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  • LIC Jeevan Kishore Plan

    LIC Life Insurance

    LIC Jeevan Kishore is ideal for children below the ages of 12 years. The policy can be purchased by the child's parents or grandparents only.

    Eligibility Conditions of LIC Jeevan Kishore

    Entry Age Minimum - 0 years Maximum - 12 years
    Maturity Minimum - 20 years Maximum - 45 years
    Policy Term Minimum - 15 years Maximum - 35 years

    Key Features of LIC Jeevan Kishore

    Type An Endowment Assurance Plan.
    Basis Individual.
    Coverage
    • Death Benefit: In the event the life insured dies during the policy term, the nominee will receive sum assured along with vested bonus. If the death occurs before commencement of risk, then the premiums will be excluded and will get a refund.
    • Maturity Benefit: The policyholder will get sum assured along with any bonuses which is paid in a lump sum on maturity.
    • Premium waiver benefit: If the proposer dies, then the premiums will be waived. An additional premium is to be paid and this is an optional benefit.
    Sum assured Minimum - Rs.50,000 Maximum - Rs.40,00,000
    Premium paying term Equal to the policy term.
    Premium paying frequency Quarterly, half-yearly, yearly, monthly or single.
    Premium paying method Monthly premium payment must be transmitted through ECS or direct debit.
    Bonuses Simple reversionary bonus is declared at the end of each financial year. Additional bonus and vested bonuses are payable, if any.
    Surrender Value The policy can be surrendered after 3 years premium has been paid. The surrender value of the policy before commencement of risk is 90% of the total amount of premiums paid. Surrender value of the policy after commencement of risk is 90% of the total premiums paid before commencement of risk and 30% of premiums paid after commencement of risk.
    Loan Loan facility is not available.
    Grace period 30 days grace period is allowed for paying the premium.
    Free look period / Cooling off period The plan has a 15 days free look within which you can return the policy.
    Tax benefits Prevailing tax benefits are applicable.
    Nomination You can appoint a nominee.
    Exclusion If the policyholder commits suicide within a year from the date of taking the policy, it is excluded for Premium Waiver Benefit.

    Advantages of LIC Jeevan Kishore

    The advantages of this LIC child plan are:

    • Maturity benefits are paid to the policyholder.
    • Death benefit is offered to the nominee if the insured dies during the policy term.
    • Premium waiver benefit is also available.
    • Tax benefits can be availed.
    • The policy can be surrendered after completing 3 policy years.

    How the Plan Works

    Miss Sheena took LIC Jeevan Kishore for her 10 year old child. The policy term she chose was 25 years and the age of child at maturity was 35 years. The sum assured that she opted for was Rs.1 lakh. She chose to pay the premium annually. She will have to pay Rs.3,635 annually towards the premium payment. She will get survival benefit and if she dies during the term, the death benefit will be offered and the premium will be waived off.

    Premium Payment

    The premium can be paid yearly, half-yearly, quarterly or monthly or single premium. The monthly payments are to be made through ECS or Direct Debit.

    Riders

    There are no riders available with this policy.

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