INSURANCE PLANS
Jeevan Anurag – Children Plans
Jeevan Kishore – Children Plans
Child Career plan - – Children Plans
Komal Jeevan - Children Plans
Jeevan chhaya – Children Plans
Child Future Plan – Children Plans
Jeevan Mitra (Triple Cover Endowment Plan) – Endowment Plans
Jeevan Amrit – Endowment Plans
Jeevan Surabhi - 15 years – Money Back Policy
Jeevan Surabhi - 20 years – Money Back Policy
Jeevan Surabhi - 25 years – Money Back Policy
Beema Bachat – Money Back Policy
Jeevan Anand – Whole Life and Endowment Plans
Jeevan Tarang - Whole Life and Endowment Plans
Pension Plus – Pension Plans
Jeevan Nidhi - Pension Plans
Jeevan Akshay –VI - Pension Plans
New Jeevan Dhara – I - Pension Plans
New Jeevan Suraksha – I - Pension Plans
JEEVAN ANURAG – CHILDREN PLANS
Nowadays insurance is a must for everybody in all aspect of life. Life insurance and health insurance etc are the basic insurance types that have now become need of everybody. We authorized LIC Advisor from Nellore please feel to free contact for 09666054555 or to get free quotes of life insurance and health insurance quotes please log in to www.licagenthyderabad.in Choosing and purchasing of the life insurance and health insurance policy is a mind boggling process but we are here for you to give you the answers of your Requirement.
Jeevan Anurag plans for Life Insurance Corporation of India
We authorized LIC advisor from Nellore
Jeevan Anurag LIC Plans for Children’s
Jeevan Anurag – Children Plans
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 personified 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.
BENEFITS
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 bonus 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.
ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS
FOR BASIC PLAN:
Age at entry : Age of the Life Assured- 20 to 60 years (age nearest birthday)
Age of the Life Assured at maturity: Maximum 70 years (age nearest birthday)
Term : All terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years.
Minimum Sum Assured : Rs. 50,000 /-
Maximum Sum assured : No limit. Sum Assured will be in multiples of Rs.5,000 /- only.
Mode : Yearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.
FOR TERM ASSURANCE RIDER:
Age at entry : Age of the Life Assured- 20 to 50 years (age nearest birthday)
Age at maturity : Maximum 60 years (age nearest birthday)
Minimum Sum Assured : Rs. 1,00,000 /-
Maximum Sum assured : An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 25 lakh overall limit taking all term assurance riders availed under all existing policies of the life assured and the term assurance rider under the new proposal into consideration.
The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /- only.
FOR CRITICAL ILLNESS RIDER:
Age at entry : Age of the life Assured- 20 to 50 years (age nearest birthday)
Age at maturity : Maximum 60 years (age nearest birthday)
Minimum Sum Assured : Rs. 50,000 /-
Maximum Sum assured : An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 5 lakh overall limit taking all critical illness riders availed under all existing policies of the life assured and the critical illness rider under the new proposal into consideration.
The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /- only.
REBATES / EXTRA FOR MODE OF PREMIUM PAYMENT AND HIGH SUM ASSURED :
Mode rebate: 2% for yearly mode and 1% for half yearly mode on the tabular premium. There are no rebates for quarterly and SSS modes. For monthly mode, 5% extra will be charged on the tabular premium.
Large Sum Assured Rebate: Rs. 2% of Sum Assured for Sum Assured Rs.1,05,000/- and above. No rebate for Sum Assured up to and including Rs.1,00,000 /-
OPTIONS OF PAYMENT OF PREMIUM:
Following premium paying terms are offered:
(i) Single Premium- One Year
(ii) Regular Premium payable during (n-3) Years, where n is the policy term
(iii) Regular Premium payable throughout the policy term
JEEVAN ANURAG POLICY EXAMPLE:-
Mr. Mohan takes a policy for Rs. 5 lakhs for a term of 18 years on 19-11-2004.
- On survival till maturity Mr. Mohan will get 20% of basic Sum Assured i.e. Rs. 1 lakhs each on 19-11-2019, 19-11-2020 and 1-11-2021 i.e. each at the end of 15th, 16th & 17th policy year and the balance 40% of basic sum assured i.e. Rs. 2 lakhs on 19-11-2022 i.e. at the end of 18th year along with the vested reversionary bonus & terminal bonus, if any.
