LIC Komal Jeevan-Child Plan

'KOMAL JEEVAN' introduced w.e.f. 14th November, 2002. This is a money back plan with guaranteed addition and payment of premiums ceases on the policy anniversary immediately after the child attains 18 years of age.

This policy is suitable for parents who wants to secure money for there children’s higher education. It can be availed by parents having children aged between 0 to 10 years.

Salient Features
-Parents can propose the child's life.
-Risk under this plan will commence either after 2 years from the date of commencement of the policy or from the policy anniversary immediately following the completion of 7 years of age by the child, whichever is later. No medical examination of the life to be assured would be required under this plan.
-Premiums are payable upto a term equal to 18 minus the age of the child at entry.
-In most cases, Father would be the proposer. But, if Mother has an income of her own, can also propose the policy. If both parents are not alive legal guardian can propose.
-Policy can be gifted by grand parents, elder sisters or brothers and uncles both from paternal or maternal side, by taking a single premium policy for love and affection. In such cases also, the policies will be proposed by father, mother or legal guardian.

Benefits

Installment Benefits: The Sum assured under this plan will be paid installments at periodic intervals provided the policy is in force for full sum assured as under:
20% on policy anniversary after completing age 18
20% on policy anniversary after completing age 20
30% on policy anniversary after completing age 22
30% on policy anniversary after completing age 24

Guaranteed additions: Payable along with sum assured either on death within the term or on policy anniversary after attaining age 26 years. The policy has to be kept in full force at Rs.75 per thousand for each policy year to receive this benefit.

Death Benefit:
In case of death of life assured before the commencement of risk, the policy is cancelled and premiums paid are refunded.
After the commencement of risk, if the life assured dies before policy matures, full sum assured plus guaranteed additions are payable without deduction of earlier installment benefits paid.
Loyalty Additions: Special benefit on maturity - Loyalty Additions depending on policy duration and sum assured are paid on maturity.
Premium Waiver Benefit: Premium Waiver Benefit available with some extra premium amount.
Term Rider Benefit: Term Rider Benefit can be availed by the proposer to the extent of 20% of the basic sum assured under the policy not exceeding Rs.1,00,000/-. The benefit will be payable in case the proposer dies before the policy anniversary on which the child is 18 years last birthday.
Restrictions
Children (both boys and girls) from 0 to 10 years of age are eligible.
Minimum Age at Entry : 0 years
Maximum Age at Entry : 10 years
Maturity Age : 26 Years
Mode of Premium : Single Premium, Yearly, Half-Yearly, Quarterly, SSS.
Minimum Sum Assured Rs.1,00,000/-
Maximum Sum Assured Rs.25,00,000/- within the overall permissiable limit of Rs.50,00,000/-
Policy will be issued only in multiples of Rs.25,000/-
Loan against the Policy is not available.
Exclusions
Suicide: This policy shall be void if the Life Assured commits suicide at any time on or after the date on which the risk on the policy has commenced but before the expiry of one year from the date of the policy. In case of death due to suicide during this period, the Corporation will not entertain any claim by virtue of this policy except to the extend of a third party's bona fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office to which premiums under this policy were paid, at least one calendar month prior to death.

Why Should You Invest On LIC's Komal Jeevan?

Why Should You Invest On LIC's Komal Jeevan?

-Premium payable is quite low as compared to other conventional life insurance plans.
You need to pay premium only upto your child's age of 17 years whereas the policy is valid upto its age of 26 years.

-There is a Guaranteed Addition @ Rs 75.00 per Rs 1000/- of the sum assured per annum. This is different from normal bonus. While bonus is subject to variation depending on the market as on the day of valuation, GA (Guaranteed Addition) is independent of market fluctuation and is a guaranteed commitment from LIC.

-Loyalty Addition payable on the child's attaining 26 years age is likely to be quite impressive.
GA is calculated upto age 26 (unless in case of child not being alive till then) whereas premium is payable only upto age 17. In other words, there is a free GA @ Rs 75.00 per Rs 1000/ of the sum assured for 9 years !

