Aspire is LICI’s children’s plan specially designed to meet the dreams for your child’s future, even in the unfortunate event of the proposer’s death during the term of the policy by opting for Premium Waiver Benefit (PWB) rider.
Parents and Grandparents and Guardians can propose with the PWB.
Unique features: The Plan provides periodical payments (called survival benefits) in seven annuals from the policy anniversary after the child attains 14 years. The policy matures on the child’s 20 year of age; the last survival benefit is payable along with the vested bonuses.
Need to Know:
- Age Limit- Minimum: 0 years & Maximum: 10 years (Last Birth Day)
- Policy Term: 20 years minus present age of the child
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ELIGBILITY CONDITIONS AND OTHER RESTRICTIONS:
Minimun age at entry
Maximum age at entry
Policy/Premiun Paying Term (PPT)
20 Years - Age of Child
Minimum Basic Sum Assured
$10,000 (Multiples of $1,000)
Maximum Basic Sum Assured
Choice to receive survival benefits as per needs for your child. These survival benefits are meant for meeting (partly or fully, depending upon the sum assured opted under the policy) the child’s secondary and tertiary education. These benefits fall due on the date of every policy anniversary falling due on or after the child’s attaining 14th year through 20th year.
Table of Survival Benefits (as % of the Sum Assured) payable under Aspire Plans:
30% + Bonus
25% + Bonus
20% + Bonus
The policy matures on the policy anniversary falling on or after the child’s attainment of 20th year of age. The last (seventh) survival benefit is payable along with the vested bonuses, as declared by LICI, under the policy as maturity benefit.
Commencement of Risk:
Risk cover on the life of the child assured under the policy commences from the date of the policy anniversary falling on or after his or her attainment of 10th birthday.
Death after the Commencement of Risk:
Full Sum Assured is payable along with the vested bonuses – without deducting the survival benefits that may have been already paid out – in case of the child’s unfortunate death after the commencement of risk cover.
Death prior to the Commencement of Risk:
In case of unfortunate death of the child prior to the date of risk commencement (as explained above), the premiums paid till that date are returned to the proposer.
The following optional benefits are available under the Aspire Plans on payment of additional premiums. Both these riders cover the risk on the life of the proposer and are enormously useful to opt for.
Premium Waiver Benefit:
Waives premiums in case of unfortunate death of the proposer under the policy during the term of the policy. Waiver benefit ensures that the educational needs of the child are met unhampered under such circumstances. However, there may be some restrictions regarding the age of the proposer for granting this rider cover.
Term Assurance Benefit:
Pays an amount equivalent to 20% of the basic sum assured as a token of relief to the family in case of unfortunate death of the proposer during the term of the policy. There may be some restrictions regarding the age of the proposer for granting this rider cover.
The premiums can be paid by either parent in fortnightly, weekly, bimonthly or monthly deduction from salary or can be paid in monthly, quarterly, half yearly or yearly mode by cash, bank deduction. The policy premium can be paid even in single premium by either parent or can be given as a gift by grandparent to ensure education of grandchild.