Life Insurance Corporation of India Childrens Plan Pension Plans Unit Linked Plans AboutSubscribe to our RSS Feed! Aug52010Childrens PlanLIC India Child CAREER plan Table 184 & Child FUTURE Plan Table 185An article by admin No Comments W.e.f. 08-02-2007Two plans have been introduced by LIC.(a) Child Career Plan.(b) Child Future Plan.The features of both the plans remain similar except for Survival Benefit & Death Benefit even though these are two different plans (T-184 & T185). Proposer can choose either plans to suit the needs, such as education / marriage/Career/ Risk Coverage depending upon Male/Female childs Age at entry and Maturity Age.General Conditions:Min. age at entry: 0 year (lbd).Max. age at entry: 12 years (lbd).Min. S.A.: Rs. 1 lakh.Max. SA.: Rs 1 crore.SA in multiples: Rs. 5,000Min. Maturity age: 23 years.Max. Maturity age: 27 years.Modes Allowed: Yly/Hly/Qly/SSSMin Term: 11 years.Max Term: 27 years.Max. Age end of PPT: 70 years (nbd).Premium paying Term: 6 years OR Term minus 5years.PWB Prop. Age Min: 18 years completed.PWB Prop. Age Max: 55 years (nbd).Requirements in writing:Female lives category: I/II (Proposer).Risk Coverage: SA + BonusAge proof (proposer): Std. if PWB opted.Age proof 0 to 4 years :BirthCertificate.5 yrs & above : School certificate.Form Number: 340/360Dating Back @ 8%: AllowedActual Sum assured: Basic SA.SUC : As per existing rules.Extended Risk Cover : Maturity Age + 7 yearsPolicy Servicing:Term Rider Option: No.Critical Illness Rider: No.Policy Loan @ 9%: No.Revival: Yes.Surrender of Policy: Yes.HousingLoan: No.Assignment: No**.Survival Benefits: Yes.P.W.B.: Yes**Assignment can be done after policy vests in the LA.Plans allowed to Std./ Sub-Standard children attracting EMR class III for over weight only.Mode Rebate

Yly2%

Hly1%

Qly/SSSNil

.SA Rebate

1 Lac to 299999Nil

3 Lac to 4999991.5

5 Lac & Above2

.Survival Benefit payable under plan 184 & 185.Survival BenefitTable 184Table 185

5 years before Expiry of policy Term30% SA + Bonus25% SA

Every year thereafter for 4 years15% SA10% SA

On the date of Expiryof the Policy Term15% SA + Fab, if any50% SA+Bonus+FAB, if any

Total SA payable105%115%

. Note: Survival benefits are payable 5th, 4th, 3rd, 2nd & 1 year before the date of expiry of Term & on the date of expiry of Term coinciding with the Policy Anniversary.Death Benefit payable under plan 184 & 185.Death BenefitTable 184Table 185

On Death Before DOC of RiskAll premiums paid (excl.Prm for extra & PWB) +3%pa int. compoundedannually is payable.All premiums paid (excl.Prm for extra & PWB) +3%pa int. compoundedannually is payable.

On Death after DOC of Risk:a. 5 yrs before the date of expiry of policy termSA + Vested Bonus+ FAB, if anySA + Vested Bonus+ FAB, if any

