CHILDREN PLANS

children_plans

CHILDREN PLANS
children_plans

CDA VESTING AT 21-41
Min.Age  =0
Max.Age =17
Min.Term =13 yrs
Min.Term = 50 yrs
Min.Sum Assured  = 50000
Max.Sum Assured = 1 Crore
Premium Paying Mode : Single/Year/H.year/Qtr

SUITABILITY:
The Main Advantage of This Plan is That an Assurance For a
Relatively Large Amount Can be Secured to a Child’s Future By a
Very Low Premium.
PRODUCT:
This Policy Has,
  a.Proposer (Parent/Guardian)
  b.Life Assured (Child)
This Policy Has Two Stages:
1.The Period From The Date of Commencement of The Policy to The
   Deferred Date (Child Attained Age 21)
   Which is Also Called Deferement Period.
2.The Period from Deferred Date to The Date of Maturity. The Insurance
   Cover on the Child’s Life Starts From the Deferred Date .
MATURITY BENEFIT:
On Maturity Will Get = Sum Assured + Accrued Bonus+FAB if any
DEATH BENEFIT:
1.If the Life Assured Dies After the Deferement Date,
   Will Get = Sum Assured + Bonus + FAB if any
2.If the Life Assured Dies Before the Deferement Date,
   The Policy Shall Stand Cancelled and the Premiums Paid Will be
    Refunded to the Proposer.
3.If the Proposer Dies During the Deferement Period,
   a.Payment of Premiums Must be Continued
   b.Payment of Premiums Waived from the Date of Death If PWB opted.
EXAMPLE:

Child AGE=1
TERM=29years
SUM ASSURED= 2 LAC
 Premium Paying Term = 29 Years
Premium                           =  Rs 3425/ Year
Deferment Period          = 20 Years
The Deferred Date is The Policy Anniversary Date Coinciding With or
Next Following The Date on Which the Child Completes 21 yrs of Age.    
MATURITY BENEFIT:
End of 29th Year Will Get = Rs 6,00,000
DEATH BENEFIT:
1.If the Life Assured Dies At 21st  Year
   Nominee Will Get = Rs 440000
2.If the Life Assured Dies During 15th Year,
   The Policy Shall Stand Cancelled and the Premiums Paid Will be
    Refunded to the Proposer = Rs 51375
3.If the Proposer Dies During the Deferement Period,
   a.Payment of Premiums Must be Continued
   b.Payment of Premiums Waived from the Date of Death If PWB opted.
    (PWB=Premium Waiver Benefit)

CDA VESTING AT 18-50
Min.Age  =0
Max.Age =14
Min.Term =11 yrs
Min.Term = 50yrs
Min.Sum Assured  = 50000
Max.Sum Assured = 1 Crore
Premium Paying Mode : Single/Year/H.year/Qtr

SUITABILITY:
The Main Advantage of This Plan is That an Assurance For a
Relatively Large Amount Can be Secured to a Child’s Future By a
Very Low Premium.
PRODUCT:
This Policy Has
  a.Proposer (Parent/Guardian)
  b.Life Assured (Child)
This Policy Has Two Stages:
1.The Period From The Date of Commencement of The Policy to The
   Deferred Date (Child Attained Age 18)
   Which is Also Called Deferement Period.
2.The Period from Deferred Date to The Date of Maturity. The Insurance
   Cover on the Child’s Life Starts From the Deferred Date .
MATURITY BENEFIT:
On Maturity Will Get = Sum Assured + Accrued Bonus+FAB if any
DEATH BENEFIT:
1.If the Life Assured Dies After the Deferement Date,
   Will Get = Sum Assured + Bonus + FAB if any
2.If the Life Assured Dies Before the Deferement Date,
   The Policy Shall Stand Cancelled and the Premiums Paid Will be
    Refunded to the Proposer.
3.If the Proposer Dies During the Deferement Period,
   a.Payment of Premiums Must be Continued
   b.Payment of Premiums Waived from the Date of Death If PWB opted.
EXAMPLE:

AGE=1
TERM=24year
SUM ASSURED= 2 LAC
 Premium Paying Term = 24 Years
Premium                       =  Rs 4686/ Year
The Deferred Date is The Policy Anniversary Date Coinciding With or
Next Following The Date on Which the Child Completes 18 yrs of Age.         
MATURITY BENEFIT:
End of 24th Year Will Get = Rs 5,10,000
DEATH BENEFIT:
1.If the Life Assured Dies During 18th Year,
   Nominee Will Get = 380000
2.If the Life Assured Dies During 15th Year,
   The Policy Shall Stand Cancelled and the Premiums Paid Will be
    Refunded to the Proposer = Rs 70290
3.If the Proposer Dies During the Deferement Period,
   a.Payment of Premiums Must be Continued
   b.Payment of Premiums Waived from the Date of Death If PWB opted.

JEEVAN KISHORE-102
Min.Age  =0
Max.Age =12
Min.Term =15 yrs
Min.Term =35yrs
Min.Sum Assured  = 50000
Max.Sum Assured = 40Lacs
Min.Maturity Age = 20                                   Max.Maturity Age = 45
Premium Paying Mode : Single/Year/H.year/Qtr

PRODUCT:
This is an Endowment Assurance Plan available for children of less       
 than 12  years of age. The policy may be purchased by any of the
parent/grand parent.
The risk commences either after 2 years from the date of      
commencement of policy or from the policy anniversary immediately
 following the completion of 7 years of age of child, whichever is later.
MATURITY BENEFIT:
On Maturity Will Get = Sum Assured + Bonus + FAB if any
DEATH BENEFIT:
1.If The Life Assured Dies after the commencement of the risk.
   Nominee Will Get = Sum Assured + Vested Bonus
2.If The Life Assured Death occurs before the commencement of the risk,
   Proposer Will Get = Total Premiums Paid
EXAMPLE:

Child’s AGE=1
TERM=20years
SUM ASSURED= 2 LACs
 Premium Paying Term = 20 Years
 Premium                          =  Rs 9135/ Year (if PWB opted 9388)   
 Life Risk of Child Cover After 6 Years  
MATURITY BENEFIT:
End of 20th Year Will Get  = Rs 4,80,000 
DEATH BENEFIT:
a.If Child’s Death Rises 5th Year,(child age 6)
  
   Nominee Will Get = Rs 45675

b.If Child’s Death Rises  10th Year(child age 11)

   Nominee Will  Get = Rs 2,90,000

c.If Proposer Dies During 6th Year,

   1.The Payment Of Future Premiums are waived if PWB opted
 
       And End of 20th Year Will Get = Rs 4,80,000

   2. If PWB not opted,

       Nominee  Will Get = Rs 54810

KOMAL JEEVAN-159
Min.Age  =0
Max.Age =10
Min.Term =8 yrs
Min.Term =18yrs
Min.Sum Assured  = 1Lac
Max.Sum Assured = 25 Lacs
Maturity Age = 26
Premium Paying Mode : Single/Year/H.year/Qtr

SUITABILITY:
This is aMoney Back Plan for Children With G.a @ 75 / 1000SA
PRODUCT:
The Payment of Premium Ceases on the Policy Anniversary Coinciding
With or immediately Following the Completion of 17 Years of Age.
Risk Cover Starts From The Policy Anniversary After Completion of
7th Year of the Child or 2 Years From The Commencement of The
Policy, Whichever is Later.
MATURITY BENEFIT:
1.End of  child’s Age  18th & 20th ,
   Will Get = 20 % of Sum Assured
2.End of Child’s Age 22 & 24,
   Will Get = 30% of Sum Assured
3.End of Child’s Age 26,
   Will Gte = G.A + LA
DEATH BENEFIT:
1.If Child Dies Before The Policy Risk Commences,
   The Proposer Will Get = All Premiums Refunded(policy cancelled)
2.If Child Dies After commencement of Risk,
   Nominee Will Get = Sum Assured + G.A @ 75/1000 + Loyalty.Addition
3.If  Proposer Dies During Policy Year,
   a. Future Premiums are Waived if PWB Opted
   b.Future Premiums  Have to be Paid if  PWB not Opted
EXAMPLE:

