Ensuring the protection of their children is every parent/grandparents’ primary concern. This is especially necessary as life is unpredictable and a child’s financial security must be prioritised.
This Children’s Money Back Plan by Life Insurance ensures that protection is provided against death during the tenure of the insurance policy. Additionally, in case of survival of policyholder, periodic payments will be paid by the company at certain durations. Risk for this plan will begin after 2 years from date of policy commencement or from the anniversary of the policy after the child has completed 7 years of age, whichever is the later date. Additionally, there is flexibility with respect to premium payment.
In order to avail the above children’s money back policy, individuals will have to fulfill the eligibility criteria prescribed by the company.
|Age at Entry (of child)||
All ages are based on last birthday of the child.
The sum assured amount with respect to this insurance policy will vary based on a number of factors such as premium payment tenure, benefit that the policyholder requires and premium that is being paid.
|Sum Assured||Rs.1 lakh or varies based on policy|
Premium range with respect to this insurance plan varies based on the sum assured that has been chosen and the mode of premium payment, among other factors.
|Mode of Premium Payment||
Customers must note that premiums may vary based on location, age, tenure of the plan and prevailing taxes/GST.
|Survival Benefit||Upon policyholder’s survival until the end of the policy, the following percentage of the sum assured will be paid -
|Maturity Benefit||Guaranteed additions along with loyalty additions will be paid, if any, in a lump sum upon survival until the end of the policy tenure.|
|Premium Waiver Benefit||This benefit is optional and can be added to the basic insurance policy.
For information regarding this, individuals will have to contact LIC directly.
In order to avail information regarding policy exclusions, individuals will have to contact LIC directly.
|Free-look period||In case policyholders are not satisfied with their policy, they can return the same to the company along with stated reasons, within a period of 15 days from the date given on the policy receipt.|
|Surrender Value||This amount will be available on the insurance policy if the contract is terminated early.|
|Guaranteed Surrender Value||This insurance plan can be surrendered after it has been in force for a period of 3 years or over.
|Loyalty Additions||A part of the profits of the company is provided in the form of loyalty additions which are nothing but terminal bonuses that are payable in addition to maturity or death benefit.|
Policyholders can avail tax benefits with this policy as per existing tax laws. However, laws are subject to changes from time to time, hence policyholders are asked to consult their tax advisors prior to availing this plan.
In addition to the numerous policies provided by LIC, there are other benefits that can be availed by the insurance company.
In times of economic uncertainty such as today, it is a matter of priority for individuals to ensure the financial security and well-being of their children. The Komal Jeevan Plan from LIC provides benefit in case of untimely demise of policyholder or periodic payouts in case of policyholder’s survival until maturity.
One of the most well-known life insurance companies, Life Insurance Corporation of India is synonymous with trust. This company has over 2000 branch offices and boasts of a growth rate of 16.67%. LIC aims to enhance people’s quality of life through life insurance policies and ensures their economic security. Additionally, LIC has a claim settlement ratio of 98.33% and has also won a number of awards.
Note: This plan has been withdrawn