b. Within 5 yrs before thedate of expiry of policy termSA + FAB, if any

C. During Extended TermSASA

.==> To meet educational and other needs of growing child these two plans are designed. Not only during the policy term but also during the Extended Term, it provides risk cover on thelife of the child. Maturity Age minus Age at entry is equal to Policy term. For any maturity age between 23 & 27 years this policy can be taken.==> From the date of expiry of Policy Term extended term will be 7 years, i.e. 7 years from Maturity Age. Till start of Survival benefits premiums are to be paid or for 6 years from DOC. Hence, during extended period, no premiums are payable.Example: Age at entry of child: 5 yrs.; Maturity Age chosen: 24 years. Policy Term = 24 minus 5(age at entry) = 19 years. PPT=19 minus 5 = 14 years. In case, PPT is chosen as 6 years, the premium has to be paid for 6 years from the DOC and policy will belike Limited Payment Policy.Proposer: The proposer must be thefather of the child. Mother can also proper if she has her own income (Female Cat. I & II). With childs parent consent, Grand parent can propose. Legal guardian can propose if both parents are not alive.Financial Underwriting: Based on parents income eligibility. (their income should be adequate for bothinsurance on their own lives and on the lives of their children).Date of Vesting: On LA attaining majority, policy will vest automatically.Matching Insurance: Insurance on the lives of parents will not be insisted:1. Up to 5 lakh if PWB is opted for and allowed.2. Up to 2 lakh if PWB is not opted for.Auto Cover: Full death cover shall continue for a period of 2 years from the date of first unpaid premium if atleast two full years premiums have been paid but any subsequent premiums not duly paid.Premium Waiver Benefit (PWB): On production of proposers std. age proof and during PPT, PWB is available on payment of extra premium. Under Non-Medical (special) and Non-medical (Gen) to professionals, PWB on the lives of the parents is allowed. Pregnant ladies are not covered under PWB. Allowed to std./Non-std. (including physically handicapped) proposers.Date of Commencement of Risk (DOC):1. For those aged 12 years or more risk will commence immediately.2. If the age at entry is more than 10 years but less than 12 years, the risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the LA.3. If age at entry is less than pr equal to 10 years, the risk will commence either after 2 years from the DOC or from policy anniversary coinciding with or immediately following completion of 5 years age of LA, whichever is later.Example Table 184:Mr. Derick (proposer: 35 years) takes a policy on his son Master Ben aged 5 years fo 5 Lakhs SA (MA: 23, PPT: 13) and opts for PWB.1. All future premiums are waived if proposer dies at the age of 9 of the Master Ben (during PPT). Master Ben will get survival Benefit etc.2. Master Bens nominee will get one more SA of Rs 5 lakhs if he dies at the age of 28 during the extended term of 7 years.3. All the premiums paid (excluding premiums for PWB & Extra) along with interest @ 3 % compounded annually will be returned if at the age of 6 years before commencement of the risk Master Ben dies.4. SA of Rs. 5 lakhs alongwith vested Bonus + FAB, if any, is payable if at the age of 15 (before age 18 and after commencement of risk) master Ben dies.5. SA of Rs. 5 lakhs + FAB, if any, only will be payable if at the age of 21 (between age of 18 & 23) Master Ben dies. Since, at the age of 18 years, hed have already received Bonus. The survival benefits of Rs 150000 paid at the age of 18 & Rs 150000 (Rs 75000 each paid at the age of 19 & 20) totalling to Rs 3 lakhs will not be deducted from the SA of Rs 5 lakhs payable.6. On Master Ben surviving till the end of the policy term, he will get Rs 150000 (30% of SA) + bonus at his 18th year of age. Further he will get Rs. 75000 (15% of SA) every year at his age of 19, 20, 21, 22, & 23. He will also get FAB, if any, alongwith the last payment of Survival benefit. Totally, he will receive Rs 525000 + Bonus 247000 @ 38 + FAB 55000 @ 110 827000.Examples Table 185:Ms. Lexis (3 years) father Mr. Dirk takes a policy for his daughter for SA of Rs 5 lakhs (MA 23 years, PPT 15 years). Ms. Lexi will get Rs 125000 (25% of SA) at her age of 18. At her age 19, 20, 21 & 22, she will get Rs 50000 (10% SA). At the age of 23, i.e. at the end of Policy Term, she will receive Rs 250000 (50% of SA) alongwith Bonus + FAB, if any. Totally she will receive of Rs. 575000 + Bonus 4 lakhs @ 40 + 11000 FAB @ 220 = 1085000.All other examples/illustration will remain the same as given in the example of Table 184 except in the event of Lexis death ( see point number 5 above) between her age of 18 & 23, SA + Vested Bonus + FAB, if any, is payable.Tags: child plan, children career plan, children future plan, children policies, health insurance, Insurance, lic, lic corporation, LIC India, lic insurance, lic kurla, lic mumbai, LIC of India, lic pimpri chinchwad, LIC premium, lic pune, lic thane, table 184, table 185Did you enjoy this article? Share it! Related Posts LIC Pension Plus LIC Market Plus

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Home - Insurance Plans - Jeevan Ankur

LICs JEEVAN ANKUR (UIN: 512N267V01)LICs Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your child. If you are the parent of a child aged upto 17 years, LICs Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else. The risk cover under this plan will be on your life as a parent and the named child shall be the nominee under the plan. The policy term shall be based on the age at maturity of the child. 1. Benefits

i) Death benefit: On death of the Life Assured during the policy term: Basic Sum Assured shall be payable to the nominee and an income benefit equal to 10% of Basic Sum Assured shall 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. On death of child, when Life Assured is alive: On death of the child, the Life Assured will have an option to nominate another child/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. On death of child/nominee after Life Assureds death: The policy shall continue and the benefits shall be payable to the legal heir(s).

ii) Maturity Benefit: At the end of the policy term an assured maturity benefit equal to Basic Sum assured along with Loyalty Addition, if any, shall be payable irrespective of survival of the Life Assured.

iii) Loyalty Addition: Depending upon the Corporations experience the policy will be eligible for Loyalty addition on the stipulated date of maturity irrespective of survival of Life Assured.

