JEEVAN KISHORE LIFE INSURANCE POLICY

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JEEVAN KISHORE LIFE INSURANCE POLICY BY LIC
With profits plan (Table no. 102)

Example: Mr. Raj aged 35 years takes a Jeevan kishor policy for his 3 years old son master sunny for S.A. 2 lac to be matured at the age of 22 of him son. He also opts for premium waiver benefit.

Life risk will commenced from the policy anniversary after completion of 7 yrs. Of sunny's age. On maturity master sunny will get Rs.3,89,000+FAB , if any (2 lac S.A. +Bonus as per bonus rates of 2005 i.e. Rs.45 per 1000 .S.A. per annum 45 x 200 x 21 = 1,89,000 + FAB if any).

In case of master sunny dies at the age of 12 after commencement of risk cover, then the nominee will get 2,81,000 (2 lac S.A. + Bonus i.e. 45 x 200 x 9 = 81,000).

On attaining the age of 18 master sunny has the option to opt for accident benefit by paying Re. 1 extra per thousand S.A

Features of plan

High bonus from day one child becomes owner of the policy automatically at the age of 18 yrs child's age should be between 0 & 12 yrs (LBD) risk commences after 2 years of age policy or on completion of 7 years of age, whichever is later. No medical examination of the child if age less then 10 yrs. else medical examination is necessary. Premium waiver benefit is available on payment of extra premium along with standard age proof and medical examination upto 50 yrs of proposer's age.

Parents of children who want provide a lump sum amount at a particular age of the child can also propose. If both parents are not alive, legal guardian can propose. Grand parents can also propose (w. e. f. 1- 12- 2003) provide premium are paid by grand parents from their own income and consent letter is given from parents. This amount can be used for any particular need of the child like marriage or start in life.

This policy is issued with profit, but bonus for waiting period will vest immediately on the policy anniversary from which risk is covered or at the end of 5 years from commencement of the policy whichever is later, provided the policy is in force.

If children aged 5yrs. & above, not going to school, this plan is not allowed to them.

W. e. f. 23-03-2005 this plan is allowed with single premium mode also.

BENEFIT

Maturity benefit: on maturity the policy will get, the full S.A. + Accrued bonus + FAB, if any.

Death benefit: if death occurs after life risk has been commenced then the S.A.+ vested bonus + FAB, if any, will be payable on death. In case death occurs before commenced of risk, only deposited premiums will be given to the nominee.

Plan parameters
Age at entry: Min.0, Max. 12 yrs
Maturity age: Max. 45 yrs.
Sum Assured: Min.5000
Term: Min15yrs, Max. 35 yrs
Mode of payment: YLY/HLY/QLY/SP
Accident benefit: after 18 yrs. Age of child
(Max. 50lac inclusive Re.1 extra per
All plans)
Policy loan: N. A.
Housing loan: N. A.
Assignment: N. A,
Revival: yes
Surrender of policy: yes
Term rider: N.A.
CIR: N.A.

UNDERWRITING CONDITION
Form no.: 300/340
Age proof 0 - 4 yrs: standard
5 yrs. & above: school certificate
Female lives category: I/II
Non-medical (Gen): N. A.
Non-medical (Prof): N. A.
Non-medical (special): N. A.
Actual sum assured: Basic SA
Risk coverage: SA + Bonus
Dating back @ 8%: Allowed

If aged at entry is less then 10 yrs. Then Max. S.A. will be Rs.15 Lac

Jeevan Nidhi (Child Insurance Plan)

Example:

Master Rahul is aged 3 years and he is the son of Mr. Rakesh, aged 35 years. Mr. Rakesh takes a Komal Jeevan policy for Rs.10 Lakhs. He opts for Premium Waiver Option and Term Rider Option.

Ø Life risk cover on Master Rahul starts at completing age of 7.

Ø If Mr.Rakesh dies before Master Rahul reaches an age of 18, the payment of future premiums are waived, since Mr.Rakesh had opted for PWB premium. Further Rs.1 Lakh is paid towards Term Rider Benefit being Rs.1 Lakh.