- If Anthony dies during 13th policy year, his nominee will get Rs. 5 lakhs as death benefit immediately. Future premiums are waived. In addition, nominee will also get Rs. 1 lakhs each at the end of 15th, 16th & 17th policy year. At the end of 18 years term I.e. on maturity, Rs. 2 lakhs plus 3, 78,000 accrued bonuses for the full term @42 per 1000 sum assured & terminal bonus, if any is paid.
JEEVAN KISHORE – CHILDREN PLANS
Nowadays insurance is a must for everybody in all aspect of life. Life insurance and health insurance etc are the basic insurance types that have now become need of everybody. We authorized LIC Advisor from Nellore please feel to free contact for 09666054555 or to get free quotes of life insurance and health insurance quotes please log in to www.licagenthyderabad.in Choosing and purchasing of the life insurance and health insurance policy is a mind boggling process but we are here for you to give you the answers of your Requirement.
Jeevan Kishore policy plans for Life Insurance Corporation of India
We authorized LIC advisor from Nellore
Jeevan Kishore LIC Plans for Children’s
JEEVAN KISHORE POLICY
SUITABILITY
- This is an improved version of the New Children's Deferred Assurance plan. Parents or legal guardians can propose the policy for children between ages 1 and 12 years, with risk commencing at an early age
SALIENT FEATURES
- Children between ages 1 and 12 years are eligible
- Parents can propose the child’s life
- The Plan is basically endowment type i.e. Sum assured is payable either on survival to the term or on death happening within the term
RISK COMMENCEMENT AGE
- For children aged 1 to 4 years, risk commences from policy anniversary after attaining age 7 years
- For children aged 5 to 10 years, risk commences from second policy anniversary from the date of commencement of policy
- For children aged 11 years, risk commences from first policy anniversary from the date of commencement of policy
BENEFITS
- On death of child during waiting period all premiums are refunded
- In case, the proposer i.e. the parent happens to die during the deferment period, the policy has to be continued by regular payment of premiums. (However, by payment of an additional premium, the proposer can secure a waiver of premiums i.e. premium need not be paid on proposer's death till date of vesting)
- Once the risk is commenced, Sum Assured is payable on survival to term or on earlier death of life assured i.e. the child
OTHER CONDITIONS
- Minimum Term : 15 years
- Maximum Term: 35 years
- Minimum Sum Assured : Rs.30,000
- Maximum Sum Assured :
· For child aged below 10 years: Rs.5,00,000
· For child aged 11 years: Rs.10,00,000
- Minimum premium must be Rs.800 per annum
- Minimum maturity age: 20 years
- Maximum maturity age: 45 years
- For children aged 1 to 4 years, certified extracts from Municipal records or horoscope or Baptism certificates, will be accepted as age proof if submitted along with a declaration signed by both the parents
- For children aged 5 to 11 years, certified extracts from school records will have to submitted
EXAMPLE:
Mr. Mohan, aged 35 years takes a policy for Rs. 5 lakhs for his son Master Nanda aged 3 years to be matured at the age of 20. He also opts for premium waiver benefit.
(a) Master Nanda can opt for accident benefit on payment of Rs. 1 extra premium per 1000 SA after reaching 18 years.
(b) From age 7, Life Risk cover on Master Nanda starts.
(c) Before 18 years of Master Nanda if Mr. Mohan dies, the payment of future premiums are waived since Mr. Mohan has opted for Premium Waiver Benefit.
(d) At the age of 5 years if Master Nanda 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 Nanda dies, then the nominee will get 5 lakhs SA + Rs 1,05,000 accumulated bonus at an estimated Rs 42 per 1000 SA.
(f) At the age of 20 if Master Nanda LIVES, he will receive Rs. 9, 20,800 (Rs. 5, 00,000 SA + Rs 4, 42,800 Bonus at an estimated Rs 42 per 1000 SA per annum) + FAB of Rs. 44,00 @ 220/- per 1000 SA, if any.
