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    Lic child career   184 Lic child career 184 Presentation Transcript

    • LIC’sLIC’sCHILD CAREER PLANCHILD CAREER PLAN(WITH PROFITS)(WITH PROFITS)(PLAN No. 184)(PLAN No. 184)Satyendra Gupta (Satyendra Gupta (everyoneinsured@gmail.comeveryoneinsured@gmail.com) - 9899307833) - 9899307833Launching…
    • CHILD FUTURE PLANCHILD FUTURE PLAN This is a Children’s Plan (educational,This is a Children’s Plan (educational,marriage and other needs) which providesmarriage and other needs) which providesthe risk cover on the life of child not onlythe risk cover on the life of child not onlyduring the policy term but also during theduring the policy term but also during theextended term (i.e. 7 years after theextended term (i.e. 7 years after theexpiry of policy term).expiry of policy term). A number of Survival benefits are alsoA number of Survival benefits are alsopayable.payable. The policy is available for terms 11 to 27The policy is available for terms 11 to 27years. Premiums may be paid either for 6years. Premiums may be paid either for 6years or up to 5 years before the policyyears or up to 5 years before the policyterm. The Extended term will be 7 yearsterm. The Extended term will be 7 yearsfrom the date of expiry of policy term.from the date of expiry of policy term.No premiums are payable during theNo premiums are payable during theExtended term of plan.Extended term of plan.
    • Benefits of the PlanBenefits of the PlanSurvival BenefitSurvival Benefit ::On life assured surviving to the end of the specifiedOn life assured surviving to the end of the specifieddurations an amount as specified below is payable:durations an amount as specified below is payable: 5 years before the date of expiry of policy term - 30% of5 years before the date of expiry of policy term - 30% ofthe Sum Assured along with vested Simple Reversionarythe Sum Assured along with vested Simple ReversionaryBonusesBonuses 4 years before the date of expiry of policy term - 15% of4 years before the date of expiry of policy term - 15% ofthe Sum Assuredthe Sum Assured 3 years before the date of expiry of policy term - 15% of3 years before the date of expiry of policy term - 15% ofthe Sum Assuredthe Sum Assured 2 years before the date of expiry of policy term - 15% of2 years before the date of expiry of policy term - 15% ofthe Sum Assuredthe Sum Assured 1 years before the date of expiry of policy term - 15% of1 years before the date of expiry of policy term - 15% ofthe Sum Assuredthe Sum Assured On the date of expiry of policy term - 15% of the SumOn the date of expiry of policy term - 15% of the SumAssured along with Final (Additional) Bonus, if any.Assured along with Final (Additional) Bonus, if any.
    • Benefits of the PlanBenefits of the PlanDeath BenefitDeath Benefit :: On death after the Date of Commencement of RiskOn death after the Date of Commencement of Riskbut before the date of expiry of policy termbut before the date of expiry of policy term -Sum-SumAssured along with Vested Simple ReversionaryAssured along with Vested Simple ReversionaryBonuses and Final (Additional) bonus (if any) isBonuses and Final (Additional) bonus (if any) ispayable.payable. On death during the Extended TermOn death during the Extended Term - Sum Assured- Sum Assuredis payable.is payable. On death before the Date of Commencement ofOn death before the Date of Commencement ofRiskRisk - All the premiums paid (excluding premium for- All the premiums paid (excluding premium forextra and premium waiver benefit, if any,) alongextra and premium waiver benefit, if any,) alongwith interest of 3% p.a. compounding yearly shall bewith interest of 3% p.a. compounding yearly shall bepayable.payable.
    • Participation in ProfitsParticipation in Profits Provided the policy is in full force, this policy will beProvided the policy is in full force, this policy will beeligible for a Simple Reversionary Bonus.eligible for a Simple Reversionary Bonus. In case of a paid up policy vested bonuses shall beIn case of a paid up policy vested bonuses shall bepayable only if at least 3 full years’ premiums have beenpayable only if at least 3 full years’ premiums have beenpaid.paid. Not withstanding what is stated above, no bonus shallNot withstanding what is stated above, no bonus shallvest under the policy when the risk is not covered.vest under the policy when the risk is not covered.However, the Simple Reversionary Bonuses for the periodHowever, the Simple Reversionary Bonuses for the periodbefore the Commencement of Risk will vest on the policybefore the Commencement of Risk will vest on the policyanniversary from which the risk is covered provided theanniversary from which the risk is covered provided thepolicy is in full force and 3 full years premiums havepolicy is in full force and 3 full years premiums havebeen paid under the policy.been paid under the policy. Final (Additional) Bonus may also be declared under theFinal (Additional) Bonus may also be declared under thepolicy which shall be payable on expiry of the policypolicy which shall be payable on expiry of the policyterm, or on earlier death.term, or on earlier death. Once the bonus or their cash value is paid, no furtherOnce the bonus or their cash value is paid, no furtherbonus shall accrue under the policy.bonus shall accrue under the policy.