Ø At 18 and 20 years of age, Master Rahul will get Rs.2,00,000.00 each. Likewise, he will get Rs.3,00,000.00 each at age of 22 and 24 years. At age of 26, he will get Rs.17,25,000.00 as Guaranteed Addition. (Rs.75/1000 sum assured for 23 years)

LIC of India’s Komal Jeevan children’s policy has very good investment cum risk plan for citizens. LIC has looked into the need to protect the children in the event of loss of a earning member of the family. Some of the benefits are listed below for the benefit of prospective investors.

Ø Parents interested in protected their own life for the benefits of their children with Premium Waiver Benefit option.

Ø Children’s life is also covered in this policy from the age of 7.

Ø Premium payments options include 10 to 18 years, where the benefits of the policy could be reaped by children till the age of 26.

Ø Proposer could be father/mother of the child. Parent should be an earning member of the family.

Ø Term Rider benefit could be availed upto 20% of the sum assured, maximum of upto 1 Lakhs addition to the PWB.

Ø Guaranteed Addition of Rs.75/1000 sum assured per year of the policy.

Please Contact for more Details on this Policy

Harish Tiwari (Authorised LIC Agent): 9212201725, 9899615363

Child Future Plan

Marriage Endowment / Educational Annuity

Marriage Endowment / Educational Annuity

Example: Mrs. Twinkle Raj has a 2 years old daughter Rani. she opts for marriage endowment plan for Rs.2lac for 20 years, so that her daughter can be married around 22 years of age. But after 8 years his death occurs. Her nominee needs not to be worried about the premium of this plan. When her daughter Rani attains the age of 22 years, she will get Rs.3,80,000/- (basic S.A. Rs.2lac + bonus as per bonus rate of 2005 i.e. Rs.45/- per annum for 20 years which come out be to Rs.1,80,000/-). This policy can be gifted to someone you love.

Benefit:

Maturity benefit: payment of S.A.+ Bonus+ FAB, if any.

Death benefit:
S.A. + bonus payable in lump sum or in 10 HLY installments at the option of beneficiary. Moreover, the future premiums are waived.

Accident benefit: accident benefit equivalent to basic S.A. would be available immediately, in addition to death benefits stated above by paying appropriate additional premiums on that behalf.

Features of Plan:

This policy is suitable specially to meet the needs of marriage or higher education of the policyholder's children. It is a kind of an endowment policy in case of maturity. In case of early death of the policy holder the nominee will not get the S.A. and bonus immediately. Future premium are not payable after death of the policyholder the S.A. with bonus is payable only after the expiry of the term. In case of death caused by an accident, S.A. will be paid to the nominee immediately. At the maturity of the policy the policyholder can exercise option to take for the amount in lump sum or a convenient term can be chosen which can be used for future education of dependents. In case the double accident benefit is availed then an additional sum equal to the basic S.A. become payable immediately on death due to accident during the policy term

The loan facility is available under this plan after 3 years of commencement of policy when premium are fully paid up for 3 yrs. The rate of interest is @ 10.5% p.a.

Plan parameters

Age at entry: Min.18 yrs, Max.60 yrs
Maturity Age: Max. 70yrs
Sum assured: Min. 50,000, Max. No. Limit
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Re.1extra per 1000 (Max. 50lacs inclusive: 1000 S.A. All plan)
Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Term: yes
CIR: yes

Under writing

Form no : 300
Age proof : std./ NSAP-1,2,3
Female lives category : I/II/III
Non-medical (Gen) : Allowed
Non-medical (Prof) : Allowed
Non-medical (special) : Allowed
Actual sum assured : Basic S.A.
Risk coverage : premium waived
Dating back @ 8% : Allowed

Please Contact for more Details on this Policy

Harish Tiwari (Authorised LIC Agent): 9212201725, 9899615363

Jeevan Saral

Jeevan Saral

Example: Mr. Raj is 25 years old and is working in auto industry. He opts for jeevan saral plan for 15 years term and chooses monthly basic premium of Rs.1000/- after adding DAB premium of Rs.1021 (1000 x 250 = 250,000 x 1/1000 x 1/12 = 10 + 1021). On maturity he will receive Rs.4,44,397/- (as maturity sum assured (MSA) + Loyalty Addition which will be decided by the corporation.) If he dies after 4 years, his nominee will get Rs.1,25,000 (250 x 500) + premium paid for 4 years - first year premium = 2,55,250 + 49,008 - 12,252 = 2,92,006/- + Loyalty Addition, if any.

