Various children’s plans are available. They are as follows.

a) Children Deferred Endowment Assurance (Table no. 41 & 50).

b) Komal Jeevan (Table No. 159).

c) Jeevan Kishore (Table No. 102).

d) Jeevan Chhaya (Table No. 103).

e) Jeevan Anurag (Table No. 168).

f) Child Future Plan (Table No. 184).

g) Child Career Plan (Table No. 185).

with the option of premium waiver benefit.

Check our Other LIC Plans:

1) Term Assurance Plans.

2) Basic Life Insurance Plans.

3) Pension Plans.

4) Unit Linked Plans.

5) LIC Micro Insurance Plan.

6) LIC Health Insurance Plans.

7) LIC Handicapped Dependants Plans.

8 ) General LIC insurance plans (Others).

==> Go back to LIC

Related posts:

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2. LIC Children’s Defered Endowment Assurance (CDA)- Table 41 & Table 50 General policy Conditions Age At entry Min. Max. (plan 41/50) Min. maturity age Max. maturity age Min. Term (41/50) Max....

W.e.f. 08-02-2007

Two plans have been introduced by LIC.

(a)  Child Career Plan.

(b) Child Future Plan.

The features of both the plans remain similar except for Survival Benefit & Death Benefit even though these are two different plans (T-184 & T185). Proposer can choose either plans to suit the needs, such as education / marriage/Career/ Risk Coverage depending upon Male/Female child’s Age at entry and Maturity Age.

General Conditions:

Min. age at entry:  0 year (lbd).

Max. age at entry:  12 years (lbd).

Min. S.A.: Rs. 1 lakh.

Max. SA.: Rs 1 crore.

SA in multiples: Rs. 5,000

Min. Maturity age: 23 years.

Max. Maturity age: 27 years.

Modes Allowed: Yly/Hly/Qly/SSS

Min Term: 11 years.

Max Term: 27 years.

Max. Age end of PPT: 70 years (nbd).

Premium paying Term: 6 years OR Term minus 5years.

PWB Prop. Age Min: 18 years completed.

PWB Prop. Age Max: 55 years (nbd).

Requirements in writing:

Female lives category: I/II (Proposer).

Risk Coverage:  SA + Bonus

Age proof (proposer): Std. if PWB opted.

Age proof – 0 to 4 years : Birth Certificate.
5 yrs & above : School certificate.

Form Number:  340/360

Dating Back @ 8%: Allowed

Actual Sum assured: Basic SA.

SUC : As per existing rules.

Extended Risk Cover : Maturity Age + 7 years

Policy Servicing:

Term Rider Option: No.

Critical Illness Rider: No.

Policy Loan @ 9%: No.

Revival: Yes.

Surrender of Policy: Yes.

Housing Loan: No.

Assignment: No**.

Survival Benefits: Yes.

P.W.B.: Yes

**Assignment can be done after policy vests in the LA.

Plans allowed to Std./ Sub-Standard children attracting EMR class III for over weight only.

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Survival Benefit payable under plan 184 & 185.

. Note: Survival benefits are payable 5th, 4th, 3rd, 2nd & 1 year before the date of expiry of Term & on the date of expiry of Term coinciding with the Policy Anniversary.

Death Benefit payable under plan 184 & 185.

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==> To meet educational and other needs of growing child these two plans are designed. Not only during the policy term but also during the Extended Term, it provides risk cover on the life of the child. Maturity Age minus Age at entry is equal to Policy term. For any maturity age between 23 & 27 years this policy can be taken.

==> From the date of expiry of Policy Term extended term will be 7 years, i.e. 7 years from Maturity Age.  Till start of Survival benefits premiums are to be paid or for 6 years from DOC. Hence, during extended period, no premiums are payable.

Example: Age at entry of child: 5 yrs.; Maturity Age chosen: 24 years. Policy Term = 24 minus 5(age at entry) = 19 years. PPT=19 minus 5 = 14 years.  In case, PPT is chosen as 6 years, the premium has to be paid for 6 years from the DOC and policy will belike Limited Payment Policy.

Proposer: The proposer must be the father of the child. Mother can also proper if she has her own income (Female Cat. I & II). With child’s parent consent, Grand parent can propose. Legal guardian can propose if both parents are not alive.

Financial Underwriting: Based on parent’s income eligibility. (their income should be adequate for both insurance on their own lives and on the lives of their children).

Date of Vesting: On LA attaining majority, policy will vest automatically.

Matching Insurance: Insurance on the lives of parents will not be insisted:

1. Up to 5 lakh if PWB is opted for and allowed.

2. Up to 2 lakh if PWB is not opted for.

Auto Cover:  Full death cover shall continue for a period of 2 years from the date of first unpaid premium if atleast two full years premiums have been paid but any subsequent premiums not duly paid.

Premium Waiver Benefit (PWB): On production of proposer’s std. age proof and during PPT,  PWB is available on payment of extra premium. Under Non-Medical (special) and Non-medical (Gen)  to professionals, PWB on the lives of the parents is allowed. Pregnant ladies are not covered under PWB. Allowed to std./Non-std. (including physically handicapped) proposers.

