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Life Insurance Corporation |
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Child Career Plan
Features
Introduction
This plan is specially designed to meet the increasing educational and other needs of growing children. It provides the risk cover on the life of child not only during the policy term but also during the extended term (i.e. 7 years after the expiry of policy term). A number of Survival benefits are payable on surviving by the life assured to the end of the specified durations.
Benefits
Survival Benefit:
On life assured surviving to the end of the specified durations an amount specified below is payable:
| 5 years before the date of expiry of policy term |
30% of the Sum Assured along with vested Simple Reversionary Bonuses |
| 4 years before the date of expiry of policy term |
15% of the Sum Assured |
| 3 years before the date of expiry of policy term |
15% of the Sum Assured |
| 2 years before the date of expiry of policy term |
15% of the Sum Assured |
| 1 years before the date of expiry of policy term |
15% of the Sum Assured |
| On the date of expiry of policy term |
15% of the Sum Assured along with Final (Additional) Bonus, if any. |
Death Benefits:
On death (after the Date of Commencement of Risk)
(i) If death occurs within the period from date of commencement of risk to 5 years before the date of expiry of policy term: Sum Assured along with Vested Simple Reversionary Bonuses and Final (Additional) bonus (if any) is payable.
(ii) If death occurs within 5 years before the date of expiry of policy term: Sum Assured along with Final (Additional) bonus (if any) is payable.
On death during the Extended Term - Sum Assured is payable.
On death (before the Date of Commencement of Risk) - All the premiums paid (excluding extra premium and premium for premium waiver benefit, if any,) along with interest of 3% p.a compounding yearly shall be payable.
Komal Jeevan
Features
Product Summary
This is a Children´s Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grand parent for a child aged 0 to 10 years.
Benefits
Survival Benefit:
The percentage of sum assured as mentioned below will be paid on survival to the end of specified durations:
| On the policy anniversary immediately following the Life assured attains the age of |
% Of Sum Assured |
| 18 Years |
20% |
| 20 Years |
20% |
| 22 Years |
30% |
| 24 Years |
30% |
Death Benefit:
In case of death of the life assured before the commencement of risk, the policy shall stand cancelled and premiums paid (excluding the Premium for Premium waiver Benefit ) under the policy will be refunded. However, if death occurs after the commencement of risk but before the policy matures, the full Sum Assured plus Guaranteed Additions together with Loyalty Additions, if any, is payable.
Maturity Benefit:
The Guaranteed Additions together with Loyalty Additions, if any, is payable in a lump sum on survival to the end of the policy term.
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