LIC Jeevan Kishore Policy is designed for new born kids up to the ages of 12 years. Table 102 and the plan is started W.e.f. 15-12-1990. 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 of LIC Jeevan Kishore Policy.
|LIC Jeevan Kishore General Policy Condition|
|Min. age at entry||0 yrs (lbd)|
|Max. age at entry||12 (lbd)|
|Min. S.A.||Rs 50,000|
|Max. S.A.||Rs 40 Lakhs|
|Max SA if age at entry
less than 10 yrs
|Rs 15 lakhs|
|SA in multiples||Rs 5000|
|Min. Term||15 years|
|Max. Term||35 years|
|Min. Maturity age||20 years|
|Max. Maturity age||45 years|
|LIC Jeevan Kishore Underwriting requirements|
|Female Living category||I/II/(proposer)|
|Age Proof – 0-4 years||Standard|
|Age Proof – 5 years & above||School Certificate|
|Actual Sum Assured (ASA)||Basic S.A.|
|Dating back@ 8% within F/Y upto 3 months||Allowed|
|LIC Jeevan Kishore Policy Servicing|
|Surrender of Policy||Yes|
|Policy loan||No **|
|Critical Illness Rider||No|
|Term Rider Option||No|
|**Subjected to terms & conditions as LIC may fix.
After the policy vests in the L.A. loan is granted
(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.
(n) For children aged 5 years and above and if they are not going to school then the plan is NOT allowed.
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. Ref
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.