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Child Plans from LIC OF INDIA

LIC is the biggest insurer in India with maximum number of child plans. There are 10  plans in LIC OF INDIA and they can surely meet the requirements of any individual who wants to plan for the future of his kids.

LIC OF INDIA’s child plans can be divided into two categories.

Category I : It includes plans like Marriage Endowment, Jeevan Chhaya, Jeevan Anurag & Jeevan Ankur

Category II : It included plans like Komal Jeevan, Jeevan Kishore, Child Career, Child Future, Jeevan Tarang

[youtube]http://www.youtube.com/watch?v=mQGHrVmEfIo[/youtube]

In Category I plans Parent are insured and child is the beneficiary( Nominee) so these plans are suitable for those people who have no insurance at all on their name or their insurance is not adequate. If these people take these plans then their family is safe along with their kids.It guarantees a corpus for your kids whether you are there with them or not.

LIC MARRIAGE ENDOWMENT

Marriage Endowment : This is an Endowment Assurance plan that provides for benefits on or from the selected maturity date to meet the Marriage/Educational expenses of the named child. This is a with-profit plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of the profits in the form of bonuses. Simple Revisionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Such bonuses are to be added till maturity even if the life assured dies before the maturity date. Final (Additional) Bonus may also be payable provided a policy is of a certain minimum term.

Death Benefit:
The Sum Assured plus accrued bonuses up to maturity is payable on maturity even though death occurs during policy term. This may be paid in a lump sum or in ten half-yearly instalments at the option of the beneficiary.

Maturity Benefit:
The Sum Assured plus all bonuses declared up to maturity date is payable on survival to the end of the term either in a lump sum or in ten half-yearly installments, as opted by you.

LIC JEEVAN CHHAYA

Jeevan Chhaya : This is an Endowment Assurance plan that provides financial protection against death throughout the term of the plan. Besides payment of Sum Assured immediately on death, one-fourth of Sum Assured is payable at the end of each of last four years of policy term whether the life assured dies or survives the term of the policy.

This is a with-profits plan and participates in the profits of the Corporation’s life insurance business.  It gets a share of profits in the form of bonuses. Simple Reversionary Bonuses are declared 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 for full term on the full Sum assured are paid at the end of the term even if death occurs during policy term. Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.

Benefits on death/survival:
One fourth of the sum assured is payable at the end of  each of last four years of the policy term. On death/survival all bonuses declared during the term of policy will also be paid along with the last installment. These benefits are payable whether the life assured survives the policy term or dies during the term of policy. Further, on death during the policy term, an amount equal to Sum Assured is also payable immediately.

LIC JEEVAN ANURAG

Jeevan Anurag : LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at pre specified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. 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 reversionary 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 reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.

Death Benefit
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured. No premiums are payable thereafter. Benefits as per following table are payable in addition:

Table giving pre-specified benefits :
Date on which payable Payable Amount
Three years before date of maturity 20% of Sum Assured
Two years before date of maturity 20% of Sum Assured
One year before date of maturity 20% of Sum Assured
On date of maturity 40% of Sum Assured + vested Simple Reversionary Bonuses + Final (Additional) Bonus, if any

OPTIONS OF PAYMENT OF PREMIUM

Following premium paying terms are offered:
(i) Single Premium- One Year
(ii) Regular Premium payable during (n-3) Years, where n is the policy term
(iii) Regular Premium payable throughout the policy term

Loan:
Policy Loan is permissible under the policy after it acquires a paid-up value but before starting of payment of assured benefits. The terms and conditions of loan and the rate of interest applicable will be as fixed by the Corporation from time to time. At present, the rate of interest is 9% p.a. compounding half-yearly.

LIC JEEVAN ANKUR

Jeevan Ankur : Please click on http://www.licjeevanankur.com for more details.

