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LIC Jeevan Kishore Plan
LIC Jeevan Kishore (Table No-102) is the best Endowment Assurance Plan for children, age should be between 0 to 12 yrs. The policy can be purchased by either Parent or Grand parent. Life risk cover 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. Premium Waiver and accidential Benefit riders are include in this policy by paying little additional premium.

Death Benefit:
  • (i)In case of death of the children, i.e. the Life Insured before the commencement of risk then the nominee would get only the basic premiums paid till date.
  • (ii)In case of death of the children, i.e. the Life Insured after the risk commencement then the nominee would get Sum Assured + accrued Bonus till date.
  • (iii)In case the proposer dies before the policy matures, the Insurer pays the premium if the Premium Waiver Benefit rider has been opted for.
Maturity Benefit: The life insured gets the Sum assured along with all bonuses declared during the policy term is payable in a lump sum to the end of the policy term.

Premium Waiver Benefit: A little additional premium is required to be paid for this benefit. By payment of this additional premium, the proposer can secure the benefit of cessation of premiums from his/her death to the end of the deferment period. The deferment period for this purpose is to be taken as 18 minus age at entry of child.

Surrender Value: Buying a life insurance contract is a long-term commitment. However, surrender values are available on the policy on earlier termination of the contract.

Income Tax Benefit: Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

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