CHILD CAREER PLAN - – CHILDREN PLANS
Nowadays insurance is a must for everybody in all aspect of life. Life insurance and health insurance etc are the basic insurance types that have now become need of everybody. We authorized LIC Advisor from Nellore please feel to free contact for 09666054555 or to get free quotes of life insurance and health insurance quotes please log in to www.licagenthyderabad.in Choosing and purchasing of the life insurance and health insurance policy is a mind boggling process but we are here for you to give you the answers of your Requirement.
Child Career Plan policy plans for Life Insurance Corporation of India
We authorized LIC advisor from Nellore
Child Career Plan LIC Plans for Children’s
INTRODUCTION:
This plan is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.
This plan is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.
Options:
You may choose Sum Assured (S.A.
You may choose Sum Assured (
Payment of Premiums:
You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or upto 5 years before the policy term.
You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or upto 5 years before the policy term.
- DEATH BENEFIT:
On death (after the Date of Commencement of Risk) -
(i) If death occurs within the period from date of commencement of risk to 5 years before the date of expiry of policy term: Sum Assured along with Vested Simple Reversionary Bonuses and Final (Additional) bonus (if any) is payable.
(ii) If death occurs within 5 years before the date of expiry of policy term: Sum Assured along with Final (Additional) bonus (if any) is payable.
On death during the Extended Term - Sum Assured is payable.
On death (before the Date of Commencement of Risk) - All the premiums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% p.a compounding yearly shall be payable.
AUTO COVER:
If after at least two full years’ premiums have been paid, and any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the due date of the First Unpaid Premium (FUP). During this Auto Cover Period, one or more instalments of premiums with interest can be paid without submission of evidence of health. On payment of one or more of the arrears of instalment premiums with interest, the Auto Cover Period of 2 years shall be extended from the due date of new FUP. Premium Waiver Benefit shall remain inforce during the Auto Cover period.
If after at least two full years’ premiums have been paid, and any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the due date of the First Unpaid Premium (FUP). During this Auto Cover Period, one or more instalments of premiums with interest can be paid without submission of evidence of health. On payment of one or more of the arrears of instalment premiums with interest, the Auto Cover Period of 2 years shall be extended from the due date of new FUP. Premium Waiver Benefit shall remain inforce during the Auto Cover period.
PREMIUM WAIVER BENEFIT:
The proposer can opt for this benefit if aged between 18 and 55 and is medically fit. It provides waiver of premiums on death of proposer. Further the benefit shall remain in force during the Auto cover period. Any premiums that have fallen due and not paid during the Auto Cover period shall also be waived. This benefit shall not be available in case of suicide by the proposer within one year of policy. Further, revival of the policy shall be subject to medical fitness of the proposer.
ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:
| (a) | Minimum Entry Age | 0 years (last birthday) |
| (b) | Maximum Entry Age | 12 years (last birthday) |
| (c) | Minimum Maturity Age | 23 years (last birthday) |
| (d) | Maximum Maturity Age | 27 years (last birthday) |
| (e) | Minimum Sum Assured | Rs. 1,00,000 |
| (f) | Maximum Sum Assured | Rs. 100,00,000 |
| (g) | Policy term | 11 to 27 years |
| (h) | Premium Paying term | 6 years and Policy term less 5 years |
PARTICIPATION IN PROFITS OF THE CORPORATION:
Simple Reversionary Bonuses shall be declared per thousand Sum Assured annually at the end of each financial year depending upon the Corporation’s experience, provided the policy is in full force. In case of a paid up policy, bonuses shall be payable only if, at least, 3 full years’ premiums have been paid. On surrender, the discounted value of vested bonuses, if any, (if not paid earlier) will be payable. Final (Additional) Bonus may also be declared in addition.
Paid-up Value:
Not withstanding the death benefit provided under the Auto Cover period, if at least three full years’ premiums have been paid and any subsequent premium be not duly paid, this policy shall not be wholly void but shall become paid-up.
Not withstanding the death benefit provided under the Auto Cover period, if at least three full years’ premiums have been paid and any subsequent premium be not duly paid, this policy shall not be wholly void but shall become paid-up.
