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.|
|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
- 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.
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.
There are no riders available with this policy.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017