-Installments received at the child's age of 18,20,22 and 24 can be better utilized, not to speak of the amount available at the age of 26 which is quite substantial.

-Premium paid enjoys I.T exemption upto Rs 1 Lakh per annum under section 80 C of the I.T Act along with certain other investments provided under the same section, whereas claim/surrender values as and when received enjoys I.T exemption under section 10(10D).

-Last but not least, no evidence of health of the child is required for issuing the policy, since the maximum age of entry under the plan is only 10 years.
For more Details visit http://www.insuranceindiamart.com/

LIC’s New Bima Gold Summary: (Table No.179)

Gold never loses its value, just like LIC Of India‘s New Bima Gold insurance policy. LIC’s
New Bima Gold (plan no.179) is a special with profit money back plan that offers 50% of the life cover during extended term even after maturity.

Features:

Auto-cover Facility: If atleast two full years’ premiums have been paid in respect of this policy, any subsequent premium be not duly paid, full death cover shall continue for a period of two years from the date of First Unpaid Premium(FUP) or till the end of policy term, whichever is earlier.

Benefits:

Survival Benefit: Payable in case of life assured surviving to the end of the specified durations provided the policy is in full force as given below:

For policy term 12 years:
15% of the Sum Assured under Basic Plan at the end of each 4th & 8th policy year.

For policy term 16 years:

15% of the Sum Assured under Basic Plan at the end of each 4th, 8th &12th policy year.

For policy term 20 years:

10% of the Sum Assured under Basic Plan at the end of each 4th, 8th, 12th & 16th policy year.

On expiry of policy term:

Total amount of premiums (excluding extra/optional rider premiums, if any) paid plus Loyalty Additions, if any, less the amount of survival benefits paid earlier.

Death Benefit:

During the policy term: Payment of an amount equal to Sum Assured under the Basic Plan on death of the Life Assured during the policy term provided the life cover is in force.

During the extended term: Payment of an amount equal to 50% of Sum Assured under the Basic Plan on death of the Life Assured during the extended term provided all the premiums under the policy have been paid.

Extended Term: The extended term shall be half of the policy term after the expiry of the policy term.

Payment of Premiums:

Regular premium can be paid either in yearly, half yearly, quarterly or monthly (ECS) installments.

Eligibility Conditions and Restrictions for LIC Of India’s
New Bima Gold:

FOR BASIC PLAN:

1. Minimum age at entry: 14 years (completed)
2. i. Maximum age at entry: 57 years (nearest birthday) for Term 12 years
ii. Maximum age at entry: 51 years (nearest birthday) for Term 16 years
iii.Maximum age at entry: 45 years (nearest birthday) for Term 20 years

Age at expiry of extended term: Maximum 75 years (nearest birthday)

Policy Term: 12, 16 and 20 years.

Minimum Sum Assured: Rs. 50,000 /-

Maximum Sum assured: No limit

Sum Assured will be in multiples of Rs.5,000 /- only.

FOR THE ACCIDENT BENEFIT RIDER OPTION :

1. Minimum age at entry: 18 years (completed)

2. Maximum age at entry: 57 years (nearest birthday) for
Term 12 years

ii.Maximum age at entry:
51 years (nearest birthday) for Term 16 years

iii.Maximum age at entry:
45 years (nearest birthday) for Term 20 years

Minimum Sum Assured: Rs. 50,000 /-

Sum Assured will be in multiples of Rs.5,000 /- only.

Cooling off period:

If you are not satisfied with the “Terms and Conditions” of the policy, you may
return the policy to LIC of India within 15 days.

he Unique Identification Number (UIN) for LIC
Of India‘s New Bima Gold Plan is 512N236V01.