Date of Commencement of Risk (DOC):

1. For those aged 12 years or more risk will commence immediately.

2. If the age at entry is more  than 10 years but less than 12 years, the risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the LA.

3. If age at entry is less than pr equal to 10 years, the risk will commence either after 2 years from the DOC or from policy anniversary coinciding with or immediately following completion of 5 years age of LA, whichever is later.

Example Table 184:

Mr. Derick (proposer: 35 years) takes a policy on his son Master Ben aged 5 years fo 5 Lakhs SA (MA: 23, PPT: 13) and opts for PWB.

1. All future premiums are waived if proposer dies at the age of 9 of the Master Ben (during PPT). Master Ben will get survival Benefit etc.

2. Master Ben’s nominee will get one more SA of Rs 5 lakhs if he dies at the age of 28 during the extended term of 7 years.

3. All the premiums paid (excluding premiums for PWB & Extra) along with interest @ 3 % compounded annually will be returned if at the age of 6 years before commencement of the risk Master Ben dies.

4.  SA of Rs. 5 lakhs alongwith vested Bonus + FAB, if any, is payable if at the age of 15 (before age 18 and after commencement of risk) master Ben dies.

5. SA of Rs. 5 lakhs + FAB, if any, only will be payable if at the age of 21 (between age of 18 & 23) Master Ben dies. Since, at the age of 18 years, he’d have already received Bonus.  The survival benefits  of Rs 150000 paid at the age of 18 & Rs 150000 (Rs 75000  each paid at the age of 19 & 20) totalling to Rs 3 lakhs will not be deducted from the SA of Rs 5 lakhs payable.

6. On Master Ben surviving till the end of the policy term, he will get Rs 150000 (30% of SA) + bonus at his 18th year of age. Further he will get Rs. 75000 (15% of SA) every year at his age of 19, 20, 21, 22, & 23. He will also get FAB, if any, alongwith the last payment of Survival benefit. Totally, he will receive Rs 525000 + Bonus 247000 @ 38 + FAB 55000 @ 110  827000.

Examples Table 185:

Ms. Lexi’s (3 years) father Mr. Dirk takes a policy for his daughter for SA of Rs 5 lakhs (MA 23 years, PPT 15 years). Ms. Lexi will get Rs 125000 (25% of SA) at her age of 18. At her age 19, 20, 21 & 22, she will get Rs 50000 (10% SA). At the age of 23, i.e. at the end of Policy Term, she will receive Rs 250000 (50% of SA) alongwith Bonus + FAB, if any. Totally she will receive of Rs. 575000 + Bonus 4 lakhs @ 40 + 11000 FAB @ 220 = 1085000.

All other examples/illustration will remain the same as given in the example of Table 184 except in the event of Lexi’s death ( see point number 5 above) between her age of 18 & 23, SA + Vested Bonus + FAB, if any, is payable.

To know more about LIC.

No related posts.

Lic Table 159 | Lic Komal Jeevan Plan is a Children’s Money Back Policy or Lic Children Plan (Without Profit)

=====LIC Komal Jeevan Table-159=====

W.e.f. 14-11-2002

General Conditions:

Min. age at entry:  0 year (lbd)

Max. age at entry:  10 years (lbd).

Min. S.A.: 1 lakh.

Max. SA.: 25 lakhs.

SA in multiples: Rs. 25,000

Max. Maturity age: 26 years (lbd).

Modes Allowed: Yly/Hly/Qly/SSS/Sp

Min. PPT: 8 years.

Max. PPT: 18 years.

Accident benefit:  NA

Modes Rebate: Yly 2%; Hly 1%; Qly/SSS – Nil

==============================

Requirements in writing:

Risk Coverage:  LA (if any) +SA+GA

Age proof:   Birth Certificate

Age Proof for child 5 yrs & above: School Certificate.

Form Number:  360

Dating Back @ 8%: Allowed

Max. SA 25 lakhs within the
overall permissible limit of  : Rs. 50 Lakhs

Female Proposers: Category I/II

============================

Policy Servicing:

Term Rider Option: Yes.

Critical Illness Rider: No.

Policy Loan: No.

Revival: Yes.

Surrender of Policy: Yes.

Survival Benefits: Yes.

Housing Loan: No.

P.W.B.: Yes

============================

Note:

W.e.f.  23-08-2005, after issue of policy as an alteration subjected  to:

1. PWB is allowed. Rs. 50 will be the alteration fee.

2. Proposer’s medical examination is compulsory.

3. Proposer will borne the medical cost.

4. Special Reports depending on SUC.

Other Details:

1. No Medical Examination is required for the child.

2.  For children with GA @ 75 per 1000 SA & LA (if nay), this is a Money Back Plan.

3.  Legal guardian can propose if both the parents are not alive.

4. If mother (cat I & II) has her own income then she can propose. Father can propose.

5. LIC Komal jeevan policy can be gifted as a single premium policy for love and affection by close relatives of the child like elder brothers or elder sisters, grand parents, maternal and paternal uncles. However, proposer will be either father or mother or legal guardian.

6. Risk cover starts after 2 years from the commencement of the policy  (Komal Jeevan) or from the policy anniversary after completion of 7th year of the child, whichever is later.

