the policy returns on maturity or installment payments before will be vest on Child (Life assured) on completion of 18 years.
Life Insurance on Child Life: If child age is below 8 years, life risk cover on child will start after two years OR immediately if child age is above 8 years form the date of policy issued.
This policy can not be closed within 3 years since tax benefits are available, If closed, no premiums will be returned / payable by LIC or dealt as per surrender rules of policy.