Child’s AGE=1
TERM=25years
SUM ASSURED= 1 LAC
 Premium Paying Term = 17 Years only
Premium                           =  Rs 7766 / Year  ( Rs 7964 if opted PWB)     
Risk Cover of Child Starts From 7th  Year of Policy.
MATURITY BENEFIT:
1.End of  child’s Age  18th & 20th (end of policy year 17th & 19th ),
   Will Get = Rs 20000
2.End of Child’s Age 22nd  & 24th  (end of policy year 21st & 23rd )
   Will Get = Rs 30000
3.End of Child’s Age 26( end of policy year 25th )
   Will Gte = Rs 220000
DEATH BENEFIT:
1.If Child Dies During 5th Year,
   The Proposer Will Get = Rs 38830 ( and policy cancelled)
2.If Child Dies During 8th Year,
   Nominee Will Get = 1,52,500
3.If  Proposer Dies During Policy Year,
   a. Future Premiums are Waived if PWB Opted
   b.Future Premiums  Have to be Paid if  PWB not Opted
   c.In Both cases Child Will Get All Maturity Benefit
   


CHILD CAREER PLAN-184
Min.Age  = 0
Max.Age = 12
Min.Term =11 yrs
Min.Term =27  yrs
Min.Sum Assured  = 1 Lac
Max.Sum Assured = 1 Crore
Min.Maturity Age = 23
Max.Maturity Age = 27
Premium Paying Term = 6 Years and Policy Term Less 5 Years
Premium Paying Mode= Year/H.year/Qtr/SSS

SUITABILITY:
This Plan is Specially Designed to Meet the Increasing Educational
and other Needs of Growing Children.
PRODUCT:
The Risk Cover on the Life of Child Not Only During the Policy Term 
But Also During the Extended Term
(i.e. 7 years after the expiry of policy term).
Survival Benefits are Payable on Surviving by
The Life Assured to The End of The Specified Durations.
Date of commencement of risk : 
Risk Cover Shall Commence Either After 2 Years From The Date
Commencement of Policy         or
From The Policy Anniversary Coinciding With or Immediately Following
The Completion of 5 Years of Age of Life Assured, Whichever is Later.
Auto Cover :
If After At least Two Full Years’ Premiums Have been Paid, and Any
Subsequent Premium be not Duly Paid, Full Death Cover Shall Continue
For a Period of 2 Years From the Due Date of The First Unpaid Premium
During this Auto Cover Period, One or More Instalments of Premiums
With Interest Can be Paid Without Submission of Evidence of Health.
On Payment of One or More of The Arrears of Instalment Premiums With
Interest, The Auto Cover Period of 2 Years Shall be Extended From
The Due Date of New First Unpaid Premium.
Date of Vesting: 
The Policy Shall Automatically Vest in The Life Assured on The Policy
Anniversary Coinciding With or Immediately Following The Completion
Of 18 Years of Age and Shall on Such Vesting be Deemed to Be a
Contract Between The Corporation and The Life Assured.
SURVIVAL BENEFIT:

5 years before the date of expiry of policy term
30% of the Sum Assured along with vested Simple Reversionary Bonuses
4 years before the date of expiry of policy term
15% of the Sum Assured
3 years before the date of expiry of policy term
15% of the Sum Assured
2 years before the date of expiry of policy term
15% of the Sum Assured
1 years before the date of expiry of policy term
15% of the Sum Assured
On the date of expiry of policy term
15% of the Sum Assured along with Final (Additional) Bonus, if any.
MATURITY BENEFIT:
On Maturity Will Get = 15% Sum Assured +Final (Additional) Bonus, if any.
DEATH BENEFIT:
On Death of Child (after the Date of Commencement of Risk)
1.If Death Occurs Within The Period From Date of Commencement of
   Risk to 5 Years Before The Date of Expiry of Policy Term:
   Nominee Will Get = Sum Assured + Vested Simple Reversionary Bonus
2.If Death Occurs Within 5 Years Before The Date of Expiry of Policy Term,
   Nominee Will Get = Sum Assured +Final (Additional) Bonus (if any) 

