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The Children’s Deferred Endowment Assurance Plan At 21 from the Life Insurance Corporation of India (LIC) is an endowment policy that a parent/relative/legal guardian can purchase for a child. The policy provides a risk cover against death on the life of the child, after the date of deferment. This is a “with-profit” policy, thus the life assured will also be able to avail bonuses, in addition to the payouts provided by the plan. The proposer/policyholder/nominee can avail tax returns under the prevailing laws of Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Sum Assured

The sum assured is the minimum amount of money that the insurance company is liable to pay to the policyholder/nominee. Keep in mind that what you may receive or what your nominee receives might be higher than this, since this amount does not take into account any bonuses or guaranteed additions. In the case of the Children’s Deferred Endowment Assurance Plan At 21, the proposer will have to work out and choose an optimum sum assured amount. The sum assured is linked to the premium charge. Thus, if you opt for a high sum assured, you will have to pay a high premium, and vice versa.

Premiums*

When an insurance policy is purchased, the policy buyer pays a premium to the insurance firm. One must make sure to pay the premium amount before the completion of the grace period in order to keep the insurance policy from lapsing. As per this policy, upon the life assured’s death, future premium payments may be waived off in case this benefit has been opted for at the time of purchasing the policy.

*Premiums vary based on age, location, plan term, sum assured, GST, and other factors.

The insurer offers additional riders that can be purchased by the proposer, along with the base policy. While these riders are offered for an extra premium, they will provide a more enhanced coverage to the life assured.

Other Key Features

The proposer is eligible to claim tax deductions under Section 80C and Section 10(10D) of the Income Tax Act, 1961. Tax benefits can be claimed for both premiums paid and benefits that one may receive, i.e., the death benefit. Tax laws may change without any prior notice, thus the policyholder must ensure to consult with a tax advisor to make the most of the tax benefits.

Your child’s financial needs will only increase with time. Buying a child insurance policy, like the Children’s Deferred Endowment Assurance Plan At 21, is a smart way to ensure that your child is provided a risk cover and a maturity benefit that can help meet his/her needs in the future.

LIC was nationalised in the year 1956 in an effort to increase the penetration of life insurance products, especially in rural areas of the country. The insurer has reported a high grievances resolved ratio of 100% and a claim settlement ratio of 98.33%. The insurer has a host of life and health insurance products, a number of insurance agents, and 2,048 branches across the country, thus ensuring easy accessibility.

Note: This policy has been withdrawn by LIC.