LIC Jeevan Kishore Plan
LIC Jeevan Kishore Plan is an Endowment Assurance Plan for a child such that Sum Assured plus Bonus would be paid for the child’s benefit on the term’s maturity. 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. There are additional rider benefits like Premium Waiver Benefit. Once the child attains majority, the policy gets transferred to his name and then he can also opt for Accidental Death Benefit rider by paying additional premium.
Key Features
Benefits
In case of death of the child, i.e. the Life Insured before the risk commencement then the nominee would get only the basic premiums paid till date. In case of death of the child, i.e. the Life Insured after the risk commencement then the nominee would get Sum Assured + accrued Bonus till date.
In case the proposer dies before the policy matures, the Insurer pays the premium if the Premium Waiver Benefit rider has been opted for.
On maturity, the life insured gets the Sum Assured plus Bonus.
There are 2 additional riders available in this policy
1. Premium Waiver Benefit- that can be opted by the proposer
2. Accidental Death Benefit- that can be obtained by the life insured once he is at least 18 years.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 50,000 | 40,00,000 |
| Policy Term (in years) | 15 | 35 |
| Premium Payment Term (in years) | Equal to Policy Term | |
| Entry Age of Life Insured (in years) | 0 | 12 |
| Age at Maturity (in years) | 20 | 45 |
| Single Premium (in Rs.) | - | - |
| Payment modes | Single, Yearly, Half-Yearly and Quarterly |
|
Sample illustration of premium amount in LIC Jeevan Kishore Plan
Age = 1, 5 and 10 years
Policy Term = 30 years
Premium Paying Term = Regular Pay
Sum Assured = Rs 1,00,000
FAQs
What happens if you stop paying the premium The policy will lapse if the premium stops. However, it can be revived within a specific period.
What happens if you want to surrender the policyThe policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value, if policy is surrendered before the date of commencement of risk is 90 % of premiums paid excluding premium for the first year. If policy is surrendered after the date of commencement of risk, the guaranteed surrender value is 30 % of premiums paid after commencement of risk together with 90 % of premiums paid before the commencement of risk. Premiums for the first year and the premiums for Premium Waiver Benefit, if any, will be excluded.
What happens if you want a loan against your policyLoan is available after the policy is vested to the Life Insured, i.e. after he attains 18 years of age.