[youtube]http://www.youtube.com/watch?v=mQGHrVmEfIo[/youtube]

In Category II plans Kid are insured and Parents are the proposers so these plans are suitable for those people who already have insurance at all on their name and that too adequate as in these plans LIC follow the concept of matching Insurance i.e. A parent can take insurance on his child’s name equal to Rs 2lac or in case of more than 2 lacs to the extent equal to his existing insurance only.
 

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LIC JEEVAN ANKUR : BEST CHILD PLAN EVER FROM LIC FOR KIDS
LIC OF INDIA has launched one more plan on 23rd January 2012 and added one more option in the bouquet of CHILD PLANSLIC OF INDIA had already 7 child plans (namely JEEVAN CHHAYA, MARRIAGE ENDOWMENT, KOMAL JEEVAN, JEEVAN KISHORE, JEEVAN ANURAG, CHILD CAREER PLAN & CHILD FUTURE PLAN ), before the launched of LIC JEEVAN ANKUR.  Now the question arises how this plan is different from other 7 plans and how will it be better than the child plans of other pvt. insurers.
Buy LIC JEEVAN VAIBHAV
 
Main features of LIC JEEVAN ANKUR as follows:
1. It is with profit conventional plan ( Not related to market ) so all investment will be debt based. It means over the term of 20yrs it will easily give the yield of nearly 8%.like other LIC PLANS.
2. In LIC JEEVAN ANKUR, parents will be insured not the child. Means the parents will be the owner of the plan and at the maturity the funds will go to the parent and they can use it wisely for their kids.
3. DEATH BENEFIT:
A) On death of the Life Assured during the policy term: Sum Assured( equal to parents Insurance in this plan) shall be payable to the nominee( the child) and an Educational income benefit equal to 10% of parent’s insurance will  be payable on each policy anniversary, from the policy anniversary coinciding with or next following the date of death, till the end of the policy term.
For example if an insurance of Rs 10lac is taken in LIC JEEVAN ANKUR by the proposer then a) in case of death of the proposer, Rs 10lac (in case of normal death ) and Rs 20lacs (in case of accidental death) will be given to the child immediately and b) future premium will be waived if CIR opted also c) Rs 1,00,000 per annum will be given to the child for educational expenses per annum on the policy anniversary till the end of the term and also  d) the maturity amount of Rs 10lac along with the bonus (loyalty) amount will be given to the child.
B) On death of the child, when parents are alive, the Life Assured (parents ) will have an option to nominate another child or any person and the policy will continue with the same benefit payable to new nominee/legal heirs after the death of the Life Assured during the term of the policy. Means no insurance amount will be given at the death of the child but simply another child or person will replace the nominee as parents are insured in LIC JEEVAN ANKUR not the child.
3. Tax Benefit : Premium paid in this policy is 100 % tax free under section 80C and the maturity will also be tax free under section 10 (10D)

Buy LIC JEEVAN VAIBHAV

 
HOW LIC JEEVAN ANKUR IS BETTER THAN CHILD PLANS OF OTHER PVT. INSURERS.
1. Educational Income benefit in case of death of the parents is the new concept first time launched by LIC OF INDIA in a child plan.
2. Bonus rates in LIC OF INDIA is much higher than the bonus available in the plans of pvt. insurers.
3. Lesser premium: LIC OF INDIA charges no extra premium for premium waiver benefit in case of death of the parent in LIC JEEVAN ANKUR and also LIC is not charging any thing extra for EDUCATIONAL INCOME BENEFIT  whereas in pvt. insurers nothing comes for free.
4. LIC SOVEREIGN GUARANTEE make it safest to invest in lic but there is no such guarantee exists with any plan of any pvt. insurers.
The list of benefits of LIC JEEVAN ANKUR for you and your family and how it is better than other plans of pvt. insurers are many.  To know more or to take this plan to secure the future of your loving kids contact LIC authorized agents visit LIC HELPLINE.
Buy LIC JEEVAN VAIBHAV
Source LIC JEEVAN ANKUR
http://www.licjeevanankur.com
 

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