3.If Death Occurs During The Extended Term,
    Nominee Will Get = Sum Assured

4.If Death Occurs Before The Date of Commencement of Risk ,
   Proposer Will Get = All the Premiums Paid With Interest of 3% p.a 
          (excluding extra premium and premium for premium waiver benefit, if any,)
5.If  Proposer Dies During Policy Year,
   a. Future Premiums are Waived if PWB Opted
   b.Future Premiums  Have to be Paid if  PWB not Opted
   c.In Both cases Child Will Get All Survival & Maturity Benefit
EXAMPLE:

Child’s AGE=1
TERM=22years
SUM ASSURED= 1 LAC
Premium Paying Term     = 17 Years Only
Premium                              = Rs 5508 / Year (5665 if PWB opted)  
Date of Risk Commence = From policy year 5th (from child age 6)
SURVIVAL BENEFIT:
Child Will Get
End of  17th Policy Year                                (end of child age 18 )
Rs 1,20,000
End of  18th Policy Year                               (end of child age 19 )
Rs 15,000
End of  19th Policy Year                               (end of child age 20 )
Rs 15,000
End of  20th Policy Year                               (end of child age 21 )
Rs 15,000
End of  21st Policy Year                               (end of child age 22 )
Rs 15,000
End of  22nd Policy Year                                (end of child age 23)
Rs 40,000
MATURITY BENEFIT:
On End of 22nd Year Will Get = Rs 40000
DEATH BENEFIT:
On Death of Child (after the Date of Commencement of Risk)
1.If Death Occurs During 6th Years ,(child age at 6)
   Nominee Will Get = Rs 1,25,000
2.If Death Occurs During 19th Year (child age at 19)
   Nominee Will Get = Rs 1,20,000 (alredyRs 1,35,000 paid SB ) 

3.If Death Occurs During 25th Year From DOC,
    Nominee Will Get =Rs 1,00,000

4.If Death Occurs During 5th Year (child age at 5)
    Proposer Will Get = Rs 31600                                                                                                                         (excluding extra premium and premium for premium waiver benefit, if any,)
5.If  Proposer Dies During 4th Year (child age at 4)
   a. Future Premiums are Waived if Premium Waiver Benefit Opted
   b.Future Premiums  Have to be Paid if  PWB not Opted
   c.In Both cases Child Will Get All Survival & Maturity Benefit



CHILD FUTURE PLAN-185

Min.Age  = 0
Max.Age = 12
Min.Term =11 yrs
Min.Term =27  yrs
Min.Sum Assured  = 1 Lac
Max.Sum Assured = 1 Crore
Min.Maturity Age = 23
Max.Maturity Age = 27
Premium Paying Term = 6 Years and Policy Term Less 5 Years
Premium Paying Mode= Year/H.year/Qtrly/SSS

SUITABILITY:
This Plan is Specially Designed to Meet the Increasing Educational
and other Needs of Growing Children.
PRODUCT:
The Risk Cover on the Life of Child Not Only During the Policy Term 
But Also During the Extended Term
(i.e. 7 years after the expiry of policy term).
Survival Benefits are Payable on Surviving by
The Life Assured to The End of The Specified Durations.
Date of commencement of risk : 
Risk Cover Shall Commence Either After 2 Years From The Date
Commencement of Policy         or
From The Policy Anniversary Coinciding With or Immediately Following
The Completion of 5 Years of Age of Life Assured, Whichever is Later.
Auto Cover :
If After At least Two Full Years’ Premiums Have been Paid, and Any
Subsequent Premium be not Duly Paid, Full Death Cover Shall Continue
For a Period of 2 Years From the Due Date of The First Unpaid Premium
During this Auto Cover Period, One or More Instalments of Premiums
With Interest Can be Paid Without Submission of Evidence of Health.
On Payment of One or More of The Arrears of Instalment Premiums With
Interest, The Auto Cover Period of 2 Years Shall be Extended From
The Due Date of New First Unpaid Premium.
Date of Vesting: 
The Policy Shall Automatically Vest in The Life Assured on The Policy
Anniversary Coinciding With or Immediately Following The Completion
Of 18 Years of Age and Shall on Such Vesting be Deemed to Be a
Contract Between The Corporation and The Life Assured.
SURVIVAL BENEFIT:

