Jeevan Sukanya
This is a unique scheme, which provides
automatic insurance for the husband once the girls gets married.
This scheme is exclusively for the girl child. It can be taken
kids between 1 and 12 years of age.
In this plan, payment premium term will be
equal to the 20 years minus age at the time of entry. For
example. If the age at the time of entry is 5, then the premium
paying term will be 15 years.
Under this scheme, the minimum sum assured is
Rs. 10,000 while maximum is Rs. 25 lacs. This is a with profit
plan, where bonuses vests only on the date of commencement of
risk or at the end of five years from the start of the policy,
whichever is later.
The premium can be paid yearly, half-yearly,
quarterly or monthly.
Risk cover under this plan begins 2 years
after the date of commencement or from the policy anniversary
falling due on or immediately after the date on which the life
assured attains the age of 7 years.
The automatic cover for the husband is
without additional premium. It starts from the policy
anniversary on or immediately after completion of 20 years of
age by the life assured, or three calendar months after the date
of marriage or one calendar month after the receipt of
intimation and evidence of marriage with the life assured.
If the husband dies before the commencement
of risk and date of maturity, then an amount equal to the full
sum assured (without bonus) will be paid to the wife. Despite
this risk cover, the full sum assured will continue and the
policy will also continue to participate in profits. But the
risk cover on husband will cease if wife dies before the
husband.
With a minimum sum assured of Rs. 10,000, the
marriage or education plan is aimed at keeping aside the certain
sum for marriage or educational expenses of the child. The sum
assured along with bonuses is payable at the end of selected
term. Payment may be made in lumpsum amount or in 10 half-yearly
installments. This would be at the option of the life insured,
nominee or the beneficiary.
The first instalment will be payable on the
date of maturity. These installments will be calculated at the
rate, which would be declared by the LIC from time to time.
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