2. Optional Benefits: You may choose the following optional riders by payment of additional premium-

i) Accident Benefit Rider: This benefit is available under regular premium policies only. An additional sum equal to Accident Benefit Rider Sum Assured is payable upon death due to accident. The Accident Benefit Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 70 yrs. ii) Critical Illness Rider: An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illnesses. The Critical Illness Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to a minimum of Rs. 50,000 and a maximum of Rs. 5 lakh (including all policies with LIC of India). This benefit will be available provided the policy matures on or before the Life Assured attains 60years of age. Critical Illness Rider can be availed with or without Premium Waiver Benefit. If Critical Illness Rider is opted with Premium Waiver Benefit, then in the event of Life Assured diagnosed with any of the Critical Illnesses covered under the policy, the total future premium in respect of the policy will be waived. The Basic Sum Assured under such policies should be equal to the Critical Illness Rider Sum Assured. 3. Eligibility Conditions and Other Restrictions(For Basic Plan):a) Minimum Sum Assured : Rs. 100,000b) Maximum Sum Assured : No Limit (The Sum Assured shall be in multiples of Rs. 5000/-)c) Minimum Age at entry for Life Assured : 18 years (completed)d) Maximum Age at entry for Life Assured : 50 years (nearest birthday)e) Maximum Maturity Age for Life Assured : 75 years (nearest birthday)f) Minimum Age at entry for child : 0 years (last birthday)g) Maximum Age at entry for child : 17 years ( last birthday)h) Minimum Term : Higher of (18 age of child, 8) yearsi) Maximum Term : (25 age of child) years4. Sample premium Rates: Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid.A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums. 5. Sample premium Rates: Following are some of the sample premium rates (exclusive of service tax) per Rs. 1000/- S.A.:Single Premium

AgePolicy term

10152025

20615.45494.95405.95348.00

30618.80503.35422.10375.30

40638.75541.60483.60463.60

Annual Regular Premium

AgePolicy term

10152025

2090.6556.4539.7031.10

3091.2057.5041.3533.50

4094.7062.3547.8041.75

6. Mode and High S.A. Rebates: Mode Rebate:

Yearly mode - 2% of Tabular PremiumHalf-yearly mode - 1% of the Tabular premiumQuarterly & Salary deduction - NIL

Sum Assured Rebate:

Single Premium:

Sum Assured Rebate (Rs.)

1,00,000 to 1,95,000 Nil

2,00,000 to 4,95,000 4.00 %o S.A.

5,00,000 and above 6.00 %o S.A.

Regular Premium:

Sum Assured Rebate (Rs.)

1,00,000 to 1,95,000 Nil2,00,000 to 4,95,000 2.00 %o S.A.5,00,000 and above 3.00 %o S.A.7. Revival: If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived from the date of first unpaid premium and before the date of maturity by paying all the arrears of premium together with interest within a period of five years, subject to submission of satisfactory evidence of continued insurability. The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the life assured. Riders shall be revived along with the basic plan and not in isolation.8. Paid-up Value: Under regular premium policies, if after atleast three full years premium have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy for a reduced paid-up sum assured. This Paid-Up Sum Assured shall be payable on the date of maturity or on Life Assureds prior death.Further, in case of death during the term of the policy, the paid up value shall be paid immediately on death. But, neither income benefit nor paid up value on maturity shall be payable.Accident Benefit and Critical Illness riders do not acquire any paid-up value.9. Surrender Value: The Guaranteed Surrender Value will be as under:1. Single Premium Policies: The Guaranteed Surrender value will be available after completion of atleast one policy year and is equal to 90% of the premium paid excluding premium for optional rider and extras, if any. 1. Regular Premium Policies: The Guaranteed surrender value will be available after completion of three policy years and atleast three full years premiums have been paid and is equal to 30% of the premiums paid excluding the premium paid for the first year and all premiums in respect of optional rider and extras, if any. Corporation may, however, pay Special Surrender value, as the discounted value of the Paid-up Sum Assured as applicable on date of surrender, provided the same is higher than Guaranteed Surrender value.10. Policy Loan: No loan facility will be available under this plan. 11. Service Tax: Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time. The amount of service tax as per the prevailing rates shall be payable by the policyholder on premium(s) as and when the premiums are paid. 12. Cooling-off period: If you are not satisfied with the Terms and Conditions of the policy you may return the policy to us within 15 days from the date of receipt of the policy bond.13. Exclusion: Suicide:- This policy shall be void if the Life Assured commits suicide (whether sane or insane at that time) at any time within one year from the date of commencement of risk and the Corporation will not entertain any other claim by virtue of this policy except to the extent of a maximum of 90% of single premium paid excluding any extra premium (in case of single premium policies).

