LIC Child Career Plan 184 Calculator
Calculate Premium, Maturity Benefits & Survival Benefits
Launch Date: 8th February 2007
Withdrawal Date: 1st January 2014
Plan Type: With Profits - Endowment Plan for Children
Premium Details
Survival Benefits
Maturity Benefits
Total Maturity Value
Planning your child’s future, especially their education and career funding, can be a significant concern for many parents. To assist with this, LIC (Life Insurance Corporation of India) introduced the Child Career Plan (Plan No. 184)—a special insurance plan designed to meet the increasing educational and other financial needs of growing children.
Introduction to LIC Child Career Plan 184
The LIC Child Career Plan (Plan 184) is a traditional money-back endowment plan aimed at securing a child’s future financially. Originally launched on February 8, 2007, this plan offers risk cover on the life of the child during the policy term and also an extended term of 7 years after the expiry of the policy term.
This plan is designed specifically to help parents or guardians accumulate corpus for children’s higher education and career needs by providing periodic survival benefits. Unfortunately, this plan was withdrawn from sale on January 1, 2014. However, existing policyholders continue to enjoy its benefits until maturity.
Who Can Buy LIC Child Career Plan 184?
This plan can be purchased for children between the age of 0 and 12 years. The policy term ranges between 11 to 27 years, depending on the age of the child and the duration chosen by the policyholder. Premiums can be paid for either 6 years or up to 5 years less than the policy term.
Key Features of LIC Child Career Plan 184
- Risk Cover for Child’s Life: Provides insurance coverage on the child’s life during the policy term and extended term (7 years post policy expiry).
- Survival Benefits: Money-back or survival benefits are paid at specified intervals after the completion of premium payment term.
- Maturity Benefit: On survival till maturity, a lump-sum amount including bonuses is paid.
- Policy Term: Flexible from 11 years to 27 years.
- Premium Payment Term: Either 6 years or policy term minus 5 years.
- Premium Payment Modes: Yearly, half-yearly, quarterly, or monthly (including salary deduction).
- Extended Term: No premium is payable during extended term of 7 years, but the risk cover continues.
- Bonuses: Eligible for simple reversionary bonuses and final (additional) bonuses declared by LIC.
- Surrender Value: Available after 3 years of premium payments.
- Loan Facility: Policyholders can avail of loans against the policy as per LIC rules.
Benefits of LIC Child Career Plan 184
Financial Security for Child’s Future
The plan is primarily designed to build a corpus for funding your child’s higher education or career. The policy ensures a regular inflow of survival benefits and lumpsum on maturity, which can be planned as installments for education fees or career investments.
Life Cover with Bonuses
In case of the unfortunate death of the child during the policy term, the nominee receives the sum assured along with bonuses, ensuring that the financial goals for the child’s future remain protected.
Extended Risk Cover
Even after the policy term ends, an extended risk cover of 7 years is provided without any premiums during this period. In case of child’s death during this extended term, the sum assured is paid.
Money-Back on Survival
The policy pays survival benefits at regular intervals during the policy term, helping parents manage ongoing education expenses without financial strain.
Flexible Premium Payment Term
You can choose to pay premiums for either 6 years or spread over a longer period, giving flexibility in managing cash flow.
Important Dates: Launch and Withdrawal
- Launch Date: February 8, 2007
- Withdrawal Date: January 1, 2014 (Plan no longer available for new buyers, but existing policies continue)
More details on withdrawn plans can be found on LIC official site or their withdrawals section. LIC Withdrawn Plans
How to Use LIC Child Career Plan 184 Calculator
Using the LIC Child Career Plan calculator helps parents estimate yearly premiums, maturity amounts, and survival benefits based on various parameters such as the child’s age, policy term, sum assured, and premium payment mode. Here’s how to use it:
Visit an LIC Child Plan Calculator Online
Many insurance aggregator sites provide LIC Child Plan calculators where you select LIC Child Career Plan 184 if available or similar child plans for calculation.
Enter Basic Details
- Child’s Age (0-12 Years)
- Policy Term (between 11 to 27 years)
- Sum Assured (minimum Rs. 1,00,000)
- Premium Payment Term (6 years or policy term minus 5 years)
- Premium Mode (Yearly, Half-Yearly, Quarterly, Monthly)
Calculate Premium
Based on provided inputs, the calculator displays:
- Yearly premium amount
- Total premiums payable
- Maturity benefit after the policy duration
- Survival benefits payable at intervals
Analyze Output
The calculator’s output shows premiums due, benefits at survival points, maturity value including bonuses, and death benefits to help in decision-making.
