LIC Jeevan Kishore
LIC Jeevan Kishore is an endowment assurance plan that is available for the children under 12 years of age. This policy for children can be purchased by either the parent or grand parent.
Under this LIC Jeevan Kishore policy, the risk cover starts either after 2 years of the commencement of the policy or from the policy anniversary that follows the completion of seven years of age of the child assured.
What is the premium that is to be paid for this policy?
The premiums for this policy can be paid at the intervals of either yearly, half-yearly , quarterly or monthly that lasts thro' out the policy term period or else till the earlier death of the child.
This policy is profit plan and it also participates in the profits under the corporation's life insurance business. In the form of bonuses, this policy receives the shares of the profits. Annually at the end of the each financial year, reversionary bonuses are declared for each Rs.1000 of the assured sum.
The reversionary bonus declared forms the part of the guaranteed benefits of the LIC Jeevan Kishore plan. If the policy runs for certain minimum period, an additional bonus would also be provided as Final bonus to be paid.
What are the benefits of this policy?
The benefits provided under this LIC Jeevan Kishore policy are as follows. Death Benefit, Maturity Benefit, Premium Waiver Benefit, Guaranteed Surrender value.
Under the death benefit, on the death of the assured life, the sum assured along with the vested bonuses will be paid as lump sum amount after the risk cover starts.
If the death occurs before the risk cover starts, the premiums that are paid will be refunded which excludes the premiums paid for the Premium Waiver Benefit.