LIC – CHILD PLANS

Jeevan Anurag
• Benefits
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 prespecified 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
• Benefits
In the ever demanding and competitive environment , it is essential to
provide the best education to your children which can be very expensive.
Fortunately, the sooner you start investing for their education , the more
flexibility you'll have and will enable your children to achieve proficiency
in their career endeavors. This would make the children proud of their
parent's effort and call them The Best Parents. LIC now introduces a new
plan to take care of these needs – A Komal Jeevan Plan with payment of
premium ceasing on policy anniversary immediately after the child
attains 18 years of age. The plan, besides offering risk cover , also offers
payment of Sum Assured in installments at age 18,20,22,24 and
Guaranteed and Loyalty additions, if any, at the age 26.
Policy As A Gift:
The close relations such as grandparents, elder brothers or sisters,
uncles both from paternal or maternal side can gift 'single premium
policy' for love and affection under this plan. in such cases also, the
policies will be proposed by father, mother or legal guardian.
Jeevan Kishore
• Features
High bonus from day one. Child becomes owner of the policy
automatically at the age of 18 years. Risk commences after 2 years of
policy or on completion of 7 years of age, whichever is later. No
medical examination of the child if age is less than 10 years.
Suitable For:
Parents of children who wants to provide a lump sum amount at a
particular age of the child. The amount can be used for any particular
need of the child like marriage or start in life.
Special Features:
This policy is issued with profit, but bonus for waiting period will vest
immediately on the Policy anniversary from which risk is covered or at
the end of 5 years from commencement of the policy whichever is
later, provided the policy is in force. No medical examination will be
necessary if the age of the child is less than 10 years last birthday.
Else medical examination is necessary.
Jeevan Chhaya
• Features
Ideal for parents having less than a year old child. Makes provision for
education/ marriage of the child. Extra benefit of waiver of premium in case
of death of the policy holder.
Suitable For:
Couples having a less than one year child (not an adopted child) can avail
themselves of this plan, in order to ensure that an adequate financial
provision is made for the higher education of the child. The child should
not have completed one year of age on the date of Registration of the
proposal. Either father or mother or each one of them individually can take
policies under this plan under Non-medical Scheme. This plan is also
allowed to others subject to medical examination.
Special Features:
This policy is given under non-medical scheme up to sum assured of Rs.1
lakh, if the prospect is having a child of less than one year of age as on
date of registering the proposal. This non-medical is exclusive for other
policies.