7. You can make provision in advance for child’s higher education. It can be a ideal gift for the child.

8.  The payment of premium ceases on the policy (Komal Jeevan Plan) anniversary coinciding with or immediately following the completion of 17 years of age.

Special Benefits:

1. Premium Waiver Benefit is available on payment of extra premium and production of proposer’s standard age proof. Proposers up to 50 years nbd  only are allowed.

Under non-medical, special  and non-medical general (prof.) only, PWB is allowed. When PWB + TRB is opted, medical is compulsary.

2. To the extent of 20% of the basic SA and not exceeding Rs 1 lakh Term Rider Benefit can be availed by the proposer. The benefit will be payable in case of the proposer dies before the policy anniversary on which the child is 18 years last birthday.

3. Death Benefits:

a. Before the policy commences if child dies, the policy will get canceled and excluding term rider premiums and premium waiver benefit, premiums paid till then will be refunded.

b. After commence of the risk but before maturity if policy holder (child) dies, full SA together with GA at 75 per 1000 SA + LA, if any is given to the nominee without deducting earlier installments paid.

4. Maturity Benefits:

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Example:

Komal Jeevan Policy on has been taken by Mr. Naidu for his daughter Neha, aged 5 year for Rs. 1 lakh SA. He opt for PWB and TRB. Policy benefits will be as follows:

1. Neha at the age of 18 will receive first installment of Rs. 20,000.  She will receive another Rs 20000 at the age of 20 years. Similarly at the age of 22 and 24, she will receive Rs 30000 respectively. At 26, she receives Rs 1,57,500 as guaranteed Addition at 75 per 1000 for 21 years.  Neha may also receive loyalty addition if any declared by LIC.

2. Life risk cover on Neha will starts from the policy anniversary after completion of age 7.

3. If Naidu dies before the age of 18 of baby Neha, future premiums are waived and Rs 20000 TRB is paid to the nominee. If he had not opted for PWB, future premiums have to be paid.

No related posts.

W.e.f. 15-12-1990

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# On payment of Re. 1 extra per 1000 SA, accident benefit is allowed with overall limit of 50 lakhs and only after attainment of 18 years following the policy anniversary. Without charging any additional premium on attainment of 25 years, this is in addition to Accident Benefit available for the first 1 lakh.

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Other Details:

(a) Age at entry will NOT be calculated as age nearer to birthday but it will be calculated as the age at last birthday.

(b) Mother can propose if father is not alive.

(c) Father can propose. Mother also can propose if she has her own income (category I/II Female lives).

(d)Legal guardian can propose if both parents are not alive.

(e) Either male or female, on the life of the child the policy is given.

(f) Child’s age should be between 0 & 12 years (last birthday).

(g) As per chart given under Minor Lives, proposals can be given under Non-Medical.

(h) For Start in life or for child’s marriage, lumpsum amount is useful.

(i) 2 years from the date of commencement of the policy or from the policy anniversary after completion of 7 years age, life risk will commence, whichever is later.

(j) On production of Proposer’s Standard Age Proof and on payment of extra premium, Premium Waiver Benefit is available. The Proposer must undergo medical exam also. Proposers upto 50 years (nbd) only are allowed if they come under NMG (others).

(k) At age of 20 to 30, 35, 40 & 45, the policy is issued to mature only.

(l) On attaining majority ,automatic vesting of the policy.

(m) On insurance upto 2 Lakhs, parents insurance need not to be insisted.

(n) For children aged 5 years and above and if they are not going to school then the plan is NOT allowed.

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Even if the parents are alive, Grand Parents can propose provided:

(1) Grand Parents will pay the premium out of their own earned/unearned income during minority of child.

(2) For proposing by grand parents, a consent letter from parents is required.

(3) Parents total insurance in force on their lives and their income eligibility for deciding max. S.A. allowable are strictly adhered to.

Example:

Mr. Raj, aged 35 years takes a policy for Rs. 2 lakhs for his son Master Rahul aged 3 years to be matured at the age of 20. He also opts for premium waiver benefit.

(a) Master Rahul can opt for accident benefit on payment of Re. 1 extra premium per 1000 SA after reaching 18 years.

(b) From age 7, Life Risk cover on Master Rahul starts.

(c) Before 18 years of Master Rahul if Mr Raj dies, the payment of future premiums are waived since Mr Raj has opted for Premium Waiver Benefit.

(d) At the age of 5 years if Master Rahul dies (before the commencement of life risk cover)  then his nominee will get only the premium paid (excluding premium paid towards PWB amount).

(e)  At the age of 10 after the commencement of life risk cover if Master Rahul dies, then the nominee will get 2 lakh SA + rs 58,800 accumulated bonus at an estimated Rs 42 per 1000 SA.

(f) At the age of 20 if Master Rahul LIVES, he will receive Rs. 3,86,800 (Rs. 20,00,000 SA + Rs 1,42,800 Bonus at an estimated Rs 42 per 1000 SA per annum) + FAB of Rs. 44,00 @ 220/- per 1000 SA, if any.

Phone: +91-9850-674-066

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