LIC Child Career Plan

LIC Child Career Plan

LIC Child Career Plan Summary:

LIC Child Career Plan (Table 184) provides funds at regular yearly intervals for professional or higher education and start-in-life in the form of 6 money back installments commencing from minimum age of 18 years. So your child will get money when they really need it.

Child’s Career Plan (Table no. 184, with profits)

Under Child’s Career Plan vested bonus is payable along with first survival benefit of 30% of sum assured followed by subsequent 5 annual survival benefits @15% of sum assured. Thus total returns being 105% of basic sum assured + vested bonus and terminal bonus, if any.

LIC Child Career Plan 184

 

Premium waiver benefit:
Child Career plan (PWB) is available on payment of an additional premium during the premium payable term or till death of the proposer, whichever occurs earlier.

i) after the date of death of the proposer the premium falling due shall be waived.
ii) during the auto cover period the premium waiver benefit shall remain in force.
iii) the premium waiver benefit as stated in (i) shall be granted on the basic of proposer age personal health declaration and other requirements. In case any given information is found to be untrue and incorrect, all clime to the benefit shall cease.
iv) in the event of the proposer by his own hands whether sane or insane within one yearly from the issuance of FPR the PWB described in (i) and (ii) shall not operate.

105% Survival benefit:

  • 5 yrs. Before maturity : 30% of the SA+ Vested simple reversionary bonuses
  • 4 yrs. Before maturity : 15% of the SA
  • 3 yrs. Before maturity : 15% of the SA
  • 2 yrs. before maturity : 15% of the SA
  • 1 yrs. Before maturity : 15% of the SA

on maturity date: 15% of the S.A + final additional bonus (FAB), if any.

Eligibility condition for LIC Child career plan:

  • Min. age at entry: 0 year
  • Max. age at entry: 12 years
  • 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
  • Policy term: 11 to 27 years
  • Max. Age end of PPT: 70 years
  • Premium paying Term: 6 years OR Term minus 5 years.
  • PWB Prop. Age Min: 18 years completed.
  • PWB Prop. Age Max: 55 years

How to Apply for Child Career Plan?


Update: Child Career Plan No. 184 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

Komal Jeevan

Komal Jeevan

Komal Jeevan Summary: (Table No.159)
LIC Komal Jeevan is a children’s Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. Komal Jeevan can be purchased by any of the parent or grand parent or legal guardian for a child aged between 0 year to 10 years. The payment of the premium stops at the age of 18 years.

Who should buy Komal Jeevan?
In today’s competitive world, every parent’s dream for best education for their son/daughter. This policy is suitable for parents who dream to secure money for their children’s higher education.

Benefits:
The policy matures when the child grows up to be 26. Once the child attains majority, the survival benefit is paid in four installments.

  1. 20% on policy anniversary after completing age 18.
  2. 20% on policy anniversary after completing age 20.
  3. 30% on policy anniversary after completing age 22.
  4. 30% on policy anniversary after completing age 24.
  5. Guaranteed addition + Loyalty Addition on completing age 26 (Maturity date)

LIC Komal Jeevan Plan No. 159

Guaranteed additions :
The policy gives guaranteed additions at Rs 75 per Rs 1,000 sum assured on every policy anniversary till age 26.

Commencement of risk cover:
The risk commences only after the child attains age seven or two years after the commencement of the policy, whichever is later.

Premium Waiver Benefit:
Premium Waiver Benefit available with some extra premium amount.

Term Rider Benefit:
Term Rider Benefit can be availed by the proposer to the extent of 20% of the basic sum assured under the policy not exceeding Rs.1,00,000/-. The benefit will be payable in case the proposer dies before the policy anniversary on which the child is 18 years last birthday.

Death Benefits

  • In case of death of life assured before the commencement of risk, the policy is canceled 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.

Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, up to the policy anniversary immediately after the life assured (child) attains 18 years of age or till the earlier death of the life assured. Alternatively, the premium may be paid in lump sum (Single premium).

Medical Exam:
No Medical Examination is required for the child. However, proposer’s medical examination is compulsory.

Eligibility Conditions and Restrictions for LIC Komal Jeevan:

Min. age at entry: 0 year (Last Birthday)
Max. age at entry: 10 years (Last Birthday).
Min. S.A.: 1 lakh.
Max. SA.: 25 lakhs.
SA in multiples: Rs. 25,000
Max. Maturity age: 26 years (lbd).
Modes Allowed (Premium Payment): Yly/Hly/Qly/SSS/Sp
Min. PPT: 8 years. (Premium Paying term)
Max. PPT: 18 years.
Accident benefit: NA
Premium Rebate: Yly 2%; Hly 1%; Qly/SSS – Nil
Term Rider Option: Available
Critical Illness Rider: No
Policy Loan: No
Revival: Yes
Surrender of Policy: Yes
Survival Benefits: Yes
Housing Loan: No
P.W.B.: Yes

How to Apply for LIC Komal Jeevan?


UpdateLIC Komal Jeevan Plan No. 159 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

LIC Jeevan Anurag

LIC Jeevan Anurag

Jeevan Anurag Summary: (Child Insurance Plan)

LIC Jeevan Anurag (Table 168) is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parents. 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 revisionary 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 revisionary bonuses and the terminal bonus, if any, at the end of the 20th year.

LIC Jeevan Anurag plan no. 168

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 Restrictions Jeevan Anurag 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.

Eligibility Conditions and Restrictions Term Assurance Rider

Age at entry Age of the Life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
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.
Mode NIL

The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /-.

Eligibility Conditions and Restrictions Critical illness Rider:

Age at entry Age of the life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
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.
Mode NIL

The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /-.

Premium Payment Options:

Following premium paying terms are offered:

  1. Single Premium– One Year
  2. Regular Premium payable during (n-3) Years, where n is the policy term
  3. Regular Premium payable throughout the policy term.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

How to Apply for Jeevan Anurag?


Update: LIC Jeevan Anurag Plan No. 168 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.