If policy becomes paid-up before the commencement of risk, then the policy shall be entitled to receive the Guaranteed Surrender Value. If the policy is not surrendered, this Guaranteed Surrender Value shall be payable on the expiry of policy term or on death of Life Assured, if earlier.
If policy becomes paid-up after the commencement of risk, then the sum assured of policy shall be reduced to such a sum, called paid-up value, as shall bear the same proportion to the full Sum Assured as the number of premiums actually paid bears to the total number of premiums stipulated for in the policy. This reduced value (called paid up value) along with vested bonuses, if any, shall be payable on the date of expiry of policy term or at Life Assured’s prior death. No survival benefit shall be payable under a reduced paid-up policy. Extended Term cover shall cease to apply if the policy is in lapsed/ Paid-up condition.
SURRENDER VALUE:
You may surrender the policy for cash after at least three full years’ premiums have been paid. The Guaranteed Surrender Value will be as under:
- Before commencement of risk: 90% of the total amount of premiums (excluding premiums for the first year ) paid.
- After commencement of risk: 90% of the total amount of premiums (excluding premium for the first year) paid before commencement of risk and 30% of premiums paid on and after the commencement of risk.
The Guaranteed Surrender value calculated above will be subject to the deduction of the total amount of survival benefits that might have become due on or before the date of surrender. Further all extra premiums and/or any other premium including premium for Premium Waiver Benefit shall not be considered in the premiums refunded.
The cash value of any existing vested bonuses, if any, will also be paid if not paid earlier.
Corporation may, however, pay Special Surrender value as the discounted value of Paid up value and existing vested bonus, if not paid earlier, as applicable on date of surrender. The Special Surrender value will be subject to the deduction of the survival benefits which have become due on or before the date of surrender.
The Special Surrender value will be payable provided the same is higher than Guaranteed Surrender value.
GRACE PERIOD:
A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums.
A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums.
Revival:
If the policy is lapsed it can be revived by paying arrears of premium together with interest within a period of five years, subject to production of satisfactory evidence of continued insurability. The rate of interest applicable will be as fixed by the Corporation from time to time.
COOLING-OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.
EXCLUSIONS:
Suicide is excluded for Premium Waiver Benefit for first year. No other exclusions.
MISCELLANEOUS PROVISIONS:
DATE OF COMMENCEMENT OF RISK : If age of Life Assured is upto 10 years, risk shall commence either after 2 years from the date commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 5 years of age of Life assured, whichever is later. In other cases, risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured.
If the policy is lapsed it can be revived by paying arrears of premium together with interest within a period of five years, subject to production of satisfactory evidence of continued insurability. The rate of interest applicable will be as fixed by the Corporation from time to time.
COOLING-OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.
EXCLUSIONS:
Suicide is excluded for Premium Waiver Benefit for first year. No other exclusions.
MISCELLANEOUS PROVISIONS:
DATE OF COMMENCEMENT OF RISK : If age of Life Assured is upto 10 years, risk shall commence either after 2 years from the date commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 5 years of age of Life assured, whichever is later. In other cases, risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured.
Date of Vesting: The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.
CHILD CAREER LIC POLICY EXAMPLE:
Mr. Mohan (proposer: 35 years) takes a policy on his son Master Nanda aged 5 years for 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 Nanda (during PPT). Master Nanda will get survival Benefit etc.
2. Master Nanda’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 Nanda dies.
4. SA of Rs. 5 lakhs along with vested Bonus + FAB, if any, is payable if at the age of 15 (before age 18 and after commencement of risk) Master Nanda 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 Nanda 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) totaling to Rs 3 lakhs will not be deducted from the SA of Rs 5 lakhs payable.
6. On Master Nanda 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, along with the last payment of Survival benefit. Totally, he will receive Rs 525000 + Bonus 247000 @ 38 + FAB 55000 @ 110 827000.
