Children Plans

Jeevan Anuragh                     Komal Jeevan                    Marriage or Education

Jeevan Chhaya                     Jeevan kishore                   Child Carrier Plan

Child Future Plan                  Child Fortune Plan


Jeevan Anuragh

LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at pre specified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.

Assured Benefit
Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.

Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured.

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Komal Jeevan

This is a Children's Money Back Plan with Guaranteed addition @ Rs. 75/- per Rs. 1000 of sum insured . This plan can be purchased by any of the parent, grand parent or a close relations like uncle for a child aged 0 to 10 years.

The premiums can be opted for Single Premium or Regular Premium.

The premiums are to be paid only up to the age of 18 years of the child in case of Regular Premium Mode.

Commencement of risk cover:
The risk commences after 2 years from the date of commencement of policy or on completion of 7 years of age of child, whichever is later.

Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of  Rs.75 per thousand Sum Assured for each completed year. The Guaranteed Additions are payable:

1  On death of the Life assured
2.  On maturity of the policy

Loyalty Additions:
Being a with-profit plan, it participates in the profits of the LIC business.  A share of the profits in the form of bonuses are payable on maturity or death. Further Loyalty addition is also payable along with maturity benefit. However, Loyalty addition may be payable depending on the experience of the Corporation.

Premiums:
All the modes of premium payable like yearly, half-yearly, quarterly, monthly or through Salary Saving Scheme (SSS) deductions, are available, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured.

Alternatively, the premium may be paid in one lump sum (Single premium).

By paying premium waiver benefit, if the proposer dies during deferment period, no further premiums are payable to the corporation. However, all the benefits to the life assured remain intact.

Premium Waiver Benefit:
This benefit can be added to the basic plan by the proposer up to the age of 50 years, during the deferment period on payment of nominal extra premium.

By paying premium waiver benefit, if the proposer dies during deferment period, no further premiums are payable to the corporation. However, all the benefits to the life assured remain intact.

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Marriage or Education Endowment

This is an Endowment Assurance plan that is suitable specially to meet the needs of Marriage or Education of the Policy holder’s named child. Under this plan, a Sum Insured is also payable immediately on the unfortunate death of the insured. Further premiums are waived in that case but the benefits remain intact.

Bonuses:
Being a with-profits plan it participates in the profits of the LIC Corporation’s life insurance business. At the end of each financial year a share of profits in the form of bonuses are declared per thousand Sum Assured annually. Bonus once declared, becomes the guaranteed benefits of the plan. Bonuses for full term on the full Sum assured are paid even if death of life assured occurs during policy term. Apart from this final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Premiums:
All modes of premium payable like yearly, half-yearly, quarterly, monthly or through salary saving deductions are available Single premium mode is not available. Premiums under the plan are payable during the lifetime of the life assured.

However, if the death occurs, the future premium payment is waived off.

Death Benefit: On death, the nominee will not get any Sum assured Immediately. However, further premium payments are waived off in that case but the benefits remain intact.


Maturity Benefits :

On maturity, all the accrued bonuses along with final additional bonus (if any) are payable along with Sum Insured.
 

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Jeevan Chhaya

This Endowment Assurance plan provides insurance cover to the individual with an objective of providing financial requirements of the child at a designated period on regular basis against death throughout the term of the plan.

One-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.

Under this plan, a Sum Insured is also payable immediately on the unfortunate death of the insured. Further premiums are waived off in that case but the benefits remain intact.

Bonuses:
Being a with-profits plan it participates in the profits of the LIC Corporation’s life insurance business.  At the end of each financial year a share of profits in the form of bonuses are declared per thousand Sum Assured annually. Bonus once declared, becomes the guaranteed benefits of the plan. Bonuses for full term on the full Sum assured are paid even if death of life assured occurs during policy term. Apart from this final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Premiums:
All modes of premium payable like yearly, half-yearly, quarterly, monthly or through salary saving deductions are available Single premium mode is not available. Premiums under the plan are payable during the lifetime of the life assured.

However, if the death occurs, the future premium payment is waived off.

Death/Survival Benefit:
25% of the sum assured is payable at the end of each of last four years of the policy term provided the policy is in force. On death/survival all bonuses declared during the term of policy will also be paid along with the last instalment.

