LIC Child Career Plan 184 Calculator
Launch Date: 8th February 2007
Withdrawal Date: 1st January 2014
Plan Type: With Profits – Endowment Plan for Children
Plan Status: Withdrawn — calculation is for existing policies / reference
LIC Child Career Plan 184 Result
Premium & Benefit Estimate
Survival Benefit Schedule
| Timing | % of SA | Guaranteed Amount | Bonus Treatment |
|---|
Guaranteed Benefit Summary
SA Rebate: ₹3,00,000 to ₹4,99,999 = 1.5 per mille of SA; ₹5,00,000 and above = 2 per mille of SA.
Mode Rebate: Yearly = 2% of tabular premium; Half-yearly = 1%; Quarterly and Salary Deduction = Nil.
Introduction to LIC Child Career Plan 184
LIC Child Career Plan 184 this Planning for a child’s education, career, and other major financial milestones can be an important responsibility for parents. To support these long-term needs, LIC introduced the Child Career Plan (Plan No. 184), a dedicated insurance product aimed at helping parents build financial resources for their children’s future.
What is LIC Child Career Plan 184?
The LIC Child Career Plan 184 was a traditional money-back endowment policy created to provide financial support for a child’s future. Launched on February 8, 2007, the plan provided life risk coverage for the child throughout the policy term, along with an additional 7-year extended risk-cover period after the policy ended.
The plan was structured to help parents or guardians create a financial corpus for higher education and career-related requirements through periodic survival benefits. LIC later withdrew the plan from new sales on January 1, 2014, although existing policyholders could continue receiving benefits according to their policy terms.
Who Could Buy LIC Child Career Plan 184?
The policy was intended for children between 0 and 12 years of age. Depending on the child’s age and selected duration, the policy term could range from 11 to 27 years.
Premiums could be paid for either six years or for a period equal to the policy term minus five years.
Key Features of LIC Child Career Plan 184
- Child Life Cover: Provides risk protection on the child’s life during the policy term and for an additional seven years afterward.
- Survival Benefits: Periodic money-back benefits are payable after completion of the premium-paying period.
- Maturity Benefit: A lump-sum amount, along with applicable bonuses, is payable when the policy matures.
- Policy Term: Available for periods ranging from 11 to 27 years.
- Premium-Paying Term: Premiums could be paid for six years or for the policy term minus five years.
- Payment Modes: Premiums could be paid annually, half-yearly, quarterly, monthly, or through salary deduction.
- Extended Risk Cover: No premium was required during the additional seven-year period, while the applicable risk cover continued.
- Bonuses: The plan was eligible for Simple Reversionary Bonus and Final Additional Bonus declared by LIC.
- Surrender Benefit: Surrender was available after three years of premium payments.
- Loan Facility: Loans could be taken against the policy subject to LIC’s applicable rules.
Eligibility Criteria
| Parameter | Eligibility |
|---|---|
| Entry Age | 0 to 12 years |
| Minimum Maturity Age | 23 years |
| Maximum Maturity Age | 27 years |
| Policy Term | 11 to 27 years |
| Premium-Paying Term | 6 years or policy term minus 5 years |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | ₹1 crore |
The eligibility details are based on the supplied plan information.
Benefits of LIC Child Career Plan 184
Financial Support for the Child’s Future
The primary purpose of the plan was to create a financial corpus for a child’s higher education and career requirements. Periodic survival payments and the final maturity amount could be used to meet education fees, professional expenses, or other important financial needs.
Life Protection with Bonuses
If the child passed away during the applicable policy period, the nominee could receive the Sum Assured along with applicable bonuses. This provided financial protection for the child’s future financial objectives.
Extended Risk Protection
One of the notable features was the additional seven-year risk-cover period after the main policy term. No premiums were required during this extended period. If the child died during this period, the applicable Sum Assured was payable.
Survival or Money-Back Benefits
The policy provided survival benefits at predetermined intervals. These periodic payments could help parents manage education-related expenses during the child’s growing years instead of waiting until the final maturity date.
Flexible Premium-Paying Period
Policyholders could choose between paying premiums for six years or for a longer period based on the policy term, giving them greater flexibility in managing their finances.
Launch and Withdrawal Dates
- Launch Date: February 8, 2007
- Withdrawal Date: January 1, 2014
The plan is no longer available to new customers, while existing policies continue according to their original terms.
How to Use LIC Child Career Plan 184 Calculator
The LIC Child Career Plan 184 calculator can help estimate premiums, maturity benefits, and survival payouts using details such as the child’s age, selected policy term, Sum Assured, and premium payment mode.
Visit a Child Plan Calculator Online
Insurance websites may provide calculators for LIC child insurance plans. If Plan 184 is available as a legacy option, users can select it; otherwise, similar child plans can be used for comparison.
