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Jeevan Kishore LIC Insurance Policy
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.
Premiums are payable yearly, half-yearly, quarterly or monthly throughout the term
of the policy or till earlier death of child.
This is a with-profits 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 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. A Final (Additional) Bonus may also be payable provided policy
has run for certain minimum period.
Features
• LIC's Jeevan Kishore Life Insurance
Policy: Under this children’s plan the child becomes
the owner of the policy automatically the age of 18 years. The plan offers high
bonus from day one itself and the risk on the policy commences after 2 years of
policy or on completion of 7 years of age, whichever is later.
• Also no medical examination of the child is required if his/her age is below 10
year
Special Features
This is a with profit policy, but bonus for the waiting period will vest immediately
on the policy anniversary from when risk is covered or at the end of 5 years from
commencement of the policy whichever is later, provided the policy is in force.
No medical examination is necessary if the age of the child is less than 10 years
(last birthday). Else medical examination will be necessary
Benefits
Survival Benefits:
Upon survival the policy holder will get, the full sum assured plus accrued
bonus and the final addition bonus.
Death Benefits:
The sum assured along with vested bonuses and final additional bonus, if
any, will be payable on maturity or on earlier death provided death occurs on or
after commencement of risk.
Suitable for:
Parents of children who want to provide a lump sum amount at a particular age
of the child. The amount can be used for any given need of the child such as marriage
or start in life.
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