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CHILDREN PLANS
Children Insurance plans is the best gift
a parent can give their children because parenting not only
refers to love and care but is also accompanied with proper
planning for creating a right environment for your children.
LIC provides different children’s plan with various beneficiary features. The different children plans are made to take care of the children, their future, their education in case if something happens to the parents.
The common features of LIC child plans are:
- The plans are specially designed to meet the educational, marriage and other needs of the growing children.
- The plans also cover the risk on the child life during the policy term and also during the extended term. The extended term remains 7 years after the expiry of the policy term.
- The premiums are allowed to pay half yearly, yearly, quarterly, monthly schemes. The premium rates differ according to the different LIC child plans. The customer can get to know the exact rate of the premium from the LIC office or the LIC agent.
- The children plan can be made at any age but the maximum age of entry is 10 – 12 years depending up on the plan conditions.
- The maturity age for some of the plans are 18 years, for some it is 22 years, for some it is 24 years and in some plans it is 26 years. 26 years is the maximum age of maturity of the plans.
- The policy term and the premium paying term vary according to the rules and regulations of different LIC child plans.
- The features of grace period, the cooling off period, the revival and the exclusions vary from one plan to another.
Features
This plan is specially designed to meet the increasing
educational, marriage and other needs of growing children.
It provides 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). A number
of Survival benefits are payable on surviving by the life
assured to the end of the specified durations.
Options:
You may choose Sum Assured (S.A.), Maturity Age, Policy
Term, Mode of Premium payment and Premium Waiver Benefit.
Payment of Premiums:
You may pay the premiums regularly at yearly, half-yearly,
quarterly or through Salary deductions over the term of
policy. Premiums may be paid either for 6 years or upto
5 years before the policy term.
Sample Premium Rates:
Following are some of the sample premium rates per Rs. 1000/-
S.A.:
| For
6 years Premium paying term |
| Age |
Maturity
Age |
| |
23 |
24 |
25 |
26 |
27 |
| 0 |
112.55
|
108.00
|
103.65
|
99.45 |
95.45 |
| 4 |
132.35 |
127.00 |
121.85 |
116.90 |
112.15 |
| 8 |
156.20 |
149.90 |
143.85 |
138.05 |
132.45 |
| 12 |
184.20 |
176.85 |
169.75 |
162.95 |
156.40 |
|
| For
Premium paying term = Policy Term less 5 years |
| Age |
Maturity
Age |
| |
23 |
24 |
25 |
26 |
27 |
| 0 |
53.10 |
49.45 |
46.20 |
43.25 |
40.60 |
| 4 |
71.80 |
66.90 |
61.65 |
57.00 |
52.95 |
| 8 |
107.80 |
96.30 |
86.75 |
78.75 |
71.90 |
| 12 |
184.20 |
155.40 |
133.90 |
117.25 |
108.05 |
|
Benefits
Survival Benefit:
On life assured surviving to the end of the specified
durations an amount specified below is payable:
| 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 along with vested Simple
Reversionary Bonuses and Final (Additional)
Bonus, if any. |
Death Benefit:
On death (after the Date of Commencement of Risk)
- Sum Assured along with vested Simple Reversionary
Bonuses and Final (Additional) Bonus, if any shall
be payable.
On death during the Extended Term - Sum Assured is
payable.
On death (before the Date of Commencement of Risk)
- All the premiums paid (excluding extra premium and
premium for premium waiver benefit, if any,) along
with interest of 3% p.a compounding yearly shall be
payable.
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 two
years from the due date of the First Unpaid Premium
(FUP). 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 FUP. Premium
Waiver Benefit shall remain inforce during the Auto
Cover period.
Premium Waiver Benefit:
The proposer can opt for this benefit if aged between
18 and 55 and is medically fit. It provides waiver
of premiums on death of proposer. Further the benefit
shall remain in force during the Auto cover period.
Any premiums that have fallen due and not paid during
the Auto Cover period shall also be waived. This benefit
shall not be available in case of suicide by the proposer
within one year of policy. Further, revival of the
policy shall be subject to medical fitness of the
proposer.
Eligibility Conditions and
Other Restrictions:
| (a) |
Minimum
Entry Age |
: |
0
years (last birthday) |
| (b) |
Maximum
Entry Age |
: |
12
years (last birthday) |
| (c) |
Minimum
Maturity Age |
: |
23
years (last birthday) |
| (d) |
Maximum
Maturity Age |
: |
27
years (last birthday) |
| (e) |
Minimum
Sum Assured |
: |
Rs.
1,00,000 |
| (f) |
Maximum
Sum Assured |
: |
Rs.
100,00,000 |
| (g) |
Policy
term |
: |
11
to 27 years |
| (h) |
Premium
Paying term |
: |
6
years and Policy term less 5 years |
Participation in Profits
of the Corporation:
Simple Reversionary Bonuses shall be declared
per thousand Sum Assured annually at the end of each
financial year depending upon the Corporations experience,
provided the policy is in full force. In case of
a paid up policy, bonuses shall be payable only if,
at least, 3 full years premiums have been paid. On
surrender, the discounted value of vested bonuses,
if any, will be payable. Final (Additional) Bonus
may also be declared in addition.
Paid-up Value:
Not withstanding the death benefit provided under
the Auto Cover period, if at least three full years
premiums have been paid and any subsequent premium
be not duly paid, this policy shall not be wholly
void but shall become paid-up.
If policy becomes paid-up before
the commencement of risk, then the policy shall be
entitled to receive the Guaranteed Surrender Value.
If the policy is not surrendered, this Guaranteed
Surrender Value shall be payable on the expiry of
policy term or on death of Life Assured, if earlier.
If policy becomes paid-up after
the commencement of risk, then the sum assured of
policy shall be reduced to such a sum, called paid-up
value, as shall bear the same proportion to the full
Sum Assured as the number of premiums actually paid
bears to the total number of premiums stipulated for
in the policy. This reduced value (called paid up
value) along with vested bonuses, if any, shall be
payable on the date of expiry of policy term or at
Life Assureds prior death. No survival benefit shall
be payable under a reduced paid-up policy. Extended
Term cover shall cease to apply if the policy is in
lapsed/ Paid-up condition.
Surrender Value:
You may surrender the policy for cash after at least
three full years premiums have been paid. The Guaranteed
Surrender Value will be as under:
- Before commencement of risk: 90% of the total
amount of premiums (excluding premiums for the
first year ) paid.
- After commencement of risk: 90% of the total
amount of premiums (excluding premium for the
first year) paid before commencement of risk and
30% of premiums paid on and after the commencement
of risk.
The Guaranteed Surrender value calculated
above will be subject to the deduction of the total
amount of survival benefits that might have become
due on or before the date of surrender. Further all
extra premiums and/or any other premium including
premium for Premium Waiver Benefit shall not be considered
in the premiums refunded.
The cash value of any existing vested
bonuses, if any, will also be paid.
Corporation may, however, pay Special
Surrender value as the discounted value of Paid up
value and existing vested bonus, as applicable on
date of surrender. The Special Surrender value will
be subject to the deduction of the survival benefits
which have become due on or before the date of surrender.
The Special Surrender value will
be payable provided the same is higher than Guaranteed
Surrender value.
Grace Period:
A grace period of one calendar month but not less
than 30 days will be allowed for payment of premiums.
Revival:
If the policy is lapsed, it can be revived by paying
arrears of premium together with interest within a
period of five years, subject to production of satisfactory
evidence of continued insurability. The rate of interest
applicable will be as fixed by the Corporation from
time to time.
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.
Exclusions:
Suicide is excluded for Premium Waiver Benefit for
first year. No other exclusions.
Miscellaneous Provisions:
Date of commencement of risk : If
age of Life Assured is upto 10 years, risk 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. In other
cases, risk shall commence from the policy anniversary
coinciding with or next following 12th birthday of
the Life Assured.
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.
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