LIC of India–Child Plan:

Child Plans

“Jeevan Kishore”

 In India every parents want to save for their children.  Plan for your child’s future is an important  and beneficiary decision in any parent’s life. Child insurance plans are customized as per parent’s need and capacity.

Now a days lots of products available to parents for their child. Plans are made for your child’s future education and/or marriage needs.  Advisable is  that “The earlier you start investing, higher would be the maturity amount”.

Parent should buy the child policy from the time the child is born . This policy divided into two parts:

• Insurance
• Investment

The investment portion is quite small, as the insurance companies be likely to take away high premium provision charges upfront and they have to give commissions to their agents.

Everyone here has the sense that right now is one of those moments when we are influencing the future, So you all think about your child future right now.

There are few Child plans recommended to buy of LIC of India.

1)   Jeevan Kishore

2)   Komal Jeevan

3)   Jeevan Ankur (New)

Here is the detail about the policy JEEVAN KISHORE:

 Plan’s basic points:

•  This is a plan in which the child would get the amount at the time of maturity of the plan.  This policy can buy for a child  below 12 years.  It can be purchased by his/her parents or grand parents.

•  Premiums are payable yearly, half-yearly, quarterly or monthly throughout the term of the policy or till earlier death of child, or single premium.
•  Once the bonus will be declared, It will give as a part of the guaranteed benefits of the plan.

Benefits of this plan:

•  The Sum Assured with bonus(if any), is payable in a lump sum upon the death of the life assured after the beginning of the risk. If death occurs before the beginning of the risk, the premiums paid without the premiums for the Premium Waiver Benefit, if any, will be refunded.
•  All the bonuses will be added and given to the child at the time of Maturity along with the amount given as premium.
•  If you need to surrender the policy in between, there would be a prescribed amount as per the LIC terms and conditions as this is a long term contract.
•  The guaranteed surrender value will be given after  it has been in force for 3 years or more. Please contact the nearest LIC branch to get the amount. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.

Premium Calculator

Product Number   : 102

Product Name      : Jeevan Kishore

TERM INSURANCE

What is Term Insurance?

Term plan is only high risk cover plan. The premiums for these plans are low because there is no savings factor and if nothing happens to the customer during the policy period there is no maturity benefit.

The insurance company  thoroughly check the income documents and the customer financial worth before issuing the policy.  The customer take this plan normally to give financial covering to their outstanding loan or mortgage in case of any mishappening.

Term insurance is not a saving, but a requisite where there is a pay packet. This has two advantages:

• Protects your income
• Protects against your liabilities

LIC’s Best Term Plan : Amulya Jeevan

Death Benefit: In case of mistimed death of the Life Assured during the term of the policy, Sum Assured is payable, provided the policy is kept in force.

Maturity Benefit: Nil

Mode of payment of premiums:       
Premiums may be paid Yearly, Half-yearly or by Single Premium mode.

Eligibility conditions:

Age                    : The customer must be minimum of 18 years(Completed) and maximum of 60 years.

Policy Term    : 5 to 35 years.

Sum Assured : Min. Rs.25 lakh and Max. no limit.

Note :

• A grace period of 15 days will be allowed for payment of yearly or half-yearly premiums.
• No Surrender value will be given in this plan.
• No Loan option is applicable under this plan.
• As per Terms & Conditions : If the customer is not satisfied with this policy he/she can return this policy within 15 days from the date of policy.
• The customer will get the Income Tax rebate on this plan.
• Medical tests are compulsory in this plan from the authorized hospitals.  It depends on the age of customer. If customer is less than 35 years there are mentioned tests those are required and after 35 years more tests needs to be done.

IMPORTANT ABOUT  TERM PLAN.

As per the survey done among customers and agents of LIC.  Majority advice not to take a simple term plan.  However,  there are many different plans available with LIC which can include Term plan conditions as well.  If a person want to go for term plan the advisable plan with LIC is JEEVAN ANAND (Highly recommended Endowment plan with term plan terms)

Different company has various plans for term insurance and many more.  To do a evaluation among different companies for a desired plan is very important.