LIC Child Fortune Plus Plan 194 Calculator
Plan No. 194 (ULIP Child Insurance Plan)
Important Notes
- This is a Unit Linked Insurance Plan (ULIP). The maturity amount depends on the performance of the selected investment fund.
- The policy continues until the child reaches 25 years of age or the parent attains 75 years, whichever occurs earlier.
- Regular Premium is available only if the child’s entry age is up to 10 years. Single Premium is available up to 17 years.
- Partial withdrawals are allowed after the applicable lock-in period as per LIC rules.
- No loan facility is available under this plan.
- Fund Value, Maturity Benefit and Death Benefit shown by this calculator are estimated values for illustration only.
Disclaimer
This calculator provides estimated values based on the information entered by the user and assumed investment returns. Actual fund value, charges, NAV, maturity benefit and death benefit will depend on LIC policy terms, fund performance and applicable charges.
What is LIC Child Fortune Plus Plan 194?
LIC Child Fortune Plus Plan 194 is a Unit Linked Insurance Plan (ULIP) introduced by the Life Insurance Corporation of India to help parents build a secure financial future for their children. Under this plan, the life of the parent is insured while the accumulated investment is intended to support the child’s future financial needs.
The policy combines life insurance protection with market-linked investment opportunities, allowing policyholders to invest in different fund options based on their financial goals and risk tolerance. If the parent (life assured) passes away during the policy term, the plan provides financial support to the child as per the policy conditions.
The policy remains in force until:
- The nominated child reaches 25 years of age, or
- The life assured (parent) reaches 75 years of age,
whichever occurs earlier.
Key Features and Eligibility
Policyholder
The policy can be purchased by the child’s parent or legal guardian.
Child’s Entry Age
- Regular Premium Option: Birth to 10 years (last birthday).
- Single Premium Option: Birth to 17 years (last birthday).
Age of the Life Assured
- Minimum Entry Age: 18 years
- Maximum Entry Age: 55 years
Policy Duration
The policy continues until the child attains 25 years of age or the parent reaches 75 years, whichever is earlier.
Premium Payment Options
Policyholders can choose from:
- Regular Premium
- Monthly
- Quarterly
- Half-Yearly
- Yearly
- Single Premium
Minimum Premium
- Regular Premium: ₹1,000 per month
- Single Premium: ₹40,000
Investment Fund Choices
The plan offers multiple investment funds to suit different risk preferences:
- Bond Fund
- Secured Fund
- Balanced Fund
- Growth Fund
Life Insurance Cover
The policy provides life insurance protection on the parent throughout the policy term.
Maturity Benefit
If both the life assured and the child survive until maturity, the accumulated fund value is payable as the maturity benefit.
Loan Facility
Loans are not available under this policy.
Partial Withdrawal
Partial withdrawals are permitted after the completion of the lock-in period, subject to the policy conditions.
Grace Period
A grace period of 30 days is available for paying renewal premiums.
Eligibility Details
| Parameter | Regular Premium Option | Single Premium Option |
|---|---|---|
| Minimum Entry Age of Life Assured | 18 Years (Last Birthday) | 18 Years (Last Birthday) |
| Maximum Entry Age of Life Assured | 55 Years (Nearest Birthday) | 55 Years (Nearest Birthday) |
| Minimum Entry Age of Child | Birth | Birth |
| Maximum Entry Age of Child | 10 Years | 17 Years |
| Maximum Maturity Age of Child | 25 Years | 25 Years |
| Maximum Maturity Age of Life Assured | 75 Years | 75 Years |
| Policy Term | Until Child Turns 25 or Parent Turns 75, Whichever is Earlier | Same |
| Premium Paying Term | Same as Policy Term | Not Applicable |
| Premium Payment Mode | Yearly, Half-Yearly, Quarterly, Monthly | Single Premium |
Benefits of LIC Child Fortune Plus Plan 194
Financial Security for the Child
The policy helps create a financial corpus for the child’s future. On maturity, the accumulated fund value can be used to meet important expenses such as higher education, marriage, or other significant life goals.
Life Insurance Protection
If the parent (life assured) dies during the policy term, the policy provides the applicable insurance benefits to the nominee, helping protect the child’s financial future.
Market-Linked Investment Growth
Premiums are invested in professionally managed funds selected by the policyholder. Depending on the chosen fund and market performance, the investment has the potential to grow over time.
Flexible Premium Payment
The plan offers flexibility by allowing policyholders to choose either:
- Single Premium, or
- Regular Premium payments on a monthly, quarterly, half-yearly, or yearly basis.
Fund Switching Facility
Policyholders have the option to switch between available investment funds according to changing financial goals or risk preferences, enabling better management of their investment portfolio.
