LIC Child Fortune Plus Plan 194
Unit Linked Investment Plan Calculator
Plan Number: 194 (UIN: 512L251V02)
Launch Date: 01/11/2008
Withdrawal Date: 01/09/2010 (No longer available for new policies)
Plan Type: Unit Linked Insurance Plan (ULIP) - Life Cover + Investment
Calculator
Calculation Results
Key Plan Features:
✓ Life Cover: Sum Assured protects child if life assured dies
✓ Premium Waiver: Future premiums waived on life assured's death
✓ Partial Withdrawal: Allowed after 3 years
✓ Fund Switching: 4 free switches per year, ₹100 per switch thereafter
✓ Policy Term: Till child reaches 25 years or life assured reaches 75 years (whichever is earlier)
✓ Surrender: Allowed after 3 years (no surrender charge)
✓ Investment Risk: Borne by policyholder
Important Information:
• Monthly Policy Administration Charge: ₹60 (Year 1), ₹20 (Year 2 onwards) escalating at 3% p.a.
• Mortality Charge: Varies based on age and sum assured
• Service Tax applicable on charges as per current rates
• Units purchased at Net Asset Value (NAV) on premium receipt date
• Death Benefit = Sum Assured (if child alive) or Sum Assured + Fund Value (if child deceased)
• *Estimation assumes constant returns; actual values depend on market performance
The LIC Child Fortune Plus Plan 194 is a Unit Linked Insurance Plan (ULIP) by the Life Insurance Corporation of India that aims to provide financial security and support to parents for their child’s future needs such as education and marriage.
This plan helps parents build a financial corpus while also providing life insurance coverage on the parent’s life. The plan was launched on November 1, 2008, and was withdrawn from sale on September 1, 2010.
What is LIC Child Fortune Plus Plan 194?
The LIC Child Fortune Plus Plan 194 is designed to secure the future of a child by insuring the life of the parent, who is the policyholder. This Unit Linked Insurance Plan combines insurance and investment benefits, giving you the opportunity to invest in various fund options based on your risk appetite while ensuring financial protection if anything unfortunate happens to the parent during the policy term.
The plan’s policy term continues until:
- The child nominated under the policy reaches 25 years of age, or
- The life assured (parent) attains 75 years of age.
Key Features and Eligibility
- Policyholder: Parent or guardian of the child
- Child’s Age at Entry: Minimum 0 years, maximum 10 years for regular premium; up to 17 years for single premium
- Life Assured Age: Minimum 18 years, maximum 55 years
- Policy Term: Until child attains 25 years or life assured attains 75 years
- Premium Payment Options: Regular premium (monthly, quarterly, half-yearly, yearly) or single premium
- Minimum Premium: ₹1,000 per month for regular premium, ₹40,000 for single premium
- Fund Options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund—catering to different investment risk levels
- Risk Cover: Life cover on the parent’s life during the policy term
- Maturity Benefit: Fund value payable on maturity if the life assured and child survive till maturity
- Loan Facility: Not available under this plan
- Withdrawal: Partial withdrawals allowed after the lock-in period as per terms
- Grace Period: 30 days for premium payment
Benefits of LIC Child Fortune Plus Plan 194
1. Financial Security for Child’s Future
The plan ensures a lump sum amount or fund value is provided to the child at the end of the policy term, which can be used for higher education, marriage, or any other significant milestone.
2. Life Insurance Protection
In case of the parent’s unfortunate demise during the policy term, the nominee (typically the child) receives the insurance benefit, providing financial protection to the family.
3. Investment Growth
The funds are invested in various managed funds aligned to your chosen risk profile, with the potential to grow over the long term, thanks to market-linked returns.
4. Flexible Premium Payment
You can choose either a lump sum single premium or pay premiums regularly monthly, quarterly, half-yearly, or yearly, based on your convenience and financial planning.
5. Fund Switching
The plan allows switching between funds according to your changing risk appetite, helping you manage your investments actively.
How Does the LIC Child Fortune Plus Plan 194 Calculator Help?
The LIC Child Fortune Plus Plan 194 calculator is an online tool that simplifies the process of estimating the premiums you need to pay and the maturity amount you are likely to receive. Instead of manually crunching numbers or relying on complex policy documents, you can use the calculator by entering basic information such as:
- Age of the life assured (parent)
- Age of the child
- Premium amount
- Policy term or maturity age
- Premium payment frequency
The calculator processes these inputs and gives you:
- Estimated annual or monthly premium amount payable
- Expected maturity value or fund value at maturity
- Death benefit estimate
This helps you make informed decisions on how much to invest based on your financial goals for securing your child’s future.
Step-by-Step Guide to Using the Calculator
Here’s how you can use the LIC Child Fortune Plus Plan 194 calculator effectively:
- Visit an LIC Premium Calculator platform
You can use the LIC official website calculator or trusted platforms like PolicyBazaar or BankBazaar, which offer LIC calculators. - Enter the parent’s age
The parent’s age must be between 18 and 55 years. - Enter the child’s age
For regular premiums, the child’s age should be up to 10 years; for a single premium option, it can be up to 17 years. - Select premium amount and frequency
Choose your preferred premium payment mode—monthly, quarterly, half-yearly, yearly, or single premium. - Choose policy term
The policy will continue till the child turns 25 or the parent turns 75, whichever happens first. - Submit the data
The calculator will compute and show you the premium amount, expected maturity value, and projected benefits. - Review and plan
Use the calculated values to plan your finances efficiently.
Example of Calculator Usage
Suppose a 30-year-old parent wants to insure their 5-year-old child and plans to pay a monthly premium of ₹1,000. Using the LIC Child Fortune Plus Plan 194 calculator, you can estimate the maturity amount your child might receive on maturity at age 25.
The calculator considers the investment returns from your selected fund and the policy term until maturity. It will also factor in mortality charges and other plan charges.
This way, you get a clear picture of your investments’ growth potential and the financial cover provided.
Important Considerations Before Buying
- The plan has been withdrawn from sale since September 1, 2010, so new policies under LIC Child Fortune Plus Plan 194 are no longer issued.
- Existing policyholders can continue enjoying benefits as per the original terms.
- Being a ULIP, market fluctuations can affect fund value and maturity benefits.
- No loan facility is available under this plan.
- Tax benefits may be applicable as per prevailing income tax laws on premiums paid and maturity proceeds.
Frequently Asked Questions
What is LIC Child Fortune Plus Plan 194?
It is a Unit Linked Insurance Plan by LIC aimed at securing your child’s financial future through investments and insurance coverage on the parent’s life.
When was LIC Child Fortune Plus Plan 194 launched?
The plan was launched on November 1, 2008.
Is LIC Child Fortune Plus Plan 194 still available for purchase?
No, this plan was withdrawn from sale on September 1, 2010. Existing policies continue as per terms.
Who can take this policy?
Parents or guardians of children aged up to 10 years (regular premium) or 17 years (single premium) can purchase this plan.
What is the policy term?
The policy lasts until the child turns 25 years or the parent (life assured) turns 75 years, whichever is earlier.
Can I switch between investment funds under this plan?
Yes, policyholders can switch between different fund options like Bond Fund, Secured Fund, Balanced Fund, and Growth Fund.
Conclusion
The LIC Child Fortune Plus Plan 194 was a valuable solution for parents seeking to secure the financial future of their children through combined insurance and investment benefits. The availability of a calculator greatly simplifies understanding the premiums and benefits involved, making it easier to plan for your child’s educational and life milestones.
Although this plan has been withdrawn from sale, knowing about its features and how to use such calculators can guide you in choosing current child insurance options effectively to safeguard your child’s future.