Komal Jeevan - Children Plans
Nowadays insurance is a must for everybody in all aspect of life. Life insurance and health insurance etc are the basic insurance types that have now become need of everybody. We authorized LIC Advisor from Nellore please feel to free contact for 09666054555 or to get free quotes of life insurance and health insurance quotes please log in to www.licagenthyderabad.in Choosing and purchasing of the life insurance and health insurance policy is a mind boggling process but we are here for you to give you the answers of your Requirement.
Komal Jeevan policy plans for Life Insurance Corporation of India
We authorized LIC advisor from Nellore
Komal Jeevan Plan LIC Plans for Children’s
SUITABILITY
- This policy is suitable for parents who wish to provide for the children’s education expenses. It can be availed by parents having children aged between 0 to 10 years.
SALIENT FEATURES
- Parents can propose the child's life.
- It is money back plan wherein survival benefits are paid at regular intervals after the child attains the age of 18 years.
- Guaranteed additions @ Rs.75 per Rs.1000 sum assured are payable under the policy. This additions are payable either on death within the term(after commencement of risk) or on child attaining he age of 26 years.
- Loyalty additions are paid either on death or on maturity depending on the performance of the company.
- Risk commences after 2 years from the date of commencement of policy or on policy anniversary following completion of 7 years by the child, whichever is later.
- Policy vests on life assured on the policy anniversary or the child attaining the age of 18 years.
- On vesting the life assured is the absolute owner of the policy and the proposer ceases to have any interest in the policy.
- Premiums cease on the policy anniversary immediately after the child /life assured attains age 18.
- Premiums are payable up to a term equal to 18 minus the age of the child at entry.
- Premium waiver benefit can be availed by proposer by paying additional premium wherein premiums under the policy stand waived on death of the proposer within the term.
- Proposer can avail insurance cover to the extent of 20% of basic sum assured subject to a maximum of Rs.100,000 by paying additional premium. Father is the proposer. The child's mother, if she has an income of her own, can also propose the policy. If both parents are not alive legal guardian can propose.
- Policy can be gifted by grand parents, elder sisters and brothers, uncles by taking a single premium plan.
BENEFITS
- Sum assured is paid in installments at periodic intervals.
· 20% on policy anniversary after completing age 18.
· 20% on policy anniversary after completing age 20.
· 30% on policy anniversary after completing age 22.
· 30% on policy anniversary after completing age 24.
- Guaranteed additions :
· Payable along with sum assured either on death within the term or on policy anniversary after attaining age 26 years. The policy has to be kept in full force at Rs.75 per thousand for each policy year to receive this benefit.
DEATH BENEFITS
- In case of death of life assured before the commencement of risk, the policy is cancelled and premiums paid are refunded.
- After the commencement of risk, if the life assured dies before policy matures, full sum assured plus guaranteed additions are payable without deduction of earlier installment benefits paid.
- Special benefit in maturity: Loyalty additions depending on policy duration and sum assured are paid on maturity.
OTHER CONDITIONS
- Children (both boys and girls) up to 10 years of age only are eligible.
- Maturity Age: 26 Years
- Minimum sum assured Rs.1 lakh. Maximum sum assured Rs.25 lakhs.
EXCLUSIONS
- Suicide: This policy shall be void if the Life Assured commits suicide at any time on or after the date on which the risk on the policy has commenced but before the expiry of one year from the date of the policy. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extend of a third party's bona fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office to which premiums under this policy were paid, at least one calendar month prior to death.
KOMAL JEEVAN LIC PLAN EXAMPLE:
Komal Jeevan on has been taken by Mr. Mohan for his daughter Usha, aged 5 Year for Rs. 5 lakh SA. He opt for PWB and TRB. Policy benefits will be as follows:
1. Usha at the age of 18 will receive first installment of Rs. 1, 00,000. She will receive another Rs 1, 00,000 at the age of 20 years. Similarly at the age of 22 and 24, she will receive Rs 1, 50, 000 respectively. At 26, she receives Rs 7, 87,500 as guaranteed Addition at 75 per 1000 for 21 years. Usha may also receive loyalty addition if any declared by LIC.
