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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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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Jeevan Vidya Plan

Details 

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


Child Endowment Plan 352

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Life Insurance And Other Savings

Contract Of Insurance:

A contract of insurance is a contract of utmost good faith technically known as uberrima fides. 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, 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 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, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).

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