|
Komal Jeevan
Table No. 159
(With
Guaranteed & Loyalty Addition)
Today,
life is highly competitive. Education and settling in life entails high costs.
Parents need, therefore, to make provision, in advance, for good education for
their children. Children also need financial support for entering
business/career.
L.I.C
now introduces a new plan to take care of these needs - a Children’s Money Back
Assurance Plan, with payment of premium ceasing
on policy anniversary immediately after the child attains 18 years of
age. The plan, besides offering risk cover, also offers payment of Sum Assured
in installments at age 18, 20, 22, 24
and Guaranteed and Loyalty additions at
age 26.
This
Policy can be proposed by generally father but if mother has income of her own
, she can propose. If both parents are not alive, then legal guardian can
propose under this plan. Risk under this policy will commence two years from
the date of commencement of the policy or from the policy anniversary
immediately following the completion of 7 years whichever is later.
Benefits
Ø Installment benefit:
|
At Age (Completed)
|
Benefits
|
|
18
|
20% Of Sum
Assured
|
|
20
|
20% Of Sum
Assured
|
|
22
|
30% Of Sum
Assured
|
|
24
|
30% Of Sum
Assured
|
|
26
|
Guaranteed
Addition Plus Loyalty Addition
|
Ø Death benefits:
ü Before commencement of Risk:
ü Premium
Paid - Term Rider Premium - Premium waiver Premium
ü After commencement of Risk:
ü
Sum Assured + Guaranteed Addition +
Loyalty Addition, irrespective of the installments received earlier
Ø Guaranteed Addition:
ü
Rs.75/- per annum per thousand Sum Assured will be added at the end of each policy year
Ø Loyalty Addition
ü
In maturity cases, the policy will be eligible for loyalty
additions based on the term and Sum Assured. Loyalty additions will also be payable
in death after the commencement of risk based on the rates declared from time
to time, depending on the experience of the Corporation.
Ø Term Rider Benefit (Optional) :
ü
The proposer will also be given
optional insurance cover to the extent of 20% of the basic sum assured (not
exceeding Rs.1,00,000/-) for which he has to pay additional premium under the
policy. This benefit will be payable in case the proposer dies before the
policy anniversary on which the child completes 18 years of age.
Ø Premium Waiver Benefit (Optional):
ü
In case of unfortunate death of the proposer future premiums are waived.The premium
waiver benefit can be availed of by the proposer under this plan for which
additional premiums will be payable.
Ø Mode Benefit:
ü
The following table shows the rebate
available on the mode of premium payment.
|
Mode
|
Rebate
|
|
Yearly
|
2% of tabular
premium
|
|
Half - Yearly
|
1% of tabular
premium
|
|
Quarterly
|
Nil
|
Ø Sum Assured Benefit:
ü
The following table shows the rebate
available on the sum assured.
|
Sum Assured
|
Rebate
|
|
2,00,000 And
Above
|
Rs.1 Per
Thousand
|
Features
Ø A
Children’s money back policy with
attractive benefits- guaranteed and loyalty addition
Ø Minimum
Sum Assured - Rs. 1,00,000/-
Ø Maximum
Sum Assured - Rs. 25 Lakhs
Ø No
Minimum age Limit
Ø Maximum
age at entry- 10 years
Ø Modes
Allowed - All
Ø Age
proof compulsory