    • Auto CoverAuto Cover If after at least two full year’s premiums have beenIf after at least two full year’s premiums have beenpaid, and any subsequent premium be not duly paid, fullpaid, and any subsequent premium be not duly paid, fulldeath cover shall continue for a period of two yearsdeath cover shall continue for a period of two yearsfrom the due date of the First Unpaid Premium (FUP).from the due date of the First Unpaid Premium (FUP).This period of 2 years from FUP shall be called AutoThis period of 2 years from FUP shall be called AutoCover Period. During this Auto Cover Period, theCover Period. During this Auto Cover Period, theProposer/ Life Assured can pay one or more instalmentsProposer/ Life Assured can pay one or more instalmentspremiums with interest without submission of evidence ofpremiums with interest without submission of evidence ofhealth. On payment of one or more of the arrears ofhealth. On payment of one or more of the arrears ofinstalment premiums with interest, the Auto Cover Periodinstalment premiums with interest, the Auto Cover Periodof 2 years shall be extended from the due date of newof 2 years shall be extended from the due date of newFUP.FUP. If death of Life Assured occurs during the Auto CoverIf death of Life Assured occurs during the Auto Coverperiod, then death benefit after deducting unpaidperiod, then death benefit after deducting unpaidpremiums, with interest, as also premiums falling duepremiums, with interest, as also premiums falling duebefore the next anniversary of the policy, is payablebefore the next anniversary of the policy, is payablealongwith the vested bonus, if any.alongwith the vested bonus, if any. Premium Waiver Benefit, if any, shall remain inforcePremium Waiver Benefit, if any, shall remain inforceduring the Auto Cover period.during the Auto Cover period.
    • Premium Waiver BenefitPremium Waiver Benefit The proposer can avail the premium waiverThe proposer can avail the premium waiverbenefit, on the payment of an additionalbenefit, on the payment of an additionalpremium.premium. On availing this benefit the payment of theOn availing this benefit the payment of thepremiums falling due after the death of thepremiums falling due after the death of theproposer shall be waived. The Premium Waiverproposer shall be waived. The Premium WaiverBenefit shall remain in force during the AutoBenefit shall remain in force during the Autocover period.cover period. The Premium Waiver Benefit as stated in (a)The Premium Waiver Benefit as stated in (a)shall be granted on the basis of the proposersshall be granted on the basis of the proposersage, personal declaration of health and otherage, personal declaration of health and otherrequirements.requirements. The Premium Waiver Benefit described in (a) andThe Premium Waiver Benefit described in (a) and(b) shall not operate in the event of the death(b) shall not operate in the event of the deathof the proposer by his own hands, whether saneof the proposer by his own hands, whether saneor insane within one year from the date ofor insane within one year from the date ofissuance of First Premium Receipt.issuance of First Premium Receipt.
