 Lac
20 ₹ 1 Lac
21 ₹ 2.10 Lac
22 ₹ 1 Lac
23 ₹ 2.30 Lac
24 ₹ 2.40 Lac
25 ₹ 10.25 Lac
On unfortunate death of father during term of the policy, Nominee will get 4,00,000 immediately& all the future premiums will be waived off & Educational expenses will be covered as under
Age of Child  Amount Receivable
Next year from date of death ₹ 40,000 per year
18 ₹ 1.40 Lac
19 ₹ 2.30 Lac
20 ₹ 1.30 Lac
21 ₹ 2.40 Lac
22 ₹ 1.20 Lac
23 ₹ 2.50 Lac
24 ₹ 2.50 Lac
25 ₹ 10.25 Lac
 

Disclaimer: “Child Education & Marriage Package” is a concept name only and it’s not a direct product of LIC, this is a combination of various plans and the plans used for combination are of LIC of INDIA.