LIC’s New Bima Gold (Table No.179)

KOMAL JEEVAN LIFE INSURANCE POLICY BY LIC (table:159)

Features of plan

This is money back plan for children with guaranteed addition @ 75/- per 1000 S.A. the above policy has been introduced to provide the best education which can be very expensive for the proposer's children. The payment of premium ceases on policy anniversary immediately after the child attain 18 years of age The plan, besides offering risk cover, also offers payment of S.A. in installments at age 18, 20,22,24 and guaranteed and loyalty addition, if any, at the age of 26. Risk covers starts from the policy anniversary after completion of 7th year of the child or 2 yrs. From the commencement of the policy, whichever is later.


POLICY AS A GIFT: the close relation such as grandparents, elder brothers or sister, uncles both from paternal or maternal side can gift single premium policy for love and affection under this plan, in such cases also, the policy will be proposed by father, mother or legal guardian. No medical examination is required for the child

Premium waiver benefit: Premium waiver benefit can be availed by the proposer under this plan for which addition premium will be payable. Lives up to the age of 50 (nearer birthday) are eligible, subject to normal underwriting requirements like production of proposer's standard age proof and medical exam. Of the proposer is must.

Term rider benefit: term rider benefit can be availed by the proposer to the extent of 20% of the basic S.A. under the policy not exceeding Rs.100000/- the benefit will be payable in case the proposer dies before the policy anniversary on which the child completes 18 years.

Lives up the age of 50 (nearer birthday) are eligible for this benefit subject to normal underwriting requirements.

Plan parameters

Age at entry: Min.0 yrs. LBD Max.10 yrs LBD

Maturity age: 26 yrs. LBD

PPT: Min. 8 yrs. Max.18 yrs

Sum assured: min. 1Lac Max. 25Lac

S.A. in multiples: 25,000

Mode of payment: YLY/HLY/QLY/SSS/MLY & single premium

Accidents benefit: N.A.

Policy loan: N.A.

Housing loan: N.A.

Revival: yes

Surrender of policy: yes

P.W.B.: yes

Term rider: yes

CIR: N.A.



Underwriting

Form no: 360

Age proof:

Child 5 yrs. & above: school certificate

If not5yrs. And above: Birth certificate with parent
joint declaration

Female lives category: I/II

Non-medical: Not required for L.A.

When PWB + TRB is: Medical exam. Is necessary with

Opted by the proposer, Standard age proof and form no.300

Actual sum assured: Basic SA

Risk coverage: SA+GA+LA

Dating back @ 8%: Allowed



BENEFIT

Maturity benefit: at the end of age 18 yrs, and 20 yrs. 20% of S.A. is paid and at the end of age 22 & 24 yrs. 30% of S.A. is paid finally, at the end of age 26 yrs G.A. + L.A. if any is paid.

Example: Mr. Vineet aged 32 yrs. Takes a komal jeevan policy for his daughter Shefali aged 4 years for Rs.2 Lac S.A. with PWB and TRB. Risk cover of baby Shefali starts from the policy anniversary after completion of 7th year.


Shefali will get Rs.40,000 as ist instalment, at the age of 18 years, then Rs.60,000 respectively finally, at the age of 26 years she will get Rs.3,30,000 as Guaranteed Addition @ 75/- per thousand + loyally addition, if any, if Shefali dies after commencement of the risk

i.e. 7 years maturity full S.A. i.e. Rs.2 Lac + G.A @ 75/- per thousand S.A+ L.A , if any, will be given to the nominee without deducting earlier paid installments.

MONEY BACK 20 YEARS INSURANCE POLICY BY LIC

Unlike ordinary endowment insurance plan where the survival benefits are payable only at the end of the endowment period, this scheme provides periodic payments of partial survival benefits as follows during the term of the policy. Of course so long as the policyholder
is alive this plan is best suitable for businessmen and professionals.



In case of a 20-year money-back policy (table 75), 20% of the S. A. become payable each after 5,10,15 year, and the balance 40% plus the accrued should have attained majority.

An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full S.A. without deducting any of the survival benefit amounts, which have already been paid. Similarly, the bonus is also calculated on the full S.A.



