Plan807

LIC’s Young Citizen Plan

  • Basic Details: This is non-linked with profits, limited premium plan for children education needs .
  • Survival Benefit & Maturity Benefits: The following option is to be chosen at proposal stage.
    • Option 1 – Non Survival benefit, 100% S.A as Maturity Benefit at age 23.
    • Option 2 – 5% of S.A every year for 5 years, 75% of S.A as Maturity Benefit at age 23.
    • Option 3 – 10% of S.A every year for 5 years, 50% of S.A as Maturity Benefit at age 23.
    • Option 4 – 15% of S.A every year for 5 years, 25% of S.A as Maturity Benefit at age 23.
  • Payable on Death:
    • If death happens before commencement of risk, Refund of premiums paid excluding extra.
    • If death happens after commencement of risk, Sum Assured on Death+ Vested Bonus + FAB if any.
  • Date of Commencement of Risk:
    • For age at entry less than 8 Years LBD: One day before completion of 2 years from DOC or one day before Policy Anniversary after completion of age of 8 years LBD, whichever is earlier.
    • For age at entry 8 years LBD or more: Risk will commence immediately.
  • Salient Features:
  • Plan Available for Ages: 90 days (completed) to 12 Years LBD
  • Policy Term: 23 – Age at entry
  • Premium Paying Term: 18- Age at entry
  • Minimum Sum Assured: 1 Lac(in multiples of 10000)
  • Maximum Sum Assured: No Limit
  • Mode Rebate: Yearly 2%,Half Yearly 1% (Both on tabular premium)
  • Premium Can Be Paid: Yearly/Half Yearly/Quarterly/Monthly
  • High Basic S.A. Rebate:
    • 2 Lac to 4.9 Lac : Tk 2%o Basic SA
    • 5 Lac and above : TK 3%o Basic SA
  • Paidup/Surrender/Policy Loan:
    • For PPT upto 9 Years: After payment of full 2 years premium.
    • For PPT 10 Years & above: After payment of premium of 3 full years.
  • Revivals: Within 2 years of First Unpaid Premium.
  • Grand parents as Proposer: Allowed with consent of parents.
  • Conditions of Term Riders Benefit for Parents:
    • Minimum & Maximum Age: 18 Years – 55 Years
    • Premium Paying Term – Same as Base Plan
    • Minimum SA – Tk. 1 Lac
    • Maximum Sum Assured – Equal to Sum Assured of Base Plan(Max. 25 Lacs)
    • Risk Cover of parents will continue till end of Premium Paying Term.
    • This Risk Cover will not have any Surrender Value.