LIC- CDA
Endowment Vesting At 21
Product Summary:
This is an Endowment Assurance plan designed to enable a parent or a legal
guardian or any near relative of the child (called proposer) to provide insurance
cover on the life of the child (called life assured). The plan has two stages,
one covering the period from the date of commencement of policy to the Deferred
Date (called deferment period) and the other covering the period from the
Deferred Date to the date of maturity. The insurance cover on the child’s
life starts from the Deferred Date and is available during the latter period.
The Deferred Date in case of Plan No 41 is the policy
anniversary date coinciding with or next following the
date on which the child completes 21 years of age. In
case of Plan No 50 it is the policy anniversary date
coinciding with or next following the 18th birthday of
the child.
Premiums:
Premiums are payable yearly, half-yearly, quarterly or monthly and this shall
cease on the death of the life assured . Premiums are waived on death of Proposer
provided this benefit is availed.
Bonuses:
This is a with-profits plan and participates in the profits of the Corporation’s
life insurance business after the deferred date. It gets a share of the profits
in the form of bonuses. Simple Reversionary Bonuses are declared per thousand
Sum Assured annually at the end of each financial year. Once declared, they
form part of the guaranteed benefits of the plan.
Other LIC Plans for Children
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