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Life Insurance Corporation
Jeevan
Anurag
Komal Jeevan
CDA Endowment Vesting At 21
Marriage Endowment or Educational Annunity Plan
CDA Endowment Vesting At 18
Jeevan Kishore
Jeevan Chhaya
Jeevan
Anurag
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Benefits
LIC’s Jeevan ANURAG is a with profits plan
specifically designed to take care of the educational
needs of children. The plan can be taken by a
parent on his or her own life. Benefits under
the plan are payable at prespecified durations
irrespective of whether the Life Assured survives
to the end of the policy term or dies during the
term of the policy. In addition, this plan also
provides for an immediate payment of Basic Sum
Assured amount on death of the Life Assured during
the term of the policy.
Assured Benefit
Payment of 20% of the Basic Sum Assured at the
start of every year during last 3 policy years
before maturity. At maturity, 40% of the Basic
Sum Assured along with reversionary bonuses declared
from time to time on full Sum Assured for the
full term and the Terminal bonus, if any shall
be payable. For example, if term of the policy
is 20 years, 20% of the Sum assured will be payable
at the end of the 17th,18th, 19th year and 40%
of the Sum Assured along with the reversionary
bonuses and the terminal bonus, if any, at the
end of the 20th year.
Death Benefit
Payment of an amount equal to Sum Assured under
the basic plan immediately on the death of the
life assured.
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Komal
Jeevan
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Product summary:
This is a Children's Money Back Plan that provides
financial protection against death during the term
of plan with periodic payments on survival at specified
durations. This plan can be purchased by any of
the parent or grand parent for a child aged 0 to
10 years.
Commencement of risk cover:
The risk commences either after 2 years from the
date of commencement of policy or from the policy
anniversary immediately following the completion
of 7 years of age of child, whichever is later.
Premiums:
Premiums are payable yearly, half-yearly, quarterly,
monthly or through Salary deductions, as opted by
you, up to the policy anniversary immediately after
the life assured (child) attains 18 years of age
or till the earlier death of the life assured. Alternatively,
the premium may be paid in one lump sum (Single
premium).
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CDA
Endowment Vesting At 21
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Features:
This plan of assurance is designed to enable a
parent or a legal guardian or any near relative
of the child to provide for the child, by payment
of a very low rate of premium, the risk under
which will commence at a selected age. The policy
envisages two stages, one covering the period
form the date of commencement of the policy to
the deferred date( that is the date of cent of
risk on the childommencem's life) called the deferment
period, and the other covering the period from
the deferred date to the date on which the policy
emerges as a claim by the death of the child or
its survival to a stipulated date. A combined
policy will be issued covering both the aforesaid
periods. Policy under the scheme will not be issued
for deferment periods less then four years or
for maturity ages other than quinquennial. Option
is available as regards the age of commencement
of risk on the child's life which may be 18 or
21 completed as desired. In case of assurance
vesting at age 18, table no. will be 50 and in
case of assurance vesting at age 21, table no.
will be 41.
Suitable For:
The special provisions applicable to this policy
provide that if the life assured shall be alive
on the deferred date, if all the premiums due
prior to the deferred date have been paid, and
if a request in writing for receiving the cash
option available on the deferred date or for surrendering
the policy has not been received by the corporation
before the deferred date from the person entitled
to policy monies, the policy shall vest in the
life assured on the deferred date and shall on
such vesting be deemed to be a contract between
the corporation and the life assured as the absolute
owner of the policy and the proposer or his estate
shall cease to have any right or interest herein. |
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Marriage
Endowment or Educational Annunity Plan
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Feature:
The Marriage Endowment/ Educational annuity plan
provides a sum assured to be kept aside for the
expenses of marriage or higher education of the
policyholder's children. Premiums payable for
selected term or till death of the life Assured.
Benefits will be given only after the selected
term.