    • Eligibility Conditions and RestrictionsEligibility Conditions and Restrictions For Life AssuredFor Life Assured(a) Minimum Entry Age(a) Minimum Entry Age :: 0 Years (LBD)0 Years (LBD)(b) Maximum Entry Age(b) Maximum Entry Age :: 12 years (LBD)12 years (LBD)(c) Minimum Maturity Age :(c) Minimum Maturity Age : 23 years (LBD)23 years (LBD)(d) Maximum Maturity Age :(d) Maximum Maturity Age : 27 years (LBD)27 years (LBD)(e) Minimum Sum Assured : Rs. 1,00,000(e) Minimum Sum Assured : Rs. 1,00,000(f) Maximum Sum Assured : Rs. 100 ,00,000(f) Maximum Sum Assured : Rs. 100 ,00,000(g) Policy term : 11 to 27 years(g) Policy term : 11 to 27 years(h) Premium Paying term : 6 and Policy term less 5 years(h) Premium Paying term : 6 and Policy term less 5 years‘‘Sum Assured shall be in multiples of Rs. 5000’Sum Assured shall be in multiples of Rs. 5000’ For ProposerFor Proposer (If PWB is Opted for)(If PWB is Opted for)(a) Minimum Entry Age(a) Minimum Entry Age :: 18 years (completed)18 years (completed)(b) Maximum Entry Age(b) Maximum Entry Age:: 55 years (NBD)55 years (NBD)(c) Maximum Age at the end of premium paying term: 70(c) Maximum Age at the end of premium paying term: 70years (NBD)years (NBD)
    • Special FeaturesSpecial Features Date of commencement of riskDate of commencement of risk : : In case the age ofIn case the age ofLife Assured at entry is less than or equal to 10 years,Life Assured at entry is less than or equal to 10 years,risk under this plan shall commence either after 2 yearsrisk under this plan shall commence either after 2 yearsfrom the date commencement of the policy or from thefrom the date commencement of the policy or from thepolicy anniversary coinciding with or immediately followingpolicy anniversary coinciding with or immediately followingthe completion of 5 years of age of Life assured,the completion of 5 years of age of Life assured,whichever is later. Where the age at entry is more thanwhichever is later. Where the age at entry is more than10 years but less than 12 years, the risk shall10 years but less than 12 years, the risk shallcommence from the policy anniversary coinciding with orcommence from the policy anniversary coinciding with ornext following 12th birthday of the Life Assured. Fornext following 12th birthday of the Life Assured. Forthose aged 12 years or more risk will commencethose aged 12 years or more risk will commenceimmediately.immediately. Date of VestingDate of Vesting: The policy shall automatically vest in: The policy shall automatically vest inthe Life Assured on the policy anniversary coinciding withthe Life Assured on the policy anniversary coinciding withor immediately following the completion of 18 years ofor immediately following the completion of 18 years ofage and shall, on such vesting, be deemed to be aage and shall, on such vesting, be deemed to be acontract between the Corporation and the Life Assured.contract between the Corporation and the Life Assured.
    • RebatesRebates Mode Rebate:Mode Rebate:Yearly mode -Yearly mode - 2% of Tabular Premium2% of Tabular PremiumHalf-yearly mode - 1% of the tabular premiumHalf-yearly mode - 1% of the tabular premiumQuarterly - NILQuarterly - NIL Sum Assured Rebate:Sum Assured Rebate:Sum AssuredSum Assured Rebate (Rs.)Rebate (Rs.)1,00,000 to 2,99,9991,00,000 to 2,99,999 NilNil3,00,000 to 4,99,9993,00,000 to 4,99,999 1.5 %o S.A.1.5 %o S.A.5,00,000 and above5,00,000 and above 2 %o S.A.2 %o S.A.
    • Miscellaneous: LapsationMiscellaneous: Lapsation If at least 3 full years’ premiums are paid, andIf at least 3 full years’ premiums are paid, andsubsequent premiums are not paid, the policy shallsubsequent premiums are not paid, the policy shallbecome paid-up. Before the Commencement of Risk, thebecome paid-up. Before the Commencement of Risk, thepolicy shall be entitled to receive the GSV. After riskpolicy shall be entitled to receive the GSV. After riskcommences, the sum assured of policy shall be reducedcommences, the sum assured of policy shall be reducedto paid-up value. The policy shall not be entitled toto paid-up value. The policy shall not be entitled toparticipate in future profits and no survival benefitsparticipate in future profits and no survival benefitsshall be payable and the paid-up value along with vestedshall be payable and the paid-up value along with vestedbonuses, shall be payable on the expiry of policy term orbonuses, shall be payable on the expiry of policy term ordeath of Life Assured. If the policy is in lapsed/ paid-death of Life Assured. If the policy is in lapsed/ paid-up condition, Premium Waiver Benefit shall cease toup condition, Premium Waiver Benefit shall cease toapply after the Auto Cover period. The Extended Termapply after the Auto Cover period. The Extended TermCover shall also cease.Cover shall also cease. If less than 2 years premiums have been paid and theIf less than 2 years premiums have been paid and thepolicy lapses then nothing shall be payable. If more thanpolicy lapses then nothing shall be payable. If more than2 but less than 3 years premiums have been paid and the2 but less than 3 years premiums have been paid and thepolicy lapses and death occurs during the Auto Coverpolicy lapses and death occurs during the Auto Coverperiod, then death benefit as described in Auto Coverperiod, then death benefit as described in Auto Covershall be payable. If death occurs after the auto Covershall be payable. If death occurs after the auto Coverperiod, then nothing shall be payable. On expiry ofperiod, then nothing shall be payable. On expiry ofpolicy term nothing shall be payable.policy term nothing shall be payable.
