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Lic child fortune plus 194

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  • 1. Unit Linked Children Benefit Endowment PlanPlan No 194 UIN (Unique Identification Number 512L251V01)
  • 2. What is Child Fortune Plus• Unit Linked Children Benefit Endowment Plan• Risk Cover to Parents – Provision for theEducation or the Marriage of the Child (Up toEntry Age 17 LBD)• Term till Child Attains the Age of 25 or theParent (LA) Attains Age of 75 (whicheverearlier)• Death Claim Payment + Premium Waiver +Maturity Benefit (Fund Value) in case of EarlyDeath of the Parent LA• Four Fund Types• No Bid-Offer Spread - No Surrender Charges• Settlement Option for Maturity Payment• Top Up as well as Partial Withdrawal Allowed
  • 3. INVESTMENT FUND TYPES & INVESTMENT PATTERNFund Type Govt. /Govt.GuaranteedSecuritiesShort-termmoney marketinstruments( Govt.Securities)ListedEquitySharesRisk ProfileBond Fund Not lessthan 60%Not more than40%Nil Low RiskSteady IncomeSecure Fund Not lessthan 45%Not more than40%Between15% to 55%Lower to MediumRiskBalanced Income &GrowthBalancedFundNot lessthan 30%Not more than40%Between30% to 70%Medium RiskLong Term CapitalGrowthGrowth Fund Not lessthan 20%Not more than40%Between40% to 80%High RiskHigh Growth LongTermThe Policyholder will have the option to choose any ONE of the above 4 Funds.
  • 4. Benefits• Benefits Payable on Death:Life Assured (if child is alive): In Force Policy - SumAssured + Future Premiums Waived (regular policy) +Units (Future/Outstanding premiums) Maturity Value;Lapsed Policy - Fund Value + Policy Terminates.Life Assured (after the death of child): Sum Assured +Fund Value + Future/Outstanding premiums + PolicyTerminates. (same on simultaneous death).Child before Life Assured’s Death: Policy continues tillMaturity or till LA survives (whichever earlier).Child after Life Assured’s Death: Fund Value + PolicyTerminates.• Benefits payable on maturity: On the life assured orthe child nominee surviving the date of maturity anamount equal to the Policyholder’s Fund Value is payable.
  • 5. Discontinuation of PremiumsIf premiums have not been paid within the days of grace,the Policy will lapse. The life assured shall have anoption to revive the policy within the Revival Period.Where at least 3 years’ premiums have been paid, theLife cover and Premium Waiver Benefit shall continueby canceling an appropriate number of units out of thePolicyholder’s Fund every month for: two years fromthe due date of first unpaid premium, or till date ofmaturity, or till such period that the Policyholder’sFund Value reduces to an amount equal to oneannualised premium, whichever earlier.Compulsory surrender: If Policyholder’s Fund falls below oneannualised premium the policy shall compulsorily beterminated OR In case the policy is not revived during theperiod of revival, then the policy shall be terminatedafter completion of three years from the DOC of thepolicy or on expiry of revival period, whichever is later.
  • 6. Additional Features• Switching: 4 Switches Free in a Year, thereafter @ Rs.100 per switch For In-ForcePolicies.• Top Up: Allowed in the Multiples of INR 1000 upto the Extent of 25% of Single Premium orPremiums Paid (Regular Policy) without increase inSA.• Partial Withdrawals: Allowed.• Increase/Decrease in Benefits: Not Allowed.• Loans: Not Allowed.• Life Cover beyond Revival Period: Optional
  • 7. Premium Allocation ChargesPremium Band(Single Premium)Allocation ChargeSingle PremiumUp to 10,00,000 4.25%10,00,001 and above 4.00%Premium Band(per annum)Allocation ChargeAnnual PremiumFirst year 2nd & 3rd year thereafter10,000 to 1,00,000 29.00% 5.00% 2.50%1,00,001 to 1,50,000 28.50% 5.00% 2.50%1,50,001 to 2,00,000 28.00% 5.00% 2.50%2,00,001 and above 27.50% 5.00% 2.50%Top Up 1.25%
  • 8. Other Charges• Mortality Charges: Life Cover and Premium WaiverBenefit (the Sum at Risk) every month by cancelingunits The charges, will be based on the age NBD.• Policy Administration Charges: Rs.60/- PM in the 1stYear of Policy and thereafter Rs.20/- PM (clause toincrease @ 3% PA 3rdYear on).• Miscellaneous Charges: Rs.50/- as Alteration Feefor allowable alterations.• Switching Charges: Rs.100/- per switch if theswitches exceed 4 in a Policy Year.• Surrender Charges: NIL• Bid-Offer Spread: NIL
  • 9. Other Charges• Fund Management Charges: Charges per annum as%age of Unit Fund at the following rates :“Bond” Fund – 0.60%“Secured” Fund – 0.80%“Balanced” Fund – 1.00%“Growth” Fund – 1.20%The NAV, thus declared, will be net of FMC.• Service Tax Charges: On the Life Cover & PWB,Policy Administration, Switching, Alteration andAllocation Charges by canceling units.• RIGHT TO REVISE CHARGES: The Corporationreserves the right to revise all or any of the abovecharges,
  • 10. Eligibility Conditions Minimum Sum Assured: Regular Premium 5 timesthe annualized premium; Single Premium 1.25times the single premiumMaximum Sum Assured: Regular Premium 25 timesof the annualized premium (Entry age up to 45Yrs NBD); 15 times (Entry age 46 Yrs & aboveNBD); Single Premium 5 times of the singlepremium (Entry age up to 35 Yrs NBD); 2.5times (Entry age 36 to 46 Yrs NBD); 1.25 times(Entry age up to 46 Yrs & above NBD).The Sum Assured shall be available in multiples ofINR 5,000.As the condition of maximum and minimum Sum Assured is 1.25 timesof the single premium if age at entry is 46 nearest birthday andabove the maximum sum assured condition shall be relaxed to thisextent.