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LIC JEEVAN ANKUR : This is the plan for those, who don't have ADEQUATE life insurance from LIC on their name (Parents are insured in this plan) and want to secure their family along with their kids education, career & future under a single plan. Cheaper and better. The maturity will come as lump sum.LIC JEEVAN CHHAYA: Again For Parents, who don't have ADEQUATE life insurance from LIC on their name (Parents are insured in this plan) and want to secure their family along with their kids education, career & future under a single plan. In this plan the maturity will come in installments to meet the yearly expenses of graduation/post graduation.LIC KOMAL JEEVAN: Guaranteed Plan from LIC-This plan is suitable for those people who already have sufficient life insurance on their name and want to take insurance on their kids name (Kids are insured in this plan). Best for guaranteed Returns but the money comes in installment at the age of 18,20,22,24 & 26yrs of the kids.LIC CHILD CAREER: This plan is suitable for those people who already have sufficient life insurance on their name and want to take insurance on their kids name (Kids are insured in this plan). The money will come in installment but the maxium amount will comes at the age of 18yrs of the kid and rest in small installments. Best Plan to meet the expenses during Graduation/Post GraduationLIC CHILD FUTURE: This plan is suitable for those people who already have sufficient life insurance on their name and want to take insurance on their kids name (Kids are insured in this plan). Best plan for those who want money at later stage of studies i.e. meeting education cost and setting up business for the kid.LIC JEEVAN TARANG: Life time income plan, Life time insurance plan: Best for gift for any kid as the money will come every year to the kid throughout his life, starting from the end of premium paying term (10yrs,15yrs or 20yrs). Single premium payment option also available. Best for girls.

LIC Jeevan Ankur: Pay the 'Premium' & secure your child's futureET Bureau Apr 2, 2012, 02.58AM IST

Tags: sum assured| premium| LIC Jeevan Ankur| death benefitProduct Details LIC Jeevan Ankur is predominantly a policy meant to provide financial aid to the child in the unfortunate event of the death of the earning parent. Thus, while the policy covers the life of the parent, the term of the policy is designed to coincide with the age of the child.

The maximum policy term under is this plan is capped to the period when the child attains 25 years of age. For example, if the parent buys this policy when the nominee child is 2 years old, the maximum policy term allowable will be 23 years.Key Features The main highlight of Jeevan Ankur is the kind of death benefit that it provides. In the event of death of the policyholder during the policy term, an amount equivalent to the basic sum assured is paid immediately to the nominee.Thereafter, an income benefit equal to 10% of the sum assured is payable to the nominee each year until the end of the policy term. On maturity, the entire amount of sum assured is once again payable to the nominee.Our View LIC Jeevan Ankur scores well on the death benefit. The scheme has been structured to meet not only the immediate, but also regular financial needs of a child like education. A regular income of 10% of sum assured is provided each year in the event of the death of the earning parent.In case the policyholder dies within a few years of taking the policy, the total amount payable to the nominee through the policy term can turn out to be more than four times the amount of the basic sum assured. This payout will vary depending on the policy term and the date of the death of the policyholder.

This impressive feature, however, comes at a price. The premiums are high, especially when compared with those of pure term plans (even after taking into account four times the sum assured under this plan).Jeevan Ankur is thus meant for those seeking a hassle free and systematic arrangement to take care of all the financial needs of their growing children.POLICY BENEFITS If we assume the age of the policyholder to be 30 years and the age of the nominated child to be 2 years, the policy and premium paying term would work out to 23 years.The premium payable under this plan in this case and the resultant policy benefits are illustrated herewith...FEATURED ARTICLES

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