2. Life risk cover on Usha will starts from the policy anniversary after completion of age 7.
3. If Mohan dies before the age of 18 of baby Usha, 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.
Jeevan chhaya – Children Plans
Nowadays insurance is a must for everybody in all aspect of life. Life insurance and health insurance etc are the basic insurance types that have now become need of everybody. We authorized LIC Advisor from Nellore please feel to free contact for 09666054555 or to get free quotes of life insurance and health insurance quotes please log in to www.licagenthyderabad.in Choosing and purchasing of the life insurance and health insurance policy is a mind boggling process but we are here for you to give you the answers of your Requirement.
Jeevan chhaya policy plans for Life Insurance Corporation of India
We authorized LIC advisor from Nellore
Jeevan chhaya Plan LIC Plans for Children’s
JEEVAN CHHAYA PLAN
SUITABILITY
- This plan is best suited for some one planning for children's higher education or marriage, as money back installments are payable in the last four years of the term chosen. Couples having a child aged less than 1 year can take this policy without having to undergo any medical examination. Others with or without a child aged less than a year can also opt for the policy, but would have to undergo medical examination
SALIENT FEATURES
- A policy where sum insured is payable to the life assured in four equal installments in the last four years of the tenure of the policy
- Full sum insured becomes payable in case of death of the life assured within the term and additionally money back installments are payable
- Bonus for the full term plus any additional bonus is payable on the date of maturity
- Premiums cease on death or on expiry of term whichever is earlier
- This plan can be availed for terms between 20 and 25 years
BENEFITS
- Under this plan, irrespective of the life assured surviving the term, four equal installments of the sum assured are payable in the last four years of the tenure of the policy
- For example, for the term of the policy is 20 years, for every Rs 1,00,000 of sum assured, Rs. 25,000 each is payable at the end of 17th, 18th, 19th and 20th policy year. If the death occurs in the 18th year, full sum insured without bonus is payable immediately. The balance three installments of one-fourth sum assured each, will be paid in the 18th 19th and 20th policy year
OTHER CONDITIONS
- Minimum amount of Sum Insured - Rs. 30,000
- Minimum premium must be Rs.800 per annum
- Minimum age at entry - 18 years completed
- Maximum age at entry - 40 years
- Maximum age at entry can be raised to 45 years if the original or attested birth or school certificate is submitted as age proof
- Maximum maturity age - 65 years
- For proposals without medical certificate, a declaration has to be given
- Some restrictions apply for female lives
JEEVAN CHHAYA LIC PLAN EXAMPLE:-
Mr. Mohan takes a jeevan chhaya policy for 20 years for Rs. 5 lakhs sum assured with double accident benefit. He nominates kumari. Usha, his daughteraged 4 years, as nominee and appoints Mrs.Yashoda,his wife as appointee.
After sometimes Mr. Mohan expires in an accident. In this case, Mrs. Yashoda, Mohan wife receives 2 times the sum assured i.e. Rs 10 Lakhs as death claim on behalf of her daughter. Again at the end of 17 years from the commencement of policy, kumari Usha, Mohan’s daughter receives 1/4th of sum assured i,e. Rs.1, 25, 000. she receives similar amount at the end of 18th and 19th year of the policy. At the end of 20th year, kumari Usha gets Rs.1, 25, 000 + bonus of Rs. 4, 20, 000 at an estimated bonus of Rs. 42 per thousand per annum.
Child Future Plan – Children Plans
Nowadays insurance is a must for everybody in all aspect of life. Life insurance and health insurance etc are the basic insurance types that have now become need of everybody. We authorized LIC Advisor from Nellore please feel to free contact for 09666054555 or to get free quotes of life insurance and health insurance quotes please log in to www.licagenthyderabad.in Choosing and purchasing of the life insurance and health insurance policy is a mind boggling process but we are here for you to give you the answers of your Requirement.
Child Future Plan policy plans for Life Insurance Corporation of India
We authorized LIC advisor from Nellore
Child Future Plan Plan LIC Plans for Children’s
INTRODUCTION:
This plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.
OPTIONS:
You may choose Sum Assured (S.A.
PAYMENT OF PREMIUMS:
You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or upto 5 years before the policy term.
SAMPLE PREMIUM RATES:
Following are some of the sample premium rates per Rs. 1000/-S.A.
This plan is specially designed to meet the increasing educational, marriage and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.
