LIC Table 184 Maturity Calculator: Secure Your Child’s Future
Welcome to your complete guide to LIC’s Child Career Plan (Table 184)! If you’re looking for a reliable child insurance plan that combines protection with savings for your child’s education and career, you’re in the right place. Let’s explore how this plan works and calculate your potential returns.
LIC Table 184 Maturity Calculator
Use this interactive calculator to estimate your maturity and survival benefits. Adjust the values based on your child’s situation to see how much you could receive.
Your Estimated Returns
Understanding LIC Child Career Plan (Table 184)
LIC Child Career Plan is a non-linked, with-profits money-back plan designed to meet the educational and career needs of your child. It offers financial protection in case of unfortunate events and periodic payouts to support your child’s future milestones.
What makes Child Career Plan special is its structured survival benefits in the last five years of the policy, totaling 105% of the sum assured plus bonuses, making it ideal for planning your child’s higher education and career start.
Key Features at a Glance
- Death Benefit: Sum assured plus bonuses, with premium waiver option
- Survival Benefits: Periodic payouts starting 5 years before maturity
- Bonus Participation: Eligible for LIC’s declared bonuses
- Loan Facility: Available after acquiring surrender value
- Tax Benefits: Premiums eligible for deduction under Section 80C
How Does LIC Child Career Plan Work?
Let me break down how this plan works in simple terms that anyone can understand.
When you purchase a Child Career Plan policy for your child, you pay regular premiums for the premium paying term (policy term minus 5 years). In return, LIC provides:
- Life Cover: Protection for the child, with benefits to the family or child
- Savings Component: Bonuses accumulate over the term
- Survival Benefits: 30% SA + bonuses 5 years before maturity, then 15% SA each year for 5 years, with FAB on last payment
The plan helps you save systematically for your child’s future while providing insurance cover.
Breaking Down the Calculator Results
Now that you’ve used the calculator, let me explain what each of those numbers means for your child’s financial planning.
The total benefits amount you see is composed of several elements:
- Basic Sum Assured (105%): The total guaranteed payouts over the last 5 years
- Simple Reversionary Bonuses: Annual bonuses added to the policy
- Final Additional Bonus: Extra bonus paid with the last payout
Remember that while the sum assured payouts are guaranteed, bonuses depend on LIC’s performance. The calculator uses historical rates for estimates.
Benefits of Choosing Child Career Plan
| Benefit | Description | Impact on Your Child’s Future |
|---|---|---|
| Financial Protection | Life cover with premium waiver option | Ensures education continues even in your absence |
| Structured Payouts | Money-back in last 5 years | Funds available for higher education and career start |
| Bonus Accumulation | Participation in LIC’s profits | Enhanced funds for child’s goals |
| Loan Facility | Loan against policy | Emergency funds without disrupting plan |
| Tax Benefits | Deductions under 80C and 10(10D) | Savings on taxes |
Who Should Consider Child Career Plan?
This plan is tailored for parents planning their child’s future. It’s particularly beneficial if:
- Your child is between 0-12 years old
- You want to save for education and career milestones
- You prefer traditional plans with guaranteed payouts
- You’re looking for disciplined savings with insurance
- You want option for premium waiver in case of mishap
However, if you seek market-linked returns or have older children, explore other options.
Frequently Asked Questions
Premium Waiver Benefit is an optional rider where in case of proposer’s (parent’s) death, future premiums are waived, and the policy continues with full benefits for the child. It requires additional premium payment.
For children below 10 years, risk commences after 2 policy years or age 7, whichever is later. For 10-12 years, after 1 year. Before that, only premiums are refunded on death.
Bonuses are declared annually by LIC based on performance, expressed per ₹1000 sum assured. These simple reversionary bonuses accumulate and are paid with the first survival benefit.
The policy may lapse after grace period (30 days monthly, 15 days others). It can be revived within 5 years by paying arrears with interest and meeting conditions.
It depends on child’s age, sum assured, and health declaration. For young children and lower sums, usually not required. Consult your agent for details.
Tips for Maximizing Your Child Career Plan Returns
To make the most of your Child Career Plan policy, consider these practical strategies:
- Start Early: Enroll when child is young for lower premiums and longer bonus accumulation
- Choose Right Maturity Age: Align with expected education milestones (e.g., 23-27 for higher studies)
- Opt for Yearly Premiums: Usually cheaper than frequent modes
- Never Miss Premiums: Use auto-debit to avoid lapse
- Add Premium Waiver: For added security
- Review Regularly: Ensure coverage matches growing needs
Final Thoughts
LIC Child Career Plan offers a balanced way to secure your child’s educational and career aspirations, combining insurance with structured savings. While returns may not match market-linked products, its guarantees and safety appeal to conservative parents.
Our calculator provides realistic estimates to aid decision-making. Actual bonuses may vary based on LIC’s declarations.
Consult a licensed advisor to evaluate your family’s needs and choose the best plan.
Planning for your child’s future is invaluable. Tools like Child Career Plan can help build a strong foundation!