  • 11. Eligibility Conditions• Minimum Premium: Regular Premium INR 10000PA increasing thereafter in multiples of INR1000 (INR 1000 PM for ECS mode, increasing inmultiples of INR 250). Single Premium Policies:25,000 p.a.• Maximum Premium: : No Limit• Minimum Entry Age (Life Assured): 18 LBD• Maximum Entry Age (Life Assured): 55 NBD• Minimum Entry Age Child: 0 LBD• Maximum Entry Age Child: 17 LBD• Policy Term: (25 - age LBD at entry of thechild) or (75 - age NBD at entry of lifeassured), whichever is lower• Maximum Maturity Age: 25 LBD of child or 75NBD of life assured, whichever is earlier.
  • 12. Surrender of Policy• The surrender value, if any, is payable onlyafter completion of the third policy anniversary.There will be no Surrender charge.• If Life Assured applies for surrender of thepolicy within 3 years from the DOC of policy,then the Policyholder’s Fund Value shall beconverted into monetary terms. No charges shallbe made thereafter and this monetary amountshall be paid on completion of 3 years from theDOC of policy.• After the death of the LA, the Child (major) orthe appointee can also surrender the policy.• Once a policy is surrendered it cannot bereinstated.
  • 13. Partial Withdrawals• Fixed Amount or Fixed Number of Units.• Under regular premium if premiums have been paid forless than 3 years, the partial withdrawal not allowed.• Under regular premium policies where at least 3 yearspremiums have been paid, partial withdrawal allowedsubject to a minimum balance of 2 annualized premiums.• Under Single Premium policies, the partial withdrawal willbe allowed subject to a minimum balance of Rs.5000/-or10% of single premium, whichever is higher.• Partial withdrawal from Fund pertaining to top-uppremiums allowed only after completion of 3 years fromthe date of allocation. (top-up premiums paid during thelast three years are exempted).• After the death of life assured during the policy term,partial withdrawal may be made by the child named inthe policy if he/she is major i.e. after completion of 18years of age or by the appointee if the child is a minorsubject to an undertaking.
  • 14. Revival of Lapsed Policy• A lapsed policy can be revived during the period of twoyears from the due date of first unpaid premium orbefore maturity, whichever is earlier ‘revival period’.• If premiums have not been paid for at least 3 fullyears, the policy may be revived within two years fromthe due date of first unpaid premium. Proof of GoodHealth & Approval of Revival is required.• If at least 3 years’ premiums have been paid andsubsequent premiums are not paid, the policy may berevived within two years without a proof of continuedinsurability.• If less than 3 years premiums have been paid and Valueof units is not sufficient to recover the charges, thepolicy shall be terminated and revival will not be allowed.• If premiums have been paid for 3 or more than 3 yearsand Value of units reduces to one annualized premium,the policy shall be terminated and Fund Value as on dateshall be refunded and revival will not be allowed.
  • 15. Other Features• Cooling Off: Within 15 days from the date ofreceipt of the policy.• Back Dating: Not allowed.• Assignment: Not allowed.• Days of Grace: One calendar month but not lessthan 30 days will be allowed for payment of yearlyor half-yearly or quarterly premiums and 15 daysfor monthly (through ECS) premiums.• Settlement Option: The installment shall be thetotal number of units as on the date of maturitydivided by total number of installments (i.e. 5 and10 respectively for yearly and half-yearlyinstallments over a 5 year period).
  • 16. USP ’s of the Plan• A Unique ULIP From the Leader – ‘JeevanChhaya’ & ‘Plan 90’ in ULIP Avatar.• LIC’s First ULIP for Child Benefit• Only Plan having ‘Top Up’ as well as ‘PartialWithdrawals’ Options.• FLEXI OPTIONS – Settlement Option forMaturity Proceeds• FLEXI OPTIONS - Flexible Risk Cover• FLEXI OPTIONS - Four Fund Types• Death Benefit – SA + Waiver of Premium +Maturity Value• EASY EXIT - No Bid Offer Spread, NoSurrender Charges
  • 17. USP ’s of the Plan• FLEXI TERM (25 – Age of Child or 75 – Age ofLA)• PARTIAL WITHDRAWALS & SETTLEMENTOPTIONS – Money on Demand• ATTRACTIVE LIQUIDITY - Surrender after 3years; Anytime, Withdrawals• FLEXIBLE – Single, Yearly, Half Yearly,Quarterly & Monthly (ECS) Modes• ULIP that could be Assigned• Daily Declaration of the NAV• FREE Fund Switches - Four per year• IT Exemption U/S 80 C of IT Act 1961
  • 18. Market Potential• CHILDREN’S POLICY (Parent Cover Plan)– Daughters’ Marriage/Education Policy– Long Term Education Plan – Money Back onNeed (Withdrawals + Settlement Options)• INSURANCE (Endowment Plan)– Partial Withdrawal (Money Back on Demand)– Flexible Risk Cover – Design Own Policy– ULIP where Assignment is Permissible• INVESTMENT (Single Premium Growth Fund)– NRI Segment – Fund & Forget– VRS & other Retirees – Park Funds– ‘PPF’, ‘FDI’, ‘IVP’ & ‘KVP’ Segment