LIC Jeevan Sukanya policy Conditions
Sum Assured : Minimum – 30,000 /- upto 31/05/2004Maximum – 50 Lakhs
Maximum – 50 Lakhs
Child Entry age : Minimum – 0 years
Maximum – 12 years
Maturity age : Minimum – 20 years age attaining
Maximum – 45 years age attaining
Premium paying term : Minimum: 15 years
Maximum: 35 years
premium payment mode : Yearly, Half Yearly, Quarterly,Monthly
- No medical examination is required if age of the child is less than 10 yrs.
- Form no 340 + medical report of children of age 10 years and above is compulsory.
- Standard lives with overweight up to 50% are acceptable.
- Standard Male & female lives (cat I & II ) with earned income are acceptable as
LIC Jeevan Sukanya Policy Rebates
Rebates are divided into 2 types- sum assured rebate and
- mode rebate (premium payment mode)
Half-yearly 1.5% of tabular premium
Sum Assured rebate for regular premium policies :
Upto Rs 50,000/- | Nil |
Rs 50,000 to 1 lakh | 1.00 Rs |
Rs 1,01,000 & above | 2.00 Rs |