These benefits are payable whether the life assured survives the policy term or dies during the term of policy.

Further, on death during the policy term, an amount equal to Sum Assured is also payable immediately.

Maturity Benefit :
On maturity, all the accrued bonuses along with final additional bonus (if any) are payable along with the last 25% of sum assured.
 

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Jeevan Kishore

This Endowment Assurance Plan may be purchased by any of the parent/grand parent for children of less than 12 years of age.

Commencement of risk cover:
The risk commences after 2 years from the date of commencement of policy or on completion of 7 years of age of child, whichever is later.

Premiums:
All modes of premium payable like yearly, half-yearly, quarterly, monthly or through salary saving deductions are available Single premium mode is not available. Premiums under the plan are payable during the lifetime of the life assured.

However, By paying premium waiver benefit, if the proposer dies during deferment period, no further premiums are payable to the corporation. However, all the benefits to the life assured remain intact.

Bonuses:
Being a with-profits plan it participates in the profits of the LIC Corporation’s life insurance business. At the end of each financial year a share of profits in the form of bonuses are declared per thousand Sum Assured annually. Bonus once declared, becomes the guaranteed benefits of the plan. Bonuses for full term on the full Sum assured are paid even if death of life assured occurs during policy term. Apart from this final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Maturity Benefit
Sum assured along with all bonuses declared during the policy term is payable in a lump sum on survival to the end of the policy term.

Death Benefit:
The Sum Assured along with vested bonuses, if any, is payable in a lump sum upon the death of the life assured after the commencement of the risk. If death occurs before the commencement of the risk, the premiums paid excluding the premiums for the Premium Waiver Benefit, if any, will be refunded.

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Child Carrier Plan

This plan is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.

Options:
You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.

Payment of Premiums:
You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or Upto 5 years before the policy term.

Benefits:

  • Survival Benefit:
    On life assured surviving to the end of the specified durations an amount specified below is payable:
    5 years before the date of expiry of policy term
    - 30% of the Sum Assured along with vested
    Simple Reversionary Bonuses
    4 years before the date of expiry of policy term - 15% of the Sum Assured
    3 years before the date of expiry of policy term - 15% of the Sum Assured
    2 years before the date of expiry of policy term - 15% of the Sum Assured
    1 years before the date of expiry of policy term - 15% of the Sum Assured
    On the date of expiry of policy term - 15% of the Sum Assured along with Final (Additional) Bonus, if any.

     

  • Death Benefit:
    On death (after the Date of Commencement of Risk) -
    (i) If death occurs within the period from date of commencement of risk to 5 years before the date of expiry of policy term: Sum Assured along with Vested Simple Reversionary Bonuses and Final (Additional) bonus (if any) is payable.
    (ii) If death occurs within 5 years before the date of expiry of policy term: Sum Assured along with Final (Additional) bonus (if any) is payable.

    On death during the Extended Term - Sum Assured is payable.

    On death (before the Date of Commencement of Risk) - All the premiums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% p.a compounding yearly shall be payable.

Auto Cover:
If after at least two full years’ premiums have been paid, and any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the due date of the First Unpaid Premium (FUP). During this Auto Cover Period, one or more instalments of premiums with interest can be paid without submission of evidence of health. On payment of one or more of the arrears of instalment premiums with interest, the Auto Cover Period of 2 years shall be extended from the due date of new FUP. Premium Waiver Benefit shall remain inforce during the Auto Cover period.

Premium Waiver Benefit:
The proposer can opt for this benefit if aged between 18 and 55 and is medically fit. It provides waiver of premiums on death of proposer. Further the benefit shall remain in force during the Auto cover period. Any premiums that have fallen due and not paid during the Auto Cover period shall also be waived. This benefit shall not be available in case of suicide by the proposer within one year of policy. Further, revival of the policy shall be subject to medical fitness of the proposer. 

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Child Future Plan

This plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.

Options:
You may choose Sum Assured (S.A.), Maturity Age, Policy Term, Mode of Premium payment and Premium Waiver Benefit.

Payment of Premiums:
You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or upto 5 years before the policy term.

