LIC Child Insurance Plan is an Endowment Assurance Plan available for children of less than 12 years of age.
The policy can be purchased by any of the parent/grand parent
1) LIC best selling Insurance policy
2) Reduce premium as per your requirements
3) Pay Rs 1000 pm and get Rs 1 crore.
4) Highest return
LIC Senior Citizen Pension Insurance Plan allow the policyholder to make provision for regular income after the selected term.
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LIC Jeevan Saral is actually an endowment policy with a lot of flexibilities that is usually available only with unit linked insurance plans. Hence it is categorized under Special Plans. Jeevan saral is a non unit-linked insurance plan with Double Death Benefit of Sum Assured + Return of Premium.
1) Premium is chosen by the policyholder and Sum Assured is 250 times the Monthly Premium amount
2) Death Benefit is Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition
3) Maturity Benefit is Maturity Sum Assured + Loyalty Additions, if any
4) Partial surrender of the policy is allowed after the 3rd policy year
5) Extended risk cover for one year after 3 years premium payment.
6) Optional higher cover through Term Rider and Accidental Death and Disability Benefit
7) The policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss after 5 years
8) Loyalty Additions are provided from 10th policy year onwards under Jeevan saral.
Death Benefit: In case of death of the Life Insured under Jeevan saral, the nominee receives
· Sum Assured (i.e. 250 times the Monthly Premium) +
· Return of premiums excluding extra/rider premium and first year premium +
· Loyalty Addition, if any
Maturity Benefit: At the maturity of the Jeevans saral policy, the insured will get
· Maturity Sum Assured (Depends on age of entry and policy term) +
· Loyalty Additions, if any.
If You stop paying the premium: – If you stop paying the premiums after 3 policy years, the Jeevan saral policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
Surrender Value: There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
Special Surrender Value =
80% of Maturity Sum Assured if 3 or more years’ but less than 4 years’ premiums have been paid;
90% of the Maturity Sum Assured, if 4 or more years’ but less than 5 years’ premiums have been paid and
100% of the Maturity Sum Assured, if 5 or more years’ premiums have been paid
Guaranteed Surrender Value: The time period for surrendering the policy depends on that the policy must be in power for 3 years or more. Apart from the premiums paid during the first year and extra premium paid, the Guaranteed Surrender value before the commencement of risk is 90% of premium paid. After the commencement of risk the Guaranteed Surrender value is 90% of premium paid plus 30% of extra premium paid.
Should I opt for the Jeevan Saral policy? Why jeevan saral is the best lic policy?
Yes, because of
a) Jeevan Saral is the only life insurance product in India to have won the international Golden Peacock Award for best designed product.
b) Jeevan Saral is most flexible product which allows exit after 10 years without any surrender charges
c) Loyalty additions (i.e. bonus) are payable under Jeevan Saral from the 10th year, along with guaranteed maturity benefits. Loyalty addition is nothing but terminal bonus, which actually depends on the profits of LIC's life insurance business. Thus, it is variable return that cannot be estimated at the beginning of the policy.
What is Death benefit and accidental benefit under Jeevan Saral?
In Jeevan Saral at the time of natural death of life assured (during term) lic jevan saral policy holder will give 250 times of monthly prem.(500 times in case of accidental death) return of prem.paid
Also all premiium paid would also be returned in Jeevan saral (excl. Ist yr premium) + loyalty additions(bonus)is paid.
Returns are higher in Jeevan saral, there is special relaxation by govt.of india not to pay incometax on surplus of this plan by lic of india.
and govt.'s share of 5 % is payable after 9 yrs. by lic. hence lic can give 20 to 23 % more to it's jeevan saral pol.holders than any other plan's pol.holders. if you make assumption only for 10% (In other plans it is 6 to 7 %) it will be Rs. 7 to 8 lacs mat.amt.after 20 yrs.(taxfree).