Premium Calculation Example
Suppose a child aged 2 years is insured under LIC Child Career Plan 184 with:
- Policy Term: 21 years
- Premium Paying Term: 16 years
- Sum Assured: Rs. 5,00,000
- Mode: Monthly premium
Estimated monthly premium is approximately Rs. 2670, while yearly premium is Rs. 29811. Survival benefits and maturity amount will be payable at regular intervals with bonuses as declared by LIC. These figures may vary with age, sum assured, and premium mode.
Survival Benefits and Maturity
LIC Child Career Plan offers survival benefits payable at fixed intervals during the policy term, which can help parents meet their child’s educational expenses periodically.
The maturity benefit is the sum assured plus reversionary bonuses and an additional final bonus, payable on survival till the end of the policy term. This amount provides a significant corpus for higher education or career-related expenses.
Death Benefit
In case of the unfortunate death of the child during the policy term, the nominee receives:
- Sum Assured on death plus vested simple reversionary bonuses and final bonus if death occurs before 5 years of maturity.
- Sum assured and final bonus if death occurs within the last 5 years of the policy term.
- Sum assured in case of death during the extended term.
- If death occurs before risk commencement date, all premiums paid (except extra premium, if any) along with interest at a rate of 3% compounded yearly will be paid.
Bonuses in LIC Child Career Plan 184
The plan is eligible for annual simple reversionary bonuses declared by LIC. These bonuses add value to your policy and are paid along with survival and maturity benefits. Additionally, a final (additional) bonus may also be declared.
The bonus rates typically vary yearly, but historically range from Rs. 35 to Rs. 55 per Rs. 1000 sum assured. These bonuses make the plan more rewarding financially.
For detailed bonus rates and historical data, visit LIC’s official bonus rates document. LIC Bonus Rates
Advantages of Using an Online Calculator for LIC Child Career Plan
- Simplifies planning: Quickly helps estimate premium and benefits without manual calculations.
- Save time: Instant results without waiting for an agent.
- Customizable: Inputs can be changed to see different premium and benefit scenarios.
- Better decision making: Helps parents choose the right policy term and sum assured as per their budget.
Several websites also provide calculators for LIC child plans, enabling you to evaluate other child insurance plans as well. Sites like PolicyBazaar, BankBazaar, and LIC’s official page are good starting points.
Important Considerations
- Since Plan 184 was withdrawn on 01/01/2014, it is not available to new policyholders.
- Existing policyholders should review their plan details and maturity dates.
- Compare this plan with current LIC child plans or other insurance products for the best fit.
- Ensure premium payments are done timely to avail of full benefits.
- Understand surrender value and loan facility terms before investing.
Frequently Asked Questions
What is LIC Child Career Plan 184?
LIC Child Career Plan 184 is a traditional endowment insurance plan designed to secure a child’s future by providing lump sum benefits at maturity and periodic survival benefits during the policy term. It also offers life coverage on the child’s life, with bonuses declared by LIC.
Who can purchase LIC Child Career Plan 184?
This plan is available for children aged between 0 and 12 years at the time of policy purchase. Parents or guardians can buy the policy to secure the child’s future educational and career expenses.
What is the policy term and premium payment period?
The policy term can range from 11 to 27 years depending on the child’s age and chosen plan. Premiums can be paid either for 6 years or for a period up to 5 years less than the policy term.
How are the bonuses structured in LIC Child Career Plan 184?
The plan is eligible for annual simple reversionary bonuses, which increase the policy’s value over time. Additionally, final (additional) bonuses may also be declared by LIC at maturity depending on the company’s performance and bonus rates for that year.
What happens if the child dies during the policy?
In the unfortunate event of the child’s death during the policy or extended period, the nominee will receive the sum assured plus bonuses. If death occurs during the extended 7-year term after the policy expiry, the sum assured is paid, ensuring financial protection.
Conclusion
LIC Child Career Plan 184 helped parents save systematically for their child’s career needs with the benefit of insurance coverage. Though withdrawn, it remains a good example of a money-back plan with survival benefits and life cover tailored for children’s future security.
Parents can use LIC child plan calculators to estimate premium, maturity, and survival benefits for existing or similar plans to choose what best suits their financial goals.