LIC Children's Plan

LIC Child plan are design to give good and financially secured life to your child. LIC Children plan gives you option to choose to fit your need, such as listed in below list.
It is the Premium Waiver advantage that secures your child upcoming if something unlucky happens to you. This makes them interesting, and a worth investing your money.
LIC Child Plan Currently Available Products to Purchase
1) LIC Jeevan Anurag – LIC Jeevan Anurag is plan designed for the children educational requirements. This plan can be taken on the parent’s life. The basic sum assured is given immediately on the death of the life assured during the term of the policy.
2) LIC Jeevan Kishore – LIC Jeevan Kishore is a plan which can be availed by the parent or grand parents of the children. It is an endowment assurance plan for children of less than 12 years of age.
3) LIC Jeevan Chhaya – LIC Jeevan Chhaya is a plan where financial protection is given against death during the term of the plan. LIC Jeevan Chhaya is an Endowment Assurance plan. Besides this benefit one-fourth of Sum Assured is payable at the end of each of last four years of policy term irrespective if the life assured dies or survives the duration of the policy.
4) LIC Komal Jeevan – LIC Komal Jeevan  a Money Back Plan which can be bought by the parent or grand parent for their child from the age of 0-10years. LIC Komal Jeevan plan gives financial protection against death during the duration of the plan with periodic payments on survival at specified durations.
5) LIC Child Future Plan – LIC Child Future Plan is a  policy where the future needs like education, marriage and other requirements are taken care of. This plan provides a benefit which not only takes care of the risk cover of the child during the policy but also after 7 years of the policy being expired.
6) LIC Child Career Plan – LIC Child Future plan is to meet the educational and other needs of the child. It provides the risk cover on the life of child during the policy term as well as 7 years after the policy has expired. There are also Survival benefits given to the life assured at the end of a specific duration.
7) LIC Children's Deferred Endowment (CDA) Vesting at 21 – This is an Endowment Assurance plan designed to enable a parent , legal guardian or any near relative of the child to provide insurance cover on the life of the child (called life assured).
8 ) LIC Children's Deferred Endowment (CDA) Vesting at 18 – This is an Endowment Assurance plan designed to enable a parent, legal guardian or any near relative of the child to provide insurance cover on the life of the child (called life assured).

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LIC Jeevan Saral

Product Summary:

LIC Jeevan Saral is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment of LIC Jeevan Saral policy. LIC Jeevan Saral plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term. LIC Jeevan Saral also offers the flexibility of term and a lot of liquidity.

Premiums:

Premiums of LIC Jeevan Saral are payable yearly, half-yearly, quarterly, or monthly through salary deductions as opted by you throughout the term of the policy or till earlier death.

LIC Jeevan Saral Loyality Additions:

LIC Jeevan Saral is a with-profits plan and participates in the profits of the Corporation’s life insurance business.  LIC Jeevan Saral gets a share of the profits in the form of loyalty additions which are terminal bonuses payable along with death benefit or maturity benefit.  Loyalty Additions may be payable from the 10th year onwards depending upon the experience of the Corporation.

Any Time Maturity:

LIC Jeevan Saral plan allows life insured to take out the maturity after 10 years at any time, partially or fully. This flexibility lets you reinvest your money or fulfill your financial requirements. LIC Jeevan Saral also rewards you with bonus even if you have stopped paying premium after 10 years and maturity is kept inactive in insurance account.

LIC Jeevan Saral Plan Features:

•             Higher risks cover at minimal premium.

•             Extended life insurance cover for one year after three years premium payment.

•             Optionally available increased risk covers by way of Term Riders.

•             The insurance policy holder can select a highest possible term but can surrender whenever they want with no surrender penalty or loss right after 5 years.

•             Any number of withdrawals by way of partially surrendering the policy.

•             Smooth earnings on his investment & lots of flexibility.

LIC Jeevan Saral Benefits:

•             As mentioned above, being monthly ECS premium payment option, which is LIC monthly recurring kind scheme.

•             The amount policyholder going to receive at the end of the term after payment of all premiums is tax Free under section 10-10d of income Tax act.

•             You can partly surrender the policy and make unlimited withdrawals through partial surrendering after 5 years.

•             The premium amount paid to LIC is exempted under section 80c of income Tax act.

Illustration of Jeevan Saral:

Age at entry: 35 years

Policy term: 25 years

Mode of premium payment: Yearly

Amount of annual premium: Rs.4704/-

Guaranteed amount at the end of policy year 25 Rs. 215200=00 plus loyalty additions between Rs. 65000=00 to Rs. 211000=00.

What the policy holder will get after 25 years will be between Rs. 280200=00 to Rs. 426200=00.

i) This example is suitable to a non-smoker male/female normal (from health, style of living and work point of view) life.

ii) The most important purpose of the example is that the customer is in the position to understand the top features of the plan and the flow of benefits in a variety of situations with some level of quantification.

iii) Loyalty bonus extras will depend upon upcoming profits and therefore is not assured.

iv) The Maturity Benefit is the total displayed by the end of the policy period.

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Life Insurance ?

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during: 

• The date of maturity, or 
• Specified dates at periodic intervals, or 
• Unfortunate death, if it occurs earlier. 

 Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of death of the breadwinner. By and large, life insurance is civilisation's partial solution to the problems caused by death.

Life insurance, in short, is concerned with two hazards that stand across the life-path of every person: 

•  That of dying prematurely leaving a dependent family to fend for itself. 
•  That of living till old age without visible means of support.

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