Special Features:
With the help of this policy one can earmark money
exclusively for the marriage or higher education
of children – two major responsibilities
in the life of every family person.Under this
plan the policy monies and bonus are paid only
at the end of the selected term, irrespective
of whether the policy holder survives till the
term or not, i.e. the survival or death benefit
is payable at the same time. Unlike in the case
of other endowment policies, the policy benefits
in the case of Marriage Endowment / Educational
Annuity Plan are not released to the policy holder’s
family in case of his premature death, but retained
by LIC and released only at the end of the originally
selected term.In case the policy holder were to
die during the term of the policy, no further
premiums are payable but the bonus continues to
accrue for the full-term of the policy. The sum
assured, plus the accumulated bonus for the full
term, are then paid to the family at the end of
the policy’s term. Further, one can opt
to receive the money either in one lump sum, or
in ten half-yearly installments, the former may
be suitable if the policy is bought essentially
for the purpose of a child marriage and the latter
if it is a provision for higher education.In case,
the Double Accident Benefit is availed, then an
additional sum equal to the basic Sum Assured
becomes payable immediately on death due to accident
during the policy term.Non-medical General and
Special schemes are applicable.
Suitable For:
Being an endowment assurance policy, this plan
is apt for people with fluctuating income of all
ages and social groups who wish to protect their
families from a financial setback that may occur
owing to their untimely death and in particular
to meet the educational and marriage expenses
of childern.The amount assured will become payable
at the end of the endowment term when it can be
invested in an annuity provision for the rest
of the policyholder's life or in any other way
he may think most suitable at that time.The policyholder
also has the option to receive the policy moneys
in 10 equal half-yearly installments. If there
is a death claim, then the beneficiaries can exercise
their right instead. |
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CDA
Endowment Vesting At 18
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Feature:
This plan of assurance is designed to enable a
parent or a legal guardian or any near relative
of the child to provide for the child, by payment
of a very low rate of premium, the risk under
which will commence at a selected age. The policy
envisages two stages, one covering the period
form the date of commencement of the policy to
the deferred date( that is the date of commencement
of risk on the child's life) called the deferment
period, and the other covering the period from
the deferred date to the date on which the policy
emerges as a claim by the death of the child or
its survival to a stipulated date.
A combined policy will be issued covering both
the aforesaid periods. Policy under the scheme
will not be issued for deferment periods less
then four years or for maturity ages other than
quinquennial. Option is available as regards the
age of commencement of risk on the child's life
which may be 18 or 21 completed as desired. In
case of assurance vesting at age 18, table no.
will be 50 and in case of assurance vesting at
age 21, table no. will be 41.
Suitable For:
The special provisions applicable to this policy
provide that if the life assured shall be alive
on the deferred date, if all the premiums due
prior to the deferred date have been paid, and
if a request in writing for receiving the cash
option available on the deferred date or for surrendering
the policy has not been received by the corporation
before the deferred date from the person entitled
to policy monies, the policy shall vest in the
life assured on the deferred date and shall on
such vesting be deemed to be a contract between
the corporation and the life assured as the absolute
owner of the policy and the proposer or his estate
shall cease to have any right or interest herein.
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Jeevan
Kishore
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Product summary:
This is an Endowment Assurance Plan available for
children of less than 12 years of age. The policy
may be purchased by any of the parent/grand parent.
Commencement of risk cover:
The risk commences either after 2 years from the date
of commencement of policy or from the policy anniversary
immediately following the completion of 7 years of
age of child, whichever is later.
Premiums:
Premiums are payable yearly, half-yearly, quarterly
or monthly throughout the term of the policy or till
earlier death of child.
Bonuses:
This is a with-profits plan and participates in the
profits of the Corporation’s life insurance
business. It gets a share of the profits in the form
of bonuses. Simple Reversionary Bonuses are declared
per thousand Sum Assured annually at the end of each
financial year. Once declared, they form part of the
guaranteed benefits of the plan. A Final (Additional)
Bonus may also be payable provided policy has run
for certain minimum period. |
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Jeevan
Chhaya
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Features:
Ideal for parents having less than a year old child.Makes
provision for education/ marriage of the child.Extra
benefit of waiver of premium in case of death of the
policy holder.
Suitable For:
Couples having a less than one year child (not an
adopted child) can avail themselves of this plan,
in order to ensure that an adequate financial provision
is made for the higher education of the child. The
child should not have completed one year of age
on the date of Registration of the proposal. Either
father or mother or each one of them individually
can take policies under this plan under Non-medical
Scheme. This plan is also allowed to others subject
to medical examination.
Special Features:
This policy is given under non-medical scheme up
to sum assured of Rs.1 lakh, if the prospect is
having a child of less than one year of age as on
date of registering the proposal. This non-medical
is exclusive for other policies.
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