Features of Jeevan Kishore Policy: In Jeevan Kishore LIC Policy risk on Child’s life commences just after 2 years of the policy period or he/she attains 7 years of age, whichever is later from both. At the time of maturity of Jeevan Kishore Policy, the insured or the nominee will get the sum assured plus bonus. In this policy, the benefit of additional riders is also available, such as Premium Waiver benefit rider that can be availed by the insured and Accidental Death benefit rider that can be availed by the insured child when he/she attains 18 years ago.
Policy parameters of the Jeevan Kishore LIC Policy
| Entry Age | Minimum 0 to 12 years |
| Age of Maturity | 45 years maximum |
| S.A. amount | Minimum 5,000 |
| Policy term | Minimum 15 to maximum of 35 years |
| Payment Mode | YLY/HLY/QLY/SP |
| Accidental benefit | After 18 years (max. 50 Lacs inclusive Re.1 extra per all plans) |
| Housing Loan | N.A. |
| Revival | Allowed |
| Policy Loan | N.A. |
| Assignment | N.A |
| CIR | N.A. |
| Surrender of Policy | Allowed |
| Policy term rider | N.A. |
Underwriter Condition of the Policy
| Form No. | 300/340 |
| Age Proof from 0 to 4 years | Standard |
| Age Proof for 5 years and above | School Certificate |
| Female Lives Catagory | I/II |
| Non-Medical (Prof) | N.A. |
| Non-Medical (Gen) | N.A. |
| Non.Medical (Special) | N.A. |
| Actual Sum Assured | Basic S.A. |
| Risk Coverage | Sum Assured plus Bonus |
| Dating Back @ 8% | Allowed |
At the time of entry if the child’s age is less than 10 years then the maximum sum assured will be 15 Lacs.
Check Also: LIC Jeevan Anand Life Insurance Policy (Table: 149)
Jeevan Kishore LIC Policy Benefits
Maturity Benefit
At the time of maturity, the insured will be paid the full sum assured amount along with accrued bonuses and FAB.
Death Benefit
On the unfortunate death of the insured child happens after the commencement of risk the nominee will get the sum assured along with bonus. Whereas if the child dies before the commencement of risk then the nominee will get only the premium paid.
For Example – Mrs. Ishita Verma aged 33 years has taken a Jeevan Kishore Policy for her 3 years daughter Ms. Kanak Verma for sum assured amount of Rs. 2 Lacs. The amount will be matured at the age of 22 years of her daughter. Mrs. Verma also has opted for Premium Waiver benefits.
On commencement of risk when Ms. Kanak Verma will attain 7 years of age. On maturity, she will be paid Rs. 3,89,000 along with FAB. In another case, if she dies at the age of 12 years after commencement of risk then the nominee will be paid with Rs. 2,81,000 (That means 2 Lacs as S.A. and 45 x 200 x 9 = 81,000 as bonus along with FAB, if any)
When Ms. Kanak Verma attains the age of 18 years, she has an option to opt for accidental benefit by paying Re. 1 extra per 1000 S.A.