    • Miscellaneous: GSV & SSVMiscellaneous: GSV & SSV Guaranteed Surrender ValueGuaranteed Surrender Value:: The policy can beThe policy can besurrendered provided at least 3 full years premiums havesurrendered provided at least 3 full years premiums havebeen paid.been paid. Before the Date of Commencement of RiskBefore the Date of Commencement of Risk: 90: 90percent of the total amount of the premiums paid excludingpercent of the total amount of the premiums paid excludingthe premiums paid for the first year &the premiums paid for the first year & After the Date ofAfter the Date ofCommencement of RiskCommencement of Risk: 90 percent of the total amount of: 90 percent of the total amount ofthe premiums paid before the Date of Commencement ofthe premiums paid before the Date of Commencement ofRisk, together with 30 percent of total amount of premiumsRisk, together with 30 percent of total amount of premiumspaid on and after Date of Commencement of Risk excludingpaid on and after Date of Commencement of Risk excludingthe premiums for the first year. This shall exclude the totalthe premiums for the first year. This shall exclude the totalamount of survival benefits paid, extra premiums andamount of survival benefits paid, extra premiums andpremium for Premium Waiver Benefit. Cash Value of vestedpremium for Premium Waiver Benefit. Cash Value of vestedbonuses is also payable.bonuses is also payable. Special Surrender ValuesSpecial Surrender Values:: The discounted factor shall beThe discounted factor shall bethe factors used for Endowment Assurance plan and will bethe factors used for Endowment Assurance plan and will besubject to the deduction of the survival benefits paid.subject to the deduction of the survival benefits paid. Grace period for payment of premiumGrace period for payment of premium:: A grace period ofA grace period ofone calendar month but not less than 30 days shall beone calendar month but not less than 30 days shall beallowed for payment of yearly or half yearly or quarterlyallowed for payment of yearly or half yearly or quarterlypremium.premium.
    • Miscellaneous:Miscellaneous: Revivals or Reinstatements of lapsed policyRevivals or Reinstatements of lapsed policy:: IfIfthe Policy has lapsed, and the period of Auto Coverthe Policy has lapsed, and the period of Auto Coveris over, it may be revived within a period of 5 yearsis over, it may be revived within a period of 5 yearsfrom the due date of first unpaid premiumfrom the due date of first unpaid premium.. LoansLoans:: No loans available.No loans available. Suicide ClauseSuicide Clause:: Not applicable for the basic plan.Not applicable for the basic plan. Cooling-off periodCooling-off period: Applicable.: Applicable. Back-dating interestBack-dating interest :: Applicable @ 8%.. Assignments / NominationsAssignments / Nominations:: Not assignable by theby theProposer, but after vesting, Life Assured mayProposer, but after vesting, Life Assured mayappoint a nominee or nominees or create anappoint a nominee or nominees or create anAssignment.Assignment.
    • USP’S OF THE PLANUSP’S OF THE PLAN Innovative Children’s Money Back PolicyInnovative Children’s Money Back Policy Survival Benefit + Maturity - 105% of SumSurvival Benefit + Maturity - 105% of SumAssuredAssured Auto Cover Facility in Children’s PlanAuto Cover Facility in Children’s Plan Flexi Term OptionsFlexi Term Options Extended Term Risk CoverExtended Term Risk Cover Suicide Clause NOT Applicable on Basic PlanSuicide Clause NOT Applicable on Basic Plan Parents’ Insurance NOT Insisted (2 Lac forParents’ Insurance NOT Insisted (2 Lac forwithout PWB & 5 Lac for with PWB Policies)without PWB & 5 Lac for with PWB Policies) Income Tax Benefits U/S 80C & 10.10.DIncome Tax Benefits U/S 80C & 10.10.D
    • USP’S OF THE PLANUSP’S OF THE PLAN Suits Male as well as Female ChildSuits Male as well as Female Child With Profit PlanWith Profit Plan Assignment Possible After VestingAssignment Possible After Vesting Premium Waiver Benefit AvailablePremium Waiver Benefit Available
    • Market PotentialMarket Potential Children’s Policies - Lucrative Segment:Children’s Policies - Lucrative Segment: Emotional SellingEmotional Selling Higher Average FPI/Premium per PolicyHigher Average FPI/Premium per Policy No Surrenders/No Lapsation/No Early ClaimsNo Surrenders/No Lapsation/No Early Claims Flexibility:Flexibility: Term according to the needsTerm according to the needs Create Wealth/Capital for the ChildCreate Wealth/Capital for the Child Educational Policy & Marriage PolicyEducational Policy & Marriage Policy