Enter the Required Details
Typically, the calculator requires:
- Child’s age between 0 and 12 years
- Policy term between 11 and 27 years
- Sum Assured starting from ₹1,00,000
- Premium-paying period of six years or policy term minus five years
- Premium mode such as yearly, half-yearly, quarterly, or monthly
Calculate the Premium
After entering the required information, the calculator can display:
- Annual premium
- Total premiums payable
- Estimated maturity benefit
- Survival benefits payable at specified intervals
Review the Results
The calculator output can provide an overview of premium obligations, survival payouts, maturity value including bonuses, and applicable death benefits, helping parents evaluate different combinations before making financial decisions.
Premium Calculation Example
Consider a 2-year-old child insured under LIC Child Career Plan 184 with the following details:
- Policy Term: 21 years
- Premium-Paying Term: 16 years
- Sum Assured: ₹5,00,000
- Premium Mode: Monthly
The supplied example gives an estimated monthly premium of approximately ₹1,000.2670, with an annual premium of ₹29,811. Survival benefits and maturity proceeds would be payable at the applicable intervals together with bonuses declared by LIC. Actual figures could vary depending on age, Sum Assured, premium mode, and other applicable factors.
Survival Benefits and Maturity Benefit
LIC Child Career Plan 184 provides survival benefits at specified stages during the policy term. These periodic payouts can help parents meet education expenses and other financial requirements as they arise.
At maturity, the policy pays the Sum Assured together with applicable Simple Reversionary Bonuses and Final Additional Bonus. The resulting amount can provide a substantial financial corpus for higher education or career-related requirements.
Death Benefit
If the child dies during the policy period, the applicable death benefit depends on when the death occurs:
- If death occurs before the final five years of the policy term, the Sum Assured along with vested Simple Reversionary Bonuses and Final Bonus is payable.
- If death occurs during the final five years of the policy term, the Sum Assured and applicable Final Bonus are payable.
- If death occurs during the extended risk-cover period, the Sum Assured is payable.
- If death occurs before the risk commencement date, the premiums paid, excluding any extra premium, along with interest at 3% compounded annually, are payable.
Bonuses Under LIC Child Career Plan 184
The plan was eligible for annual Simple Reversionary Bonuses declared by LIC. These bonuses could increase the overall value of the policy and were payable along with applicable survival and maturity benefits.
LIC could also declare a Final Additional Bonus depending on the applicable bonus rates and policy experience.
According to the supplied information, historical bonus rates generally ranged between ₹35 and ₹55 per ₹1,000 Sum Assured, although rates could vary from year to year.
Advantages of Using an Online LIC Child Career Plan Calculator
- Simpler Financial Planning: Quickly estimates premiums and benefits without requiring manual calculations.
- Saves Time: Provides results without depending entirely on an agent for basic calculations.
- Flexible Comparisons: Different ages, terms, Sum Assured amounts, and payment modes can be tested.
- Better Decisions: Helps parents evaluate a suitable combination based on their financial capacity and future goals.
Online insurance platforms may also offer calculators for other LIC child plans, allowing parents to compare different child-oriented insurance products.
Important Considerations
- LIC Child Career Plan 184 was withdrawn from new sales on January 1, 2014.
- Existing policyholders should check their individual policy documents, benefits, and maturity dates.
- Current LIC child plans or other insurance products can be compared when planning new investments.
- Premiums should be paid on time to maintain the applicable policy benefits.
- Policyholders should understand the surrender and loan provisions before making any changes to an existing policy.
Frequently Asked Questions
What is LIC Child Career Plan 184?
LIC Child Career Plan 184 was a traditional endowment insurance plan created to help parents financially prepare for their child’s future. It offered periodic survival benefits, maturity benefits, and life coverage for the child along with applicable LIC bonuses.
Who could purchase LIC Child Career Plan 184?
The plan was designed for children between 0 and 12 years of age. Parents or guardians could purchase the policy to help build funds for future education and career-related expenses.
What was the policy term and premium-paying period?
The policy term could range from 11 to 27 years. Premiums could be paid for six years or for a period up to five years shorter than the selected policy term.
How did the bonuses work?
The plan was eligible for annual Simple Reversionary Bonuses. These bonuses accumulated over time, while LIC could also declare a Final Additional Bonus depending on the applicable rates and company experience.
What happened if the child died during the policy?
In the event of the child’s death during the policy or extended risk-cover period, the nominee received the applicable Sum Assured along with bonuses wherever applicable. During the seven-year extended period, the Sum Assured was payable according to the policy terms.
Conclusion
LIC Child Career Plan 184 was designed to help parents systematically build financial resources for their child’s education and career while also providing life insurance protection. Its combination of survival benefits, maturity benefits, bonuses, and extended risk coverage made it a child-focused money-back insurance product.
Although the plan is no longer available for new purchases, existing policyholders can continue to receive benefits according to their policy terms. A LIC child-plan calculator can also help estimate premiums, maturity values, and survival benefits for existing policies or for comparison with similar child insurance products.
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