OPTIONS:
You may choose Sum Assured (
PAYMENT OF PREMIUMS:
You may pay the premiums regularly at yearly, half-yearly, quarterly or through Salary deductions over the term of policy. Premiums may be paid either for 6 years or upto 5 years before the policy term.
SAMPLE PREMIUM RATES:
Following are some of the sample premium rates per Rs. 1000/-
B. DEATH BENEFIT:
On death (after the Date of Commencement of Risk) - Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus, if any shall be payable.
On death during the Extended Term - Sum Assured is payable.
On death (before the Date of Commencement of Risk) - All the premiums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% p.a compounding yearly shall be payable.
On death (after the Date of Commencement of Risk) - Sum Assured along with vested Simple Reversionary Bonuses and Final (Additional) Bonus, if any shall be payable.
On death during the Extended Term - Sum Assured is payable.
On death (before the Date of Commencement of Risk) - All the premiums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% p.a compounding yearly shall be payable.
AUTO COVER:
If after at least two full year’s premiums have been paid, and any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the due date of the First Unpaid Premium (FUP). During this Auto Cover Period, one or more installments of premiums with interest can be paid without submission of evidence of health. On payment of one or more of the arrears of installment premiums with interest, the Auto Cover Period of 2 years shall be extended from the due date of new FUP. Premium Waiver Benefit shall remain in force during the Auto Cover period.
If after at least two full year’s premiums have been paid, and any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the due date of the First Unpaid Premium (FUP). During this Auto Cover Period, one or more installments of premiums with interest can be paid without submission of evidence of health. On payment of one or more of the arrears of installment premiums with interest, the Auto Cover Period of 2 years shall be extended from the due date of new FUP. Premium Waiver Benefit shall remain in force during the Auto Cover period.
Premium Waiver Benefit:
The proposer can opt for this benefit if aged between 18 and 55 and is medically fit. It provides waiver of premiums on death of proposer. Further the benefit shall remain in force during the Auto cover period. Any premiums that have fallen due and not paid during the Auto Cover period shall also be waived. This benefit shall not be available in case of suicide by the proposer within one year of policy. Further, revival of the policy shall be subject to medical fitness of the proposer.
The proposer can opt for this benefit if aged between 18 and 55 and is medically fit. It provides waiver of premiums on death of proposer. Further the benefit shall remain in force during the Auto cover period. Any premiums that have fallen due and not paid during the Auto Cover period shall also be waived. This benefit shall not be available in case of suicide by the proposer within one year of policy. Further, revival of the policy shall be subject to medical fitness of the proposer.
Eligibility Conditions and Other Restrictions:
| (a) | Minimum Entry Age | 0 years (last birthday) |
| (b) | Maximum Entry Age | 12 years (last birthday) |
| (c) | Minimum Maturity Age | 23 years (last birthday) |
| (d) | Maximum Maturity Age | 27 years (last birthday) |
| (e) | Minimum Sum Assured | Rs. 1,00,000 |
| (f) | Maximum Sum Assured | Rs. 100,00,000 |
| (g) | Policy term | 11 to 27 years |
| (h) | Premium Paying term | 6 years and Policy term less 5 years |
PARTICIPATION IN PROFITS OF THE CORPORATION:
Simple Reversionary Bonuses shall be declared per thousand Sum Assured annually at the end of each financial year depending upon the Corporation’s experience, provided the policy is in full force. In case of a paid up policy, bonuses shall be payable only if, at least, 3 full years’ premiums have been paid. On surrender, the discounted value of vested bonuses, if any, will be payable. Final (Additional) Bonus may also be declared in addition.
Simple Reversionary Bonuses shall be declared per thousand Sum Assured annually at the end of each financial year depending upon the Corporation’s experience, provided the policy is in full force. In case of a paid up policy, bonuses shall be payable only if, at least, 3 full years’ premiums have been paid. On surrender, the discounted value of vested bonuses, if any, will be payable. Final (Additional) Bonus may also be declared in addition.
PAID-UP VALUE:
Not withstanding the death benefit provided under the Auto Cover period, if at least three full years’ premiums have been paid and any subsequent premium be not duly paid, this policy shall not be wholly void but shall become paid-up.