Benefits:

  • Survival Benefit:
    On life assured surviving to the end of the specified durations an amount specified below is payable:
    5 years before the date of expiry of policy term - 25% of the Sum Assured
    4 years before the date of expiry of policy term - 10% of the Sum Assured
    3 years before the date of expiry of policy term - 10% of the Sum Assured
    2 years before the date of expiry of policy term - 10% of the Sum Assured
    1 years before the date of expiry of policy term - 10% of the Sum Assured
    On the date of expiry of policy term - 50% of the Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus, if any.

     

  • Death Benefit:
    On death (after the Date of Commencement of Risk) - Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus, if any shall be payable.

    On death during the Extended Term - Sum Assured is payable.
     
    On death (before the Date of Commencement of Risk) - All the premiums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% p.a compounding yearly shall be payable.

Auto Cover:
If after at least two full year’s premiums have been paid, and any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the due date of the First Unpaid Premium (FUP). During this Auto Cover Period, one or more instalments of premiums with interest can be paid without submission of evidence of health. On payment of one or more of the arrears of instalment premiums with interest, the Auto Cover Period of 2 years shall be extended from the due date of new FUP. Premium Waiver Benefit shall remain in force during the Auto Cover period.   

Premium Waiver Benefit:
The proposer can opt for this benefit if aged between 18 and 55 and is medically fit. It provides waiver of premiums on death of proposer. Further the benefit shall remain in force during the Auto cover period. Any premiums that have fallen due and not paid during the Auto Cover period shall also be waived. This benefit shall not be available in case of suicide by the proposer within one year of policy. Further, revival of the policy shall be subject to medical fitness of the proposer. 

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Child Fortune Plan

All of us wish to ensure the best possible future for our children. With the cost of education sky rocketing, it is all the more important that an early provision is made to ensure that your loved ones get a good head start in life. LIC’s Child Fortune Plus is a total solution to their education and other needs. The plan is a unit linked one offering the prospects of long term capital appreciation.

Benefits:

On Maturity:
The maturity benefit will be payable on the earlier of; either the child attaining 25 years of age or the life assured attaining 75 years. On the date of maturity, an amount equal to the policy holder`s fund value is payable.
 

On Death:
In the unfortunate event of death of the policy holder, the nominee child will be paid the Sum Assured under the policy. Further all future premiums will be waived and units equivalent thereof shall be credited to the policy fund account at the applicable unit price.

Am I eligible?
A parent, with a child aged 17 years or less can go in for Child Fortune Plus. The policy will cover the life of the parent.

Choice of Investment Options:

The plan offers a choice of four investment options: Bond Fund, Secured Fund, Balanced Fund, and Growth Fund; each tailored to different levels of risk and return.
 

Partial Withdrawal/Surrender:
A Policyholder can partially withdraw the units at any time after the third policy anniversary subject to certain conditions. There will be no bid offer spread i.e. the sale and purchase price of units will be the same. The NAV shall be declared on day to day basis.

Premium Payment options:

The policy can be taken under the lumpsum option or the regular premium option. ECS payment is also available.

Revival:

In case the policy is lapsed, it can be revived within a period of 2 years (Revival Period), from the date of First Unpaid Premium. If the premiums have been paid for a minimum period of three years, the Life cover will continue during the Revival Period. A unique feature of the plan is that a policyholder can opt for continuation of cover even beyond the Revival Period, without reviving the policy or paying any further premiums by exercising the option at least one month prior to the completion of the Revival Period. The policy cover continues by deduction of relevant charges from the policy fund till the fund value reaches one annualized premium.

Other Features:

The plan has other highlights like payment of additional amounts (top ups), attractive Fund Management/other charges and liberalized conditions for continuance of the policy in event of lapsation.

The minimum Sum Assured is five times the annualized premium and the maximum Sum Assured can go upto 25 times the annualized premium, depending on age at entry. Premium can be paid in yearly, half yearly, quarterly or monthly( ECS ) modes and the minimum annualized premium is Rs.10,000/-. The plan offers upto four switches free of charge every year, between the different types of funds.

With many attractive features, Child Fortune Plus is an ideal solution to meet the financial requirements arising at various stages like higher education and start up in life, etc.

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