LICs Children Plans
1) Komal Jeevan Min.age at entry is 0 Years. Min.PPT = 8 Years. Max.PPT = 18 Years. It is a money back plan. No medical examination required for the child. Risk cover starts from policy anniversary after 7th year or 2 years from the commencement of policy. Maturity Benefit: 20% each at age 18 & 20, 30% each at age 22 & 24. At age 26, guaranteed addition @ 75/- per 1000 S.A+ loyalty addition. Mode: Regular Payment. Ideal Gift for children’s education.
2)Jeevan Chhaya :
Min.age at entry is 18 Years. Mn.Term =18 Years. Max.Term =25 Years.
Maturity Benefit: 25% of Sum assured is given every year during the last 4 years of maturity. On maturity, bonus on the full sum assured & final additional bonus if any is given along with the last 25% balance of sum assured. Right policy for daughter’s marriage.
Modes: Regular & Single
3)Jeevan Kishore :
Min.age at entry is 0 years. Policy mature at ages 20 to 30, 35, 40 & 45 only.
Maturity Benefit: Sum assured + Bonus+Final Additional Bonus is paid on maturity.
Modes: Regular & Single.
4 ) CDA Endowmnt :
Premium is very low. Min.entry age is 0 years. There are two stages for this policy.
1) The period from commencement to the deferred date(i.e the date of commencement of risk on the child’s life) (2) Deferred date to the date on which policy emerges as a caim by the death of the child or its survival to a stipulated date. A combined policy is issued covering both the periods(1) & (2).
The main advantage is relatively a large amount can be secured to a child, with a smaller premium.Maturity Benefit: SA+Accrued Bonus+FAB, if any
5)Child Career Plans 184 & 185
Plan 184: 30% of Sum Assured+vested simple reversion bonus (5 years before maturity)& 15%each (remaining 4 years) paid during the last 5 years of maturity.
Plan 185: 25% of Sum Assured (5 years before maturity) & 10% each during the remaining 4 years.On the date of expiry of the policy term -50% of the Sum assured along with vested simple reversionary bonuses and final additional bonus.
Depending on the age of the child, and requirement of money at various stages, parents can zero in on the right plan. All the plans are equally good.