Not withstanding the death benefit provided under the Auto Cover period, if at least three full years’ premiums have been paid and any subsequent premium be not duly paid, this policy shall not be wholly void but shall become paid-up.
If policy becomes paid-up before the commencement of risk, then the policy shall be entitled to receive the Guaranteed Surrender Value. If the policy is not surrendered, this Guaranteed Surrender Value shall be payable on the expiry of policy term or on death of Life Assured, if earlier.
If policy becomes paid-up after the commencement of risk, then the sum assured of policy shall be reduced to such a sum, called paid-up value, as shall bear the same proportion to the full Sum Assured as the number of premiums actually paid bears to the total number of premiums stipulated for in the policy. This reduced value (called paid up value) along with vested bonuses, if any, shall be payable on the date of expiry of policy term or at Life Assured’s prior death. No survival benefit shall be payable under a reduced paid-up policy. Extended Term cover shall cease to apply if the policy is in lapsed/ Paid-up condition.
SURRENDER VALUE:
You may surrender the policy for cash after at least three full years’ premiums have been paid. The Guaranteed Surrender Value will be as under:
You may surrender the policy for cash after at least three full years’ premiums have been paid. The Guaranteed Surrender Value will be as under:
- Before commencement of risk: 90% of the total amount of premiums (excluding premiums for the first year ) paid.
- After commencement of risk: 90% of the total amount of premiums (excluding premium for the first year) paid before commencement of risk and 30% of premiums paid on and after the commencement of risk.
The Guaranteed Surrender value calculated above will be subject to the deduction of the total amount of survival benefits that might have become due on or before the date of surrender. Further all extra premiums and/or any other premium including premium for Premium Waiver Benefit shall not be considered in the premiums refunded.
The cash value of any existing vested bonuses, if any, will also be paid.
Corporation may, however, pay Special Surrender value as the discounted value of Paid up value and existing vested bonus, as applicable on date of surrender. The Special Surrender value will be subject to the deduction of the survival benefits which have become due on or before the date of surrender.
The Special Surrender value will be payable provided the same is higher than Guaranteed Surrender value.
Grace Period:
A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums.
A grace period of one calendar month but not less than 30 days will be allowed for payment of premiums.
Revival:
If the policy is lapsed, it can be revived by paying arrears of premium together with interest within a period of five years, subject to production of satisfactory evidence of continued insurability. The rate of interest applicable will be as fixed by the Corporation from time to time.
COOLING-OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.
EXCLUSIONS:
Suicide is excluded for Premium Waiver Benefit for first year. No other exclusions.
MISCELLANEOUS PROVISIONS:
Date of commencement of risk: If age of Life Assured is up to 10 years, risk shall commence either after 2 years from the date commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 5 years of age of Life assured, whichever is later. In other cases, risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured.
If the policy is lapsed, it can be revived by paying arrears of premium together with interest within a period of five years, subject to production of satisfactory evidence of continued insurability. The rate of interest applicable will be as fixed by the Corporation from time to time.
COOLING-OFF PERIOD:
If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.
EXCLUSIONS:
Suicide is excluded for Premium Waiver Benefit for first year. No other exclusions.
MISCELLANEOUS PROVISIONS:
Date of commencement of risk: If age of Life Assured is up to 10 years, risk shall commence either after 2 years from the date commencement of policy or from the policy anniversary coinciding with or immediately following the completion of 5 years of age of Life assured, whichever is later. In other cases, risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the Life Assured.
Date of Vesting: The policy shall automatically vest in the Life Assured on the policy anniversary coinciding with or immediately following the completion of 18 years of age and shall on such vesting be deemed to be a contract between the Corporation and the Life Assured.
EXAMPLE FOR CHILDREN FUTURE PLAN
Ms. Usha’s (3 years) father Mr. Mohan takes a policy for his daughter for SA of Rs 5 lakhs (MA 23 years, PPT 15 years). Ms. Usha 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) along with 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 Usha’s death ( see point number 5 above) between her age of 18 & 23, SA + Vested Bonus + FAB, if any, is payable
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