Plan parameters

Age at entry: Min. 13 yrs LBD, Max. 50 yrs (T- 75) Max. 45 yrs (T-93)
Maturity age: Max.70 yrs.
Sum. in Multiples: 5000, Min. Max No Limit
Term: Min. 20 yrs, Max. 20yrs (T-75) Max. 25yrs (T-93)
Mode of Payment: YLY/HLY/QLY/SSS/MLY
Accident Benefit: Re.1 Extra per
(Max. 50 Lac inclusive 1000 S.A. All plan)
Policy loan: yes,@ 10.5%
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: yes
CIR: yes



Underwriting condition



Form no.: 300/340

Age proof: std /NSAP-1,2,3

Female lives category: I/II/III

Non-medical (Gen): allowed

Non-medical (pro): allowed

Non-medical (special): allowed

Actual sum assured: basic SA

Rusk coverage: SA + bonus

Dating back@ 8%: Allowed

Benefits

Death benefits: payment of full S.A. + bonus
on full S.A. + FAB. If any is paid to the nominee The
survival benefit already paid, if any is not deducted.

Maturity benefit: balance survival benefit +
bonus on full S.A. + FAB, if any

Example: Ms. Neha, aged 25 invests Rs.2lac in a money back policy (T.No-75) paying an annual premium of Rs.12,546/- for 20 years period. she receives Rs.40,000 at the end of each 5th, 10th, 15th year. On maturity balance Rs.80,000+ Rs.1,64,000/- (as per bonus rate
of 2005 i.e. Rs.41per thousand p.a.)+Rs.4000/- FAB

if Ms. Neha dies after 8 year, his nominee will receive S.A. +Bonus without deducting the survival benefit survival benefit already paid to Ms. Neha

JEEVAN ANAND LIFE INSURANCE POLICY

Features of plan

Jeevan Anand plan is the combination of whole life policy and endowment insurance policy the plan provides the per-decided S.A. and bonus at the end of the stipulated PPT, but the risk cover on the life continues till death. This policy is suitable for the people of all ages and social groups. The policyholder will be benefited by giving protection to their families from a financial setback that may occur owing to their demise The amount assured if not paid by reason of his death earlier will be payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's of this plan is moderate premiums, high liquidity, saving oriented.Premiums are usually payable for the selected term of years or until death if it occurs during the term period. Accident benefit is available during engaged in hazardous occupations attracting occupational extra.

Plan parameters
Age at entry: Min.18 yrs Max. 65 yrs.
PPT maturity age: Max. 75 yrs
Sum assured: Min. 1,00,000 Max. No. Limit
S.A. in multiples: 5000Term: Min.5 yrs Max. 57 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Incl. in. T.P.Policy loan: yes
Housing loan: yes
Assignment: yes
Revival: yes
Surrender of policy: yes
Term rider: N.A.CIR: yes

UNDERWRITING CNDITION
Form no: 300 (rev.)
Age proof: std/ NSAP- 1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed

BENEFITS
Maturity benefit: S.A. +Bonus + FAB, if any is at the end of the premium paying term (PPT)

Death benefit:

If death occurs during the premium paying term S.A. + Bonus +FAB, if any is payable and premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after the premium paying term. No bonus is paid on death after the premium paying term.Accident benefit: The double accident benefit is available during the premium paying term and thereafter up to age 70. the premium for this has been built into the tabular premium rate.

Example: Mr. Ram 25 years, opts for jeevan anand policy for 20 years with S.A. Rs.1 Lac. He has to pay annual premium of Rs.5490/- on maturity, Mr. Ram will get Rs.1,98,000/- (S.A. + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which become 43 x 100 x 20 = 86,000/-).

Even after the premium paying term is over, risk cover continues till the death of Mr. Ram .But if, Mr. Ram dies at the age of 65 years his nominee will get an additional amount equal to the S.A. i. e. Rs.1 Lac in cash, Mr. Ram dies during premium paying term his nominee will receive Rs. 1Lac + accumulated Bonus.