Jeevan Vidhya Child Plan

Jeevan Vidhya Child Plan Number: 352

Minimum entry age : 0 year 

Maximum entry age: 10 years 

Term: 16 years 

Minimum Sum Assured: 100,000/- 

Then after in multiple of 5000/- 

Maximum Sum Assured : 1,00,00,000/- 

Mode of Payment :

              1)Yearly, 

             2)Half Yearly 

Riders: No Accidental Benefit

Description

‘Jeevan Vidhya’ This is a with-profits endowment assurance plan available for children of 10 years or less. There is an option to keep the maturity proceeds with the Company, which will earn interest is a unique plan having features of the conventional plans and a lot of flexibilities. To the policyholder, it provides higher life cover, a smooth return, liquidity etc.

Death Benefit

• Before commencement of risk:- In case of the death of the life assured before the commencement of risk, the policy shall stand canceled and premiums paid (excluding the premiums for PWB) till death under the policy will be refunded in full.
• After commencement of risk:- In the event of unfortunate death during the term of the policy after the commencement of risk but before maturity, Sum Assured becomes payable together with the vested bonus. 

Maturity Benefit

• Sum assured plus vested bonus is payable on survival to the end of the term. 

Option to keep the maturity proceeds with LIC

• The policyholder has an option to keep the maturity proceeds with LIC. The amount kept in this way will earn an interest as declared by the Company from time to time. The cover terminates at the maturity date. The policy does not participate in profits after the maturity date. The interest will be declared by the Company every year as part of the valuation of liabilities. It can be associated with the savings account interest rate. 

Payment of premium in advance:

• Payment of premium in advance is also allowed where renewal premiums can be paid at the current discounted value of 5%. This rate is to be reviewed at the end of each financial year. These advance premiums will be credited to a separate Advance Premium Deposit account from which these will be adjusted towards the premium payment cycle as and when they fall due. The rest of the amount (after the adjustment of each due) will remain in the Advance Premium Deposit account. Advance Premium payment can be opted for during Policy Issuance. 

Refund of advance premium:

• The Advance Premiums paid under Advance Premium Deposit Account, which have not fallen due yet can be refunded in either of the following cases:
• The unadjusted amount in the Advance Premium Deposit Account at the time of the Death or exit due to any other reason.
• Policyholder’s request to refund the unadjusted Advance Premium in the Advance Premium Deposit Account. 

Refund within one year of the date of an advance premium is not eligible for any interest. If the date of refund falls after one year, then the remaining amount in the advance premium deposit account will be refunded along with the interest. Along with the interest which will be declared from time to time. Current interest rate is 5.5% p.a.

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Children's Endowment Plan

Details 

Minimum entry age : 0 year 

Maximum entry age: 10 years 

Term: 15 to 35 years 

Minimum Sum Assured: 50,000/- 

Then after in multiple of 5000/- 

Maximum Sum Assured : 1,00,00,000/- 

Mode of Payment :

                         1)Yearly, 

                        2)Half Yearly 

Riders: No Accidental Benefit

Child Endowment Plan 349 

Description

This is a with-profits endowment assurance plan available for children of 10 years or less. Sum assured plus vested bonus is payable on survival to the end of the term.

Benefits

• In case of the death of the life assured before the commencement of risk, the policy shall stand canceled and premiums paid (excluding the premiums for PWB) till death, under the policy will be refunded in full.
• In the event of unfortunate death during the term of the policy after the commencement of risk but before maturity, Sum Assured becomes payable together with the vested bonus.
• The proposer can avail Premium Waiver Benefit under these plans up to the age of 50 years nearer birthday at the entry on payment of an additional premium. By payment of this additional premium, the premiums are waived from next due falling on or after the death of the proposer.
• Risk under these plans will commence either 2 years after the date of commencement of the policy or from the policy anniversary falling immediately after the completion of 5 years of age, whichever is later.
• Minimum Sum Assured is 50,000 and Maximum Sum Assured is 1 karod. 

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What Is Life Insurance ?

Life insurance  

Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.

What Is Life Insurance? - Lic Nepal

Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against.

The contract is valid for payment of the insured amount during:

The date of maturity, or

Specified dates at periodic intervals, or

Unfortunate death, if it occurs earlier.

Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of the death of the breadwinner. 

By and large, life insurance is civilization's partial solution to the problems caused by death. Life insurance, in short, is concerned with two hazards that stand across the life-path of 

Every person:

That of dying prematurely leaving a dependent family to fend for itself.

That of living till old age without visible means of support.

Life Insurance Vs. Other Savings 

Contract Of Insurance:

A contract of insurance is a contract of utmost good faith technically known as Berrima files. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance.

At the time of taking a policy, the policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.

Protection: 

Savings through life insurance guarantee full protection against the risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas, in other savings schemes, only the amount saved (with interest) is payable. 

Aid To Thrift: 

Life insurance encourages 'thrift'. It allows long-term savings since payments can be made effortlessly because of the 'easy installment' facility built into the scheme. (Premium payment for insurance is either monthly, quarterly, half-yearly or yearly). 

Liquidity: 

In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.

Tax Relief: 

Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force. 

Assessees can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.

