LIC Policies for Children and Kids are specially designed to meet the increasing educational and other needs of growing children. Most of the insurance companies offer plans for children and LIC is one among them.LIC offers various plans for this group. Selecting the right scheme/plan depends on individual needs.
LIC Children,Kids Plans and their features
|Komal Jeevan:||Jeevan Anurag||Jeevan Kishore:||Jeevan Chhaya:|
|Plan type||Endowment Assurance plan||endowment policy||Endowment Assurance Plan||Endowment Assurance plan|
|Min/Max Term Child/Parent||Premium to be paid till the child attains age 18. Max. Term- 26 yrs||Premium to be paid till the parent is 70years old or 25 years term of policy||Minimum term is 5 years and maximum 35 years.||Maturity age: Max: 65 yrs.|
|Age of child/Parent||Child :0 – 10 years||N A||Child:0-12 years||NA|
|Age of parent||N A||20-60 years||N A||18-65 years|
|Benefit strucure||Money paid as per – attained age: 18 yrs-20% of S.A, 20 yrs-20% of SA, 22yrs-30% of SA, 24yrs-30% of SA & 26 yrs- Bonus for entire Term + Loyalty Additions, if any||Payment of 20% of the Basic S.A till last 3 policy years before maturity.At maturity, 40% of the Basic Sum Assured||On maturity the policy will get, the full S.A. + Accrued bonus, if any.||25% S.A. during last 3 yrs. Before maturity. On maturity balance 25% of S.A. + Bonus on full S.A., if any.|
|Bonus+ additions if any||Guaranteed @ 7.5% of SA – simple interest. Paid on Child attaining age 26. Loyalty Additions, if any.||get 20% of S.A at 13,14, 15th policy year along with reversionary bonuses declared from time to time for the full term, plus terminal bonus, if any shall be payable.||bonus for waiting period will vest immediately on the policy anniversary from which risk is covered or at the end of 5 years from commencement of the policy||Bonus for the full term on the full S.A. is given on maturity.|
|Death of child and parent||All future premiums are waived off. Child gets the guaranteed payments as per Structure + bonus paid at the end of the policy term.
In case premium waiver benefit rider is taken
On death of child after commencement of risk , Sum Assured + Bonus till Date is paid & Plan Closes
|S.A. is paid to the nominee. No. Premiums are payable thereafter. 40% of the basic S.A + Reversionary bonus for the full term & terminal bonus if any paid.||If child dies before the term then premiums paid so far will be refunded.if death occurs after life risk has been commenced then the S.A.+ vested bonus||S.A. is immediately paid to the nominee. Future premiums are waived. Moreover, during last 4 yrs. Of term 25% of S.A. is payable. In addition bonus for full term, if any will be paid.|
Please note S.A = Sum assured
There are around 10 plans in LIC children Plan and only four of them are differentiated .Remaining plans as follows:
- LIC Child Career Plan and LIC Future Plan: These two plans mostly cover the basic needs of a child’s personal life and support education, marriage and other needs too. It also offers the risk cover on the life of the kid not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term).Additional bonus are paid on sum assured after maturity.
- LIC Marriage Endowment or Educational Annuity Plan: This is an Endowment Assurance plan, as the name suggests it is especially used at marriage/educational period to provide benefits on or from the selected maturity date
- LIC Children’s Deferred Endowment Assurance Plan: It is also Endowment Assurance plan which is used to cover life of a child. This plan has two stages, one covering the period from the date of commencement of policy to the Deferred Date (called deferment period) and the other covering the period from the Deferred Date to the date of maturity. The insurance cover on the child’s life starts from the Deferred Date and is available during the latter period.
Also Read a Detailed Review of LIC Komal Jeevan