LIC Child Career Plan Calculator
Table No: 184 | UIN: 512N241V01
Launch Date: Plan launched before 2014
Date of Withdrawal: 01.01.2014 (Plan Discontinued)
Plan Type: Child Money Back Plan with Profits
Premium Calculation Results
💰 Survival Benefits Schedule
Parents always dream big for their kids, especially when it comes to education and career starts. LIC’s Child Career Plan 184 was one such policy that aimed to help with that.
What is LIC Child Career Plan 184?
LIC Child Career Plan 184, also known as Plan No. 184 (UIN: 512N241V01), is a with-profits endowment plan designed specially for children. It was launched on February 8, 2007, to meet the growing needs like higher education or marriage expenses.
The plan gives survival benefits at key stages before maturity and keeps risk cover even after the policy term ends for seven more years. It’s no longer available for new purchases since its withdrawal date was January 1, 2014.
This makes it relevant for those holding existing policies or curious about legacy plans from LIC India.
Key Features of the Plan
This child plan stands out with its money-back style payouts timed for when kids need money most, like college age.
- Policy terms range from 11 to 27 years, with premium paying terms of either 6 years or policy term minus 5 years.
- Minimum sum assured is Rs. 1 lakh, maximum Rs. 1 crore, in multiples of Rs. 5,000.
- Entry age for child: 0 to 12 years (last birthday); maturity age: 23 to 27 years.
- Proposer (usually parent) can opt for premium waiver benefit (PWB) if aged 18-55.
Risk starts later for young kids for under 10, after 2 years or age 5, whichever later; for 10-12, at age 12.
It vests in the child at age 18, becoming their policy.
Benefits Explained Simply
Survival Benefits
These kick in near the end, perfect for education costs.
Here’s how they work:
| Time Before Policy Expiry | Benefit Amount |
|---|---|
| 5 years before | 30% of Sum Assured + Vested Bonuses |
| 4 years before | 15% of Sum Assured |
| 3 years before | 15% of Sum Assured |
| 2 years before | 15% of Sum Assured |
| 1 year before | 15% of Sum Assured |
| On maturity | 15% of Sum Assured + Final Additional Bonus (if any) |
Total: 105% of basic sum assured + bonuses. No premiums during the 7-year extended term post-maturity.
Death Benefits
- Before risk starts: Premiums paid + 3% interest.
- During policy term: Full sum assured + vested bonuses (adjusted near end).
- During extended term: Sum assured only.
PWB waives future premiums if proposer dies.
Maturity and Bonuses
On survival to end, get the last 15% SA + bonuses. Plan participates in profits simple reversionary bonuses per Rs. 1,000 SA annually (e.g., rates like Rs. 38-40 for longer terms historically).
Final additional bonus adds extra at end.
Premium Details and Rebates
Premiums depend on child’s age, sum assured, term. Paid yearly, half-yearly, or quarterly.
Rebates make it cheaper:
| Mode | Rebate |
|---|---|
| Yearly | 2% of tabular premium |
| Half-yearly | 1% of tabular premium |
| Quarterly | Nil |
Sum assured rebate:
| SA Range | Rebate |
|---|---|
| Rs. 1-2.99 lakh | Nil |
| Rs. 3-4.99 lakh | 1.5%o SA |
| Rs. 5 lakh+ | 2%o SA |
For PWB, extra premium based on proposer’s age. Use online calculators for exact figures, as rates aren’t public post-withdrawal.
Example: For a newborn, Rs. 5 lakh SA, 20-year term, 15-year PPT yearly premium around Rs. 25,000-30,000 (approx., varies). Check tools like liccalculator.info for simulations.
How to Use LIC Child Career Plan 184 Calculator
Even though withdrawn, calculators help existing policyholders estimate maturity or surrender.
- Enter child’s current age, policy start date, sum assured.
- Input premium paying term, mode.
- Add bonus rates (latest from LIC annual reports).
- Get breakdown: total premiums paid, survival payouts, maturity value.
Sites like LIC Premium Calculator or LICCalculator.xyz support legacy plans.
For accuracy, download the official brochure PDF from LIC site.
Sample calculation table for Rs. 5 lakh SA, bonuses at Rs. 40/₹1,000/year:
| Year | Vested Bonus (approx.) | Survival Benefit |
|---|---|---|
| End-5 | Rs. 1.5 lakh + Rs. 1 lakh bonus | Rs. 2.5 lakh |
| End-4 | – | Rs. 75,000 |
| End-3 | – | Rs. 75,000 |
| End-2 | – | Rs. 75,000 |
| End-1 | – | Rs. 75,000 |
| Maturity | Rs. 75,000 + FAB | Rs. 1-1.5 lakh+ |
Total payout: Over Rs. 6-7 lakh including bonuses.
Who Should Consider This Plan?
Ideal for parents wanting timed payouts for child’s milestones. But since withdrawn, compare with current LIC child plans like New Children’s Money Back (932).
Financial underwriting checks the parent’s income; no matching cover is needed up to Rs. 2-5 lakh.
Other Important Terms
- Paid-up: After 3 premiums, reduced benefits.
- Surrender: After 3 years, 30-90% of premiums back + bonus cash value.
- Loan: Not available.
- Grace: 30 days.
- Revival: Within 5 years with health proof.
- Auto Cover: 2 years of death cover post-lapse.
No suicide clause for base, but for PWB.
Tax Benefits
Under old regime, Section 80C deduction on premiums (up to Rs. 1.5 lakh). Maturity is tax-free under 10(10D) if conditions are met. Consult a tax advisor for post-2023 changes.
Alternatives to Plan 184 Today
LIC offers:
- New Children’s Money Back Plan 932: 20% SA at 18,20,22; 40% maturity.
- Jeevan Tarun: Slot-based for goals.
FAQs
When was LIC Child Career Plan 184 launched and withdrawn?
Launched February 8, 2007; withdrawn January 1, 2014.
Can I still buy this plan?
No, it’s discontinued. Existing policies continue.
What is the minimum premium paying term?
6 years or term-5 years.
Does it have extended cover?
Yes, 7 years post-maturity with death benefit.
How to calculate maturity?
Use online tools with SA, term, bonus rates.
Conclusion
LIC Child Career Plan 184 was a thoughtful way to secure a child’s future with timely payouts and long protection. Though withdrawn since 2014, it still serves many families well use calculators to track value. For new needs, explore LIC’s current child plans for similar security. Always verify with your LIC branch.