Money When You Need It: 

A policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time. 

Children's education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these policies. 

Alternatively, policy money can be made available at the time of one's retirement from service and used for any specific purpose, such as a purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for the purchase of flats (subject to certain conditions).

Who Can Buy A Policy? 

Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has an insurable interest. 

Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income, and other relevant factors are considered by the Corporation.

Medical And Non-Medical Schemes

Life insurance is normally offered after a medical examination of the life to be assured. However, to facilitate the greater spread of insurance and also to avoid inconvenience, LIC has been extending insurance cover without any medical examination, subject to certain conditions.With Profit And Without Profit Plans

An insurance policy can be 'with' or 'without' profit. In the former, bonuses disclosed, if any, after periodical valuations are allotted to the policy and are payable along with the contracted amount.

In 'without' profit plan the contracted amount is paid without any addition. The premium rate charged for a 'with' profit policy is, therefore, higher than for a 'without' profit policy.

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What is a Child Endowment Policy And Children Plans?

The future is uncertain and no one knows how it will unfold. It is best to be prepared. One remembers the famous saying by Mahatma Gandhi "The future depends on what you do today". The bundle of joy instills in one a sense of responsibility. High prices define the present. Children’s education, hospitalization, marriage is so expensive that one does not know where the funds will come from. God forbid if something were to happen to the breadwinner of one’s family how would the spouse manage the additional financial responsibility as well as bring up the child. Surely a child endowment plan is a must-have in one's insurance portfolio.

What is a child endowment policy?

A child endowment policy is a traditional life insurance plan which offers protection as well as savings or an investment benefit. A participating child endowment plan is also called a “with profits plan.” In a participating plan, one can choose a sum assured against which a premium is paid. This sum assured is a guaranteed payment on the death of the parent or when the child attains maturity.In addition to the guaranteed amounts, one can obtain periodic bonuses. All premiums are pooled together and a bulk of the corpus is invested in fixed income securities. About 90% of the profits realized are distributed as bonuses to the policyholders. About 10% of the amounts might be retained by the life insurance Company. These are also called non guaranteed returns. The bonus amounts might be paid on an annual basis or at periodic time intervals. An additional bonus known as a terminal bonus might be paid in the final year of the policy. In these policies, returns are evened out and paid as bonuses. In periods of good returns, any surplus amounts may be retained and the remaining amounts paid out as bonuses. These retained amounts might be paid out as bonuses when the policy is not doing too well. This smoothens returns over the life of the policy. Certain policies pay a one-off performance bonus on the surrender of the policy or at the time of a claim.

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Lic Beema Products

1. Endowment (Plan no:333)

2. Money Back (Plan no: 334, 335, 336, 337 and 339)

3. Child Plans (Plan no: 340 & 341)

4. Jeevan Anand (Plan no: 342 )

5. Bima Kiran (Plan no: 344 )

6. Jeevan Tarang (Plan no: 345 )

7. Jeevan Amulya (Plan no: 346 )

8. Jeevan Aastha (Plan no: 347 and 348 )

9. Children's Endowment Plan (Plan no: 349 )

10. Jeevan Saral (Plan no: 350 )

11. Jeevan Vidhya (Plan no: 352 )

12. Jeevan Shree (Plan no: 353 )

13. ENDOWMENT MICRO INSURANCE (Plan No. 354 )

14. MICRO (SINGLE TERM ) INSURANCE (Plan No. 355 )

15. JEEVAN MADHUR / MANGAL Group Insurance(Plan No.801/851 )

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Lic Beema Jeevan Tarang Plan

LIC Jeevan Tarang Plan No.345

In this plan, the premium is paid for the Accumulation Period that is chosen by the policyholder of 10, 15 or 20 years. When the Accumulation Period ends, i.e. the Premium Paying Term is over, the vested Bonus is paid in a Lumpsum and the policy continues.

Every year, after the Accumulation Period ends, 5 % of the Sum Assured is paid as Survival Benefit till the Life Insured is 100 years old. If the Life Insured survives till 100 years, then the entire Sum Assured is paid and the policy is terminated.

However, if the Life Insured dies within the accumulation period, then Sum Assured + Vested Bonus + Accidental benefit is paid and the policy is terminated. If the Life Insured dies after the accumulation period but before 100 years of age, then Sum Assured is paid and the policy is terminated.

Key Features of LIC Jeevan Tarang Policy

• This plan is a Whole Life Plan with regular annual returns postmaturity
• Premium is paid till the Accumulation Period only and not after that.
• Death Benefit is Sum Assured + accrued Bonus + Accidental benefit any,
• 5 % of the Sum Assured is paid as Survival Benefit every year post Accumulation Period.
• Simple Reversionary Bonus is payable on maturity or earlier death.
• Additional Accidental Death Benefit rider, Term Rider only.
• The policy once matured it will cover Accidental benefit for age up to 70 years. 
• As this is a whole life insurance so if the person dies after 70 years the nominee will get the Sum-Assured.

 Jeevan Tarang Policy - Documents Required

Here are the vital documents that you would require to apply for Jeevan Tarang:
• Application or proposal form
• Passport size photograph
• Address proof
• Age proof
• Medical reports

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