LIC - Jeevan Kishore
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
This is an Endowment Assurance plan where the proposer has simply to choose the amount and mode of premium payment. The plan provides financial protection against death throughout the term of the plan.
Product Description
- Endowment Assurance Plan available for children of less than 12 years of age
- The policy may be purchased by any of the parent/grandparents.
- Risk on a child’s life commences after 2 policy years or the child attains 7 years of age, whichever is later
- Premium Waiver Benefit which can be availed by the proposer and Accidental Death Benefit rider that can be availed by the child after he is 18 years old
COMPARE & BUY SIMILAR PLANS
Unique Features
- It is an endowment plan for child between age 0-12 years.
- Child is the life assured,proposed by Parents or Grand Parents (Waiver of premium is optional not in-built)
- Auto vesting of rights into child once he/she attains age 18 years.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Age at Entry (Min) | 0 years(3 month completed) | ||||
| Age at Entry (Max) | 12 years | ||||
| Min age of Maturity | 20 years | ||||
| Max age of Maturity | 45 years | ||||
| Min Sum Assured | Rs. 50,000 | ||||
| Max Sum Assured | Rs. 40,00,000 | ||||
| Mode Available | Single, Annual, Semi Annual, Quarterly, Monthly | ||||
| Policy Term | Min | 15 years | |||
| Max | 35 years | ||||
| Premium Paying Term | Regular Pay | ||||
OneInsure App Benefits
Product Benefit
Maturity Benefit:- Maturity Sum Assured (Depends on age of entry and policy term) plus Loyalty Additions, if any
Death Benefit:-
- In case of death of the child, i.e. the Life Insured before the risk commencement then the nominee would get only the basic premiums paid till date. In case of death of the child, i.e. the Life Insured after the risk commencement then the nominee would get Sum Assured + accrued Bonus till date.
- In case the proposer dies before the policy matures, the Insurer pays the premium if the Premium Waiver Benefit rider has been opted for.
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Bonus Types | Reversionary Bonus(RB) | 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 will be added during the selected term or till death, if it occurs earlier. | ||||
| Final Additional Bonus(FAB) | Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period. | |||||
| Premium Dis-continuance | ||||||
| Reduced paid-up | If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. | |||||
| Supplementary/Extra Benefits | 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. Surrender values are available on earlier termination of the contract. | |||||
| The surrender value will be the greater of the guaranteed surrender value and special surrender. | ||||||
| Guaranteed Surrender Value | The policy can be surrendered after it has been in force for at least 3 full years. | |||||
| Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider. | ||||||
| Special Surrender Value | 80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid; 90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and 100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid. | |||||
| The Maturity Sum Assured for this para will be the Maturity Sum Assured corresponding to the term for which premiums have been paid under the policy. | ||||||
| Corporation’s Policy On Surrenders | In practice, the company will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. | |||||
| The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. | ||||||
| in case of early termination of the policy, the surrender value payable may be less than the total premiums paid. | ||||||
Add-ons
Accidental death and Disability benefit Rider:- Accidental death and disability benefit rider is available up to maximum SA of 50 lakh.Sum assured for this rider is death sum assured.
Term Rider:- The minimum and maximum age at entry will be 18 and 50 years respectively and the minimum Sum Assured will be Rs.1 lakh upto a maximum of Rs 25 lakhs. Max age at maturity is 60 years.
Exclusions
Exclusion in LIC - Jeevan Kishor Plan:- If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per prevailing tax laws. Tax laws are subject to change.
Claim Process
Know claim process of LIC Jeevan Kishore Plan
Company Overview
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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