5 years before the date of expiry of policy term
25% of the Sum Assured
4 years before the date of expiry of policy term
10% of the Sum Assured
3 years before the date of expiry of policy term
10% of the Sum Assured
2 years before the date of expiry of policy term
10% of the Sum Assured
1 years before the date of expiry of policy term
10% of the Sum Assured
On the date of expiry of policy term
50% of the Sum Assured +vested Simple Reversionary Bonuses+FAB if any
MATURITY BENEFIT:
On Maturity Will Get = 50% Sum Assured + Vested Simple Reversionary+             
                                          BonusFinal (Additional) Bonus, if any.
DEATH BENEFIT:
On Death of Child (after the Date of Commencement of Risk)
1.If Death Occurs Within The Period From Date of Commencement of
   Risk to 5 Years Before The Date of Expiry of Policy Term:
   Nominee Will Get = Sum Assured + Vested Simple Reversionary Bonus
2.If Death Occurs Within 5 Years Before The Date of Expiry of Policy Term,
   Nominee Will Get = Sum Assured +Final (Additional) Bonus (if any) 

3.If Death Occurs During The Extended Term,
    Nominee Will Get = Sum Assured

4.If Death Occurs Before The Date of Commencement of Risk ,
   Proposer Will Get = All the Premiums Paid With Interest of 3% p.a 
          (excluding extra premium and premium for premium waiver benefit, if any,)
5.If  Proposer Dies During Policy Year,
   a. Future Premiums are Waived if PWB Opted
   b.Future Premiums  Have to be Paid if  PWB not Opted
   c.In Both cases Child Will Get All Survival & Maturity Benefit
EXAMPLE:

Child’s AGE=1
TERM=22years
SUM ASSURED= 1 LAC
Premium Paying Term     = 17 Years Only
Premium                              = Rs 5596 / Year (5753 if PWB opted)  
Date of Risk Commence = From policy year 5th (from child age 6)
SURVIVAL BENEFIT:
Child Will Get
End of  17th Policy Year                                (end of child age 18 )
Rs 25,000
End of  18th Policy Year                               (end of child age 19 )
Rs 10,000
End of  19th Policy Year                               (end of child age 20 )
Rs 10,000
End of  20th Policy Year                               (end of child age 21 )
Rs 10,000
End of  21st Policy Year                               (end of child age 22 )
Rs 10,000
End of  22nd Policy Year                                (end of child age 23)
Rs 1,80,000
MATURITY BENEFIT:
On End Of 22nd Year Will Get = Rs 1,80,000
DEATH BENEFIT:
On Death of Child (after the Date of Commencement of Risk)
1.If Death Occurs During 6th Years ,(child age at 6)
   Nominee Will Get = Rs 1,25,000
2.If Death Occurs During 19th Year (child age at 19)
   Nominee Will Get = Rs 1,90,000 (alredy Rs 35,000 paid SB ) 

3.If Death Occurs During 25th Year From DOC(during extended term),
    Nominee Will Get =Rs 1,00,000

4.If Death Occurs During 5th Year (child age at 5)
    Proposer Will Get = Rs 31600                                                                                                                         (excluding extra premium and premium for premium waiver benefit, if any,)
5.If  Proposer Dies During 4th Year (child age at 4)
   a. Future Premiums are Waived if Premium Waiver Benefit Opted
   b.Future Premiums  Have to be Paid if  PWB not Opted
   c.In Both cases Child Will Get All Survival & Maturity Benefit
  
Statutory Warning:
“Some benefits are guaranteed and some benefits are variable with returns based on the  future performance of your insurer carrying on life insurance business.  These assumed    rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance.”
All Calculation Given Above are Referal only
*Insurance    is   the   subject   matter   of   Solicitation

For Any Clarification Contact

RAVINDRABALAN. S
LIC ADVICER

ravindrabalan@yahoo.co.in
ravindrabalan@gmail.com                           www.thelicofindia.blogspot.com
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