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.
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.
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.
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.
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.
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 Bonuses4 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.
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.
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.
