WHY CHILD INSURANCE?
Child Life Insurance is a form of permanent life insurance that insures the life of a minor. It is usually purchased to protect a family against this sudden and unexpected costs of a child’s funeral or burial and to secure inexpensive and guaranteed insurance of the lifetime of the child.
Here Comes The Best Children’s Plan :
1.New Children’s Money Back:
- Children’s are the best gift god to us and LIC’s Plan is best gift to the child.
- A plan to protect financial future of child along with risk cover on the life of the child.
- Money back at child’s 18,20 & 22 years with an option to defer for later
- Maturity will paid at child’s Age of 25 years.
- Regular Premium Payment plans
- Premium waver Benefit available.
- With profit plan
- Tax free maturity
- Tax savings on premium paid u/s 80C
- Liquidity in term of loan after 3 Full year Premium payment.
Suitable to : wide range of age ( 0 to 12 years ) can be covered under this plan.
Survival : 20% of sum assured will be paid on each policy anniversary after completion of 18,20 &22 years of child’s age.
On Maturity: A sum of balance 40% of sum assured, vested bonus and final additional bonus ( if any) will be paid as final maturity.
On Death: (A) Before Risk commencement: Sum of total premiums paid will be Refunded after deduction of taxes, rider and extra premium ( if any).
(B) After Risk commencement: Death Sum Assured along with vested Simple bonuses and final additional bonus ( if any) will be payable. (where Death Sum assured) Death benefit should be less than the 105% of total premium paid as on death.
Sum Assured: Minimum – Rs 1,00,000 in multiple of 10,000 and Maximum- No Limit
Surrender: Allowed any time after 3 full year premium payments.
Loan : Allowed After 3 full year premium payments.
PLAN HIGHLIGHTS :
- Best gift to the child from parents.
- Protect financial need for future.
- Recommended for the parents having child in-between 90 days to 12 years. Risk cover to child.
- 5 installments of Money back will be paid in-between 20 to 24 years of the age of child.
- An option to choose Money-back amount out of given option.
- Regular Premium Payment plan.
- Premium waver benefit available.
- Income tax savings on PAID PREMIUMS.
- With profit plan with Reversionary Bonus and FAB.
- Customize Tax Free maturity.
- Liquidity is available after 3 full years premium payment.
An amount as survival benefit will be paid in each policy anniversary in between 20-24 years of the age of the child as per the S.B. option opted.
OPTION 1 – NIL OPTION 2 – 5% OPTION 3- 10% OPTION 4- 15%
Balance Sum Assured ( As per the option selected for SB) plus Vested bonus and F.A.B. (if any)
OPTION 1 – 100% OPTION 3 – 75% OPTION 4 – 50% OPTION 4- 25%
OF PROPOSER: IF PWB Rider is opted: All premiums which fall due in future after the date of death will be saved be waived off.
- Before commencement of Risk : Sum of total basic premium paid will be paid back. (Total premium paid- Rider, extra premium & taxes.)
- After commencement of Risk: Death Sum Assured with Vested Bonus & Final Addition Bonus ( As Applicable)
( Sum assured on death will be higher of 125% Basic Sum assured, 10 of Annualized Premium and 105% of Total premium paid as on death.)
Risk will commence at age of 8 years or 2 years from the commencement of policy which is earlier.
Suitable to: Wide range of ages from 90 days completed to 12 years at last birthday.
PWB Rider : Proposer’s age should be between 18 years ( completed) to 55 years ( Nearer Birthday).