Child Plans from LIC OF INDIA
The Sum Assured plus all bonuses declared up to maturity date is payable on survival to the end of the term either in a lump sum or in ten half-yearly installments, as opted by you.
LIC JEEVAN ANURAG
LIC is the biggest insurer in India with maximum number of child plans. There are 10 plans in LIC OF INDIA and they can surely meet the requirements of any individual who wants to plan for the future of his kids.
LIC OF INDIA’s child plans can be divided into two categories.
Category I : It includes plans like Marriage Endowment, Jeevan Chhaya, Jeevan Anurag & Jeevan Ankur
Category II : It included plans like Komal Jeevan, Jeevan Kishore, Child Career, Child Future, Jeevan Tarang
In Category I plans Parent are insured and child is the beneficiary( Nominee) so these plans are suitable for those people who have no insurance at all on their name or their insurance is not adequate. If these people take these plans then their family is safe along with their kids.It guarantees a corpus for your kids whether you are there with them or not.
LIC MARRIAGE ENDOWMENT
Marriage Endowment : This is an Endowment Assurance plan that provides for benefits on or from the selected maturity date to meet the Marriage/Educational expenses of the named child. This is a with-profit plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Revisionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Such bonuses are to be added till maturity even if the life assured dies before the maturity date. Final (Additional) Bonus may also be payable provided a policy is of a certain minimum term.
Death Benefit:
The Sum Assured plus accrued bonuses up to maturity is payable on maturity even though death occurs during policy term. This may be paid in a lump sum or in ten half-yearly instalments at the option of the beneficiary.
Maturity Benefit:The Sum Assured plus accrued bonuses up to maturity is payable on maturity even though death occurs during policy term. This may be paid in a lump sum or in ten half-yearly instalments at the option of the beneficiary.
The Sum Assured plus all bonuses declared up to maturity date is payable on survival to the end of the term either in a lump sum or in ten half-yearly installments, as opted by you.
LIC JEEVAN CHHAYA
Jeevan Chhaya : This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, 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.
This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Bonuses for full term on the full Sum assured are paid at the end of the term even if death occurs during policy term. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.
Benefits on death/survival:
One fourth of the sum assured is payable at the end of each of last four years of the policy term. On death/survival all bonuses declared during the term of policy will also be paid along with the last installment. 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.
One fourth of the sum assured is payable at the end of each of last four years of the policy term. On death/survival all bonuses declared during the term of policy will also be paid along with the last installment. 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.
LIC JEEVAN ANURAG
Jeevan Anurag : 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. No premiums are payable thereafter. Benefits as per following table are payable in addition:
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. No premiums are payable thereafter. Benefits as per following table are payable in addition:
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