SPECIAL FEATURES:

• High risk cover at low premium


• Death Benefit 250 times of monthly premium


• Bouble risk cover in case of Accidental Death


• Extended risk cover for one year after 3 years premium payment.


• Optional higher cover through Term Riders


• The policyholder can choose a maximum term but can surrender at any time without any


• surrender penalty or loss after 5 years


• Any number of withdrawals through partial surrendering

OTHER ELIGIBILITY CONDITIONS:

• Premium : Minimum premium of Rs.250/- per month for entry age up to 49 years and Rs.400/- per month for entry age 50 years and above.


• No Limit for the maximum premium per month.


• Mode : Yearly, Half-yearly, Quarterly and Monthly under Salary Saving Scheme


• In case of term rider, minimum and maximum age at entry will be 18 and 50 years respectively.


• Further minimum sum assured will be Rs.1 lakh.

Please Contact for more Details on this Policy

Harish Tiwari (Authorised LIC Agent): 9212201725, 9899615363

Jeevan Anand

Jeevan Anand

Endowment plus whole Life Plan

Example Of Jeevan Anand Plan

Example: Mr. Raj, age 25 years, takes Jeevan Anand policy for 25 years for Sum Assured Rs. 1 lakh. Now on Maturity Raj will receive Rs. 2,12,500/- (Rs. 1 lakh sum assured Plus Rs.1,12,500/- is the estimated bonus at Rs.45/- per thousand per year.)

In case, Mr. Raj, dies (After premium paying term is over) at the age of 60 years, his nominee will get additional Rs. 1 lakh equal to sum assured amount. Since Mr. Raj has already received the bonus, LIC will not pay second time bonus.

In case, Mr. Raj dies during the Premium Paying Term, his nominee will get Rs.1 Lakh (sum Assured) + Accrued bonus till Mr. Raj’s death

Key features of Jeevan Anand

§ Limited premium payments.

§ Double accidental cover upto age 70.

§ Whole life risk cover, even after you stops paying premiums,

§ Encashment/Surrender of the policy after maturity. [New Feature added to

this plan]

§ Tax Savings available as per income tax rules

Premium:

Following premiums paying modes are available underJeevan Anand

§ Yearly

§ Half Yearly

§ Quarterly

§ Monthly

§ Salary deductions also available

Bonuses Detail Jeevan Anand:

§ LIC of India declares Simple Revisionary Bonuses 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 will be added during the selected term or till death,

§ Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period.

§ Benefits in case of survival to the end of selected term:
The Sum Assured along with the vested bonuses is payable in a lump sum on survival to the end of the term. An additional Sum Assured is payable on death thereafter.

Accident Risk cover under Jeevan Anand:
An additional Sum Assured (subject to a limit of Rs.5 lakh) is payable in a lump sum on death due to accident up to age 70 of life assured. In case of permanent disability of the life assured due to accident this additional Sum assured is payable in installments.

Supplementary Benefits/Riders:
These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.

Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract.

Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. Any extra premium(s) paid and premium(s) towards Accident Benefit are also excluded.

Eligibility Conditions and Restrictions:

a:) Minimum Entry Age: 18 Years completed
b:) Maximum Entry Age: 65 Years
c:) Max. PPT Mat. Age: 75 years
d:) Min. Premium term: 5 yrs
e:) Max Premium term: 57 yrs
f:) Minimum Sum Assured: Rs. 1,00,000/-
g:) Maximum Sum Assured: No Limit
h:) Risk cover: Sum Assured + Bonus
i:) Loan on policy: Avaialable
j:) Housing loan : Avaialable

Please Contact for more Details on this Policy

Harish Tiwari: 9212201725, 9899615363