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CHILDREN PLANS

Children Insurance plans is the best gift a parent can give their children because parenting not only refers to love and care but is also accompanied with proper planning for creating a right environment for your children.

LIC provides different children’s plan with various beneficiary features. The different children plans are made to take care of the children, their future, their education in case if something happens to the parents.

The common features of LIC child plans are:

  • The plans are specially designed to meet the educational, marriage and other needs of the growing children.
  • The plans also cover the risk on the child life during the policy term and also during the extended term. The extended term remains 7 years after the expiry of the policy term.
  • The premiums are allowed to pay half yearly, yearly, quarterly, monthly schemes. The premium rates differ according to the different LIC child plans. The customer can get to know the exact rate of the premium from the LIC office or the LIC agent.
  • The children plan can be made at any age but the maximum age of entry is 10 – 12 years depending up on the plan conditions.
  • The maturity age for some of the plans are 18 years, for some it is 22 years, for some it is 24 years and in some plans it is 26 years. 26 years is the maximum age of maturity of the plans.
  • The policy term and the premium paying term vary according to the rules and regulations of different LIC child plans.
  • The features of grace period, the cooling off period, the revival and the exclusions vary from one plan to another.

 

 

LIC's JEEVAN TARUN is a participating non-linked limited premium payment plan which offers an attractive combination of protection and saving features for children. This plan is specially designed to meet the educational and other needs of growing children through annual Survival Benefit payments from ages 20 to 24 years and Maturity Benefit at the age of 25 years. It is a flexible plan wherein at proposal stage the proposer can choose the proportion of Survival Benefits to be availed during the term of the policy as per the following four options:

Option

Survival Benefit

Maturity Benefit

Option 1

No survival benefit

100% of Sum Assured

Option 2

5% of Sum Assured every year for 5 years

75% of Sum Assured

Option 3

10% of Sum Assured every year for 5 years

50% of Sum Assured

Option 4

15% of Sum Assured every year for 5 years

25% of Sum Assured

Where, Survival Benefit is the annual payment of a fixed percentage of Sum Assured (as defined in the table above) every year starting from policy anniversary coinciding with or following the completion of 20 years of age and thereafter on each of the next 4 policy anniversaries and Maturity Benefit is a fixed percentage of Sum Assured (as defined in the table above) along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, on maturity.

The chosen option shall become a part of the policy contract and no further change in option shall be allowed.

In addition, this plan also takes care of liquidity needs through its loan facility.

The plan can be purchased by any of the parent or grand parent for a child aged 0 to 12 years.

  1. Benefits available under an inforce policy:

Death Benefit:
On death during the policy term (before commencement of risk):
In case of death of the Life Assured, return of premium/s paid excluding taxes, extra premium and rider premium, if any, without interest shall be payable.

On death during the policy term (after commencement of risk):
In case of death during the policy term provided all due premiums have been paid Death Benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable. Where “Sum Assured on Death” is defined as Higher of 10 times of annualized premium or Absolute amount Assured to be paid on Death i.e. 125% Sum Assured.

This Death Benefit shall not be less than 105% of the total premiums paid as on date of death.
 
The premiums mentioned above exclude taxes, extra premium and rider premium, if any.

Survival Benefit: A fixed percentage of Sum Assured shall be payable on each policy anniversary coinciding with or immediately following the completion of 20 years of age and thereafter on each of next four policy anniversaries. These fixed percentages shall depend on the Option chosen at the proposal stage and for various Options the percentages are as given below:

Policy Anniversary coinciding/ following completion of ages

Percentage of Sum Assured to be paid as Survival Benefit

Option 1

Option 2

Option 3

Option 4

20 to 24 years

Nil

5% each year

10% each year

15% each year

Policyholder has to opt for any one of the options above at the proposal stage only.
 
Maturity Benefit: In case of Life Assured surviving the stipulated date of maturity, a fixed percentage of Sum Assured shall be payable on maturity for inforce maturing policies. The fixed percentage under different Options is as below:

Maturity Age

Option 1

Option 2

Option 3

Option 4

25 year

100%

75%

50%

25%

In addition to the above, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall also be payable.

        Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is inforce.

Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity.

  1. Optional Rider:

LIC’s Premium Waiver Benefit Rider (UIN: 512B204V01), on the life of proposer may be opted for by payment of additional premium.

Policy Document

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