LIC Marriage/ Education Annuity

LIC  Marraige/Educational Annuity Plan Table No 90.

Premium Ceasing Age : 70 Premium Ceasing Term : 0

Plan Highlights

Features

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 under this plan are payable for a 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 marriage or higher education of his children. 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 / Student 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 instalments, 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.

Benefits

Survival Benefits:

Sum Assured + Lumpsum Bonus Or Maturity Amount in 10 half-yearly instalments.

Death Benefits:

Sum Assured + Lumpsum Bonus.

Natural:

Payment of future premiums cease immediately. The policy money i.e. Sum assured + Bonus + Final additional bonus becomes payable on the date previously selected, if eligible.

Accidental:

Payment of future premiums ceases immediately. An amount equivalent to Sum Assured paid immediately. The policy money i.e. Sum assured + Bonus + Final additional bonus, if eligible becomes payable on the maturity date.

LIC Jeevan Chhaya

LIC’s Jeevan Chhaya Table/ Plan No 103:

Premium Ceasing Age : 65 Premium Ceasing Term : 0

Plan Highlights
Features
•LIC’s Jeevan Chaaya Policy is Ideal for parents having less than a year old child.
• Makes provision for education! marriage of the baby boy girl child/ daughter.
• Extra benefit of waiver of premium in case of death of the policy holder.
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.
Benefits
Short term needs like family provision in case of premature death of the policyholder and long term needs like education and marriage of dependents are simultaneously fulfilled by this policy. This policy is a right choice if a person wants to provide for the marriage of his daughter. The term can be fixed so as to receive the maturity benefit when the daughter is of marriageable age. For e.g. If the policy is for 20 years then:
• At the end of 17th year – 25% of Sum assured is payable provided the policy is in force.
• At the end of 18th year – 25% of Sum assured is payable provided the policy is in force.
• At the end of 19th year – 25% of Sum assured is payable provided the policy is in force.
Survival Benefits:
Maturity : At the end of 20th year – Balance 25% Sum Assured plus bonus plus additional final bonus if any.
Fixed Benefits : 25% of the Sum assured payable each year at the end of last 3 years provided the policy is in full force.
Death Benefits:
Natural : Besides the fixed benefits, an additional amount equal to the Sum assured will be paid on the death of the policy holder. Further premiums waived
Accidental : Payment of double the Sum assured plus fixed benefit. Further premiums due from the policy anniversary following the date of death will stand waived.
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 planning provision is made for the higher education of the child/ Kids Baby boy Girl . 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.

To view Example/ Illustrations Review Premium Chart Calculation for Various Kind of Options Plan Presentaion on Jeevan Chhaya Policy in detail Click here.

Child Career Plan

LIC Child Career Plan (Table No 184):

Premium Ceasing: Age 27 Premium Ceasing Term: 11 Years

Features:

Child Career Plan is with profits plan for children. The features of the plan are mentioned below:

o Guaranteed returns in the form of survival benefits .

o Receive 30% of sum assured 5 years before the policy maturity plus reversionary bonus.

o Receive 15% of sum assured at 4th,3rd,2nd and one year before the expiry of policy term

o On expiry of policy the policyholder will get 15% of the sum assured and Final Additional Bonus.

o Extended term of 7 years is available from the date of expiry of the policy term.

o In case of non-payment of premium after at least two full year’s premium has been paid, full
death cover shall continue for a period of 2 years from the date of first unpaid premium.

o Sum assured is available between 1 lakh and 1 crore.

o Minimum and maximum entry age 0 years and 12 years respectively.
For Getting Charts, Presentaion, Question, Answers, Reviews, Quotations Various kind of Options in LIC Child Career Plan, Child Unit / ULIP Plans. Type your Business querry for lic’s Child Career plans here.