How Does the LIC Child Fortune Plus Plan 194 Calculator Help?
The LIC Child Fortune Plus Plan 194 Calculator is an online planning tool that helps policyholders estimate the premium amount and projected policy benefits before investing. By entering a few basic details, users can quickly understand the expected maturity value and insurance coverage without performing manual calculations.
The calculator generally requires the following information:
- Age of the life assured (parent).
- Age of the child.
- Premium amount.
- Policy term or maturity period.
- Preferred premium payment frequency.
After processing these details, the calculator provides estimates such as:
- Premium amount payable (monthly or annually).
- Expected maturity fund value.
- Estimated death benefit.
These projections help parents make informed financial decisions while planning for their child’s future.
Step-by-Step Guide to Using the Calculator
Using the LIC Child Fortune Plus Plan 194 Calculator is simple and requires only a few basic details.
Step 1: Open a LIC Premium Calculator
Visit the official LIC website or a trusted insurance portal that provides the LIC Child Fortune Plus Plan 194 Calculator.
Step 2: Enter the Parent’s Age
Provide the age of the life assured (parent), which should be between 18 and 55 years.
Step 3: Enter the Child’s Age
Enter the child’s age according to the selected premium option:
- Up to 10 years for the Regular Premium option.
- Up to 17 years for the Single Premium option.
Step 4: Select Premium Amount and Payment Mode
Choose the premium amount and your preferred payment frequency, such as:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
- Single Premium
Step 5: Choose the Policy Term
The policy remains active until:
- The child reaches 25 years of age, or
- The parent reaches 75 years of age,
whichever occurs first.
Step 6: Generate the Estimate
After entering all required details, submit the information. The calculator displays:
- Estimated premium.
- Expected maturity value.
- Projected policy benefits.
Step 7: Review the Results
Use the estimated figures to evaluate your investment and determine whether the policy aligns with your financial objectives for your child’s future.
Example of Calculator Usage
Consider the following example:
- Parent’s Age: 30 Years
- Child’s Age: 5 Years
- Monthly Premium: ₹1,000
Using the LIC Child Fortune Plus Plan 194 Calculator, you can estimate the maturity value that may be available when the child reaches 25 years of age.
The calculator evaluates several factors, including:
- Selected investment fund.
- Policy duration.
- Market-linked returns.
- Mortality charges.
- Other applicable policy charges.
Based on these inputs, it provides an estimated fund value along with the insurance protection available under the plan, helping users understand the potential long-term benefits.
Important Considerations Before Buying
Before choosing LIC Child Fortune Plus Plan 194, it is important to keep the following points in mind:
- The policy was discontinued for new sales from 1 September 2010.
- Existing policyholders continue to enjoy benefits according to the original policy terms.
- Since this is a Unit Linked Insurance Plan (ULIP), the fund value depends on market performance and may fluctuate over time.
- No loan facility is available under the policy.
- Tax benefits on premiums and maturity proceeds are available as per the applicable provisions of the Income Tax Act.
Frequently Asked Questions
What is LIC Child Fortune Plus Plan 194?
LIC Child Fortune Plus Plan 194 is a Unit Linked Insurance Plan that combines life insurance protection for the parent with market-linked investments to help build a financial corpus for the child’s future.
When was LIC Child Fortune Plus Plan 194 launched?
The policy was introduced by LIC on 1 November 2008.
Is LIC Child Fortune Plus Plan 194 still available?
No. The plan was withdrawn from sale on 1 September 2010. However, existing policies continue according to their original terms and conditions.
Who is eligible to purchase this plan?
Parents or legal guardians can purchase the policy for children:
- Up to 10 years of age under the Regular Premium option.
- Up to 17 years of age under the Single Premium option.
What is the policy term?
The policy remains in force until the child reaches 25 years of age or the parent (life assured) reaches 75 years of age, whichever occurs earlier.
Can policyholders switch between investment funds?
Yes. The policy allows fund switching among the available investment options, including:
- Bond Fund
- Secured Fund
- Balanced Fund
- Growth Fund
This flexibility enables policyholders to adjust their investment strategy according to changing financial goals and market conditions.
Conclusion
LIC Child Fortune Plus Plan 194 was designed to provide both life insurance protection and market-linked investment opportunities, helping parents build a financial foundation for their children’s future. By combining insurance coverage with investment flexibility, the plan aimed to support important life goals such as higher education and marriage.
Although the policy is no longer available for new purchases, existing policyholders continue to receive benefits under the original policy terms. The LIC Child Fortune Plus Plan 194 Calculator remains a valuable tool for estimating premiums, projected fund values, and policy benefits, making financial planning more transparent and helping users compare similar child insurance plans currently available in the market.
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