- 1 LIC Jeevan Kishore Policy Review
- 2 Plan no:102
- 3 Introduction on LIC Jeevan Kishore Policy
- 4 LIC Jeevan Kishore policy Conditions
- 5 LIC Jeevan Kishore Policy Rebates
- 6 LIC Jeevan Kishore Policy Maturity Benefits
- 7 LIC Jeevan Kishore Policy Death claim
- 8 LIC Jeevan Kishore policy guaranteed Surrender Value
- 9 Policy can be surrendered after paying premiums for at least of 3 full years.
- 10 In above condition Guaranteed surrender value = 90% of all the premiums paid – 1st year premium
- 11 PAID UP VALUE :
- 12 Riders Available in LIC Jeevan Kishore policy
- 13 Bonus on LIC Jeevan Kishore plan
- 14 Additional Information
- 15 Lic Jeevan Kishore Policy Benefit illustration
LIC Jeevan Kishore Policy Review
Introduction on LIC Jeevan Kishore Policy
LIC Jeevan Kishore policy having Plan no 102 is an Endowment Assurance Plan available for children of age less than 12 years. The policy can be purchased by any of the parent/grand parent.
In LIC jeevan Kishore policy the proposer can further secure his child’s future by opting for Premium Waiver Benefit rider, such that if he dies before the policy matures, then the future premiums would be waived. Once the child attains majority age, the policy gets transferred to his name and then he can also opt for Accidental Death Benefit rider by paying additional premium.
LIC Jeevan Kishore policy is an enhancement done on the existing ‘new children’s vested assurance plan -92. Children of both male and female categories between the ages of 0 to 12 years are eligible for insurance under this plan.
Generally father will be the proposer, but if mother has her own income, then she can also propose. Grandparents can also propose with certain conditions.
Children in age group of 0 to 12 years are eligible for LIC Jeevan kishore policy.
LIC Jeevan kishore policy – plan no102 was introduced in 15/12/1990 and withdrawn on date
LIC Jeevan Kishore policy Conditions
Sum Assured : Minimum – 30,000 /- upto 31/05/2004
Maximum – 50 Lakhs
Minimum – 50,000/- from 01/06/2004
Maximum – 50 Lakhs
Child Entry age : Minimum – 0 years
Maximum – 12 years
Maturity age : Minimum – 20 years age attaining
Maximum – 45 years age attaining
Premium paying term : Minimum: 15 years
Maximum: 35 years
premium payment mode : Yearly, Half Yearly, Quarterly,Monthly
- No medical examination is required if age of the child is less than 10 yrs.
- Form no 340 + medical report of children of age 10 years and above is compulsory.
- Standard lives with overweight up to 50% are acceptable.
- Standard Male & female lives (cat I & II ) with earned income are acceptable as
proposer for supplementary benefits.
LIC Jeevan Kishore Policy Rebates
Rebates are divided into 2 types
- sum assured rebate and
- mode rebate (premium payment mode)
Premium payment mode Rebate: Yearly 3% of tabular premium
Half-yearly 1.5% of tabular premium
Sum Assured rebate for regular premium policies :
|Upto Rs 50,000/-||Nill|
|Rs 50,000 to 1 lakh||1.00 Rs|
|Rs 1,01,000 & above||2.00 Rs|
LIC Jeevan Kishore Policy Maturity Benefits
Maturity Benefit: In Jeevan kishore policy having plan no: 102, the life assured gets
= sum assured + bonuses as a maturity benefit
1) POLICY IS IN PAID UP CONDITION BEFORE DATE OF COMMENCEMENT:
If Premiums are not paid for at least 3 years then policy gets lapsed, on that condition only GSV is payable as maturity claim
2) POLICY LAPSED AFTER RISK COMMENCEMENT DATE / IN FORCE AS ON DATE
= Paid up value + Bonuses
LIC Jeevan Kishore Policy Death claim
1. DEATH BEFORE COMMENCEMENT OF RISK:
1. If Policy is in full force then death claim
= Sum of Premiums paid – Extra premium
2. If Policy is in Lapsed condition with minimum 3 years premiums paid then Guaranteed surrender value is payable.
If proposer and child also expire :
= Actual premiums paid + Premiums Waived till death of child
2. ON AND AFTER RISK COMMENCEMENT DATE:
= ( Full sum Assured / Paid up Value ) + Bonuses
LIC Jeevan Kishore policy guaranteed Surrender Value
Policy can be surrendered after paying premiums for at least of 3 full years.
In above condition Guaranteed surrender value = 90% of all the premiums paid – 1st year premium
PAID UP VALUE :
1. Before Commencement of Risk = GSV
2. ON AND AFTER COMMENCEMENT OF RISK DATE
= Sum Assured x No of years Premiums paid / No of years Premiums payable Under Single premium policies the paid up value will be Sum Assured.
Riders Available in LIC Jeevan Kishore policy
There are two types of Riders Available:
- Accidental Death Benefit- This can be obtained by the life insured once he is at least 18 years.
- Premium Waiver Benefit – This rider can be opted by the proposer
Term Rider is not Available.
Bonus on LIC Jeevan Kishore plan
Jeevan Kishore Policy is with profit. Simple Reversionary Bonuses are declared per thousand of Sum Assured annually at the end of each financial year.
Loan Availability : Once the child attains an age of 18 years then Loan facility is available.
Lic Jeevan Kishore Policy Benefit illustration
A child named Nikhil has taken Jeevan Kishore Policy of Plan no: 102,
Age at entry of life assured – 0 yrs ,
Sum assured 1,00,000,
Age of proposer( Parent/Grandparent ) : 25 yrs,
Deferment period – 18 yrs,
Mode of payment – yearly,
Basic premium calculation:-
As per Tabular premium for plan 102-30 for age 0 years rs. 49.15
Less : mode rebate 3% – – 1.4745
and sum assured rebate – 1.00
46.6755 x 100
Multiply by sum assured in thousands 4667.55
PREMIUM WAIVER BENEFIT
Tabular premium rate for PWB for age group of proposer upto 25 yrs and deferment period of 18 yrs will be ——- Rs. 2.90
Less :- mode rebate @ 3% – 0.087 2.813
PWB premium for waiver of net annual premium of Rs. 4667.55 x (2.813/100) = 131.29
Net instalment premium = 4667.55 + 131.29 = 4798.84 i.e Rs. 4799