Sai Siddhi Insurance & Investment Consultants

If payment to the premiums ceases after at least three years premium have been paid, a free paid-up policy for an amount bearing the same proportion to the sum assured as the number of premiums actually paid  bears to the number stipulated for in the policy, will be automatically secured provided the reduced sum assured,  exclusive of any attached bonus, is not less than Rs. 250

Money Back Plans:    This is a fixed term policy. The premium has to be paid till the end of the term or till the death of the policy holder whichever is earlier. A part of sum assured is paid to the policy holder once in 5 years. This benefit is called survival benefit. It is very important to note that the life risk cover continues for full sum assured even after payment of survival benefits to the policy holder. Also, the bonus is given on full sum assured. On the death of the policy holder before the term of the policy, the full sum assured along with accumulated bonus is paid to the nominee. On the other hand, if the policy holder survives till the end of the term, the  amount  of survival benefits already paid to him will be deducted from maturity value .(S.A + Bonus - Survival Benefit).

Under this policy, apart from the life risk cover, the money becomes available at regular intervals. The amount my be used for short term financial needs like, purchase of household durables or for children’s education. Or the amount received as survival benefit can be re invested in any secured investment so that the policy holder will have a substantial lumpsum  amount at the end of the term of the policy.

Children’s Plans:   Rare is a person who does not love children - Sweet, cute , innocent, spreading joy and happiness around. If they are one’s own offspring, the affection is still deeper. The sense of satisfaction one derives in seeing  dear  ones happy, cannot be measured. And one’s  aim will be to keep them secure and happy for ever.

You will certainly like to give your children a start in life, a gift, a firm financial commitment, for their secure future. LIC has come out with a new plan,  Jeevan Kishore,  that covers the life of the child from as early as age of  7. This is a Plan that all parents should gift to their children.
 
Today, life is highly competitive. Education and settling in life entails high costs. Parents need, therefore, to make provision, in advance, for good education for their children. Children also need financial support for entering business/career.
             
L.I.C now introduces a new plan to take care of these needs - a Children’s Money Back Assurance Plan, with payment of premium ceasing  on policy anniversary immediately after the child attains 18 years of age. The plan, besides offering risk cover, also offers payment of Sum Assured in installments at  age 18, 20, 22, 24 and Guaranteed and  Loyalty additions at age 26.

This Policy can be proposed by generally father but if mother has income of her own , she can propose. If both parents are not alive, then legal guardian can propose under this plan. Risk under this policy will commence two years from the date of commencement of the policy or from the policy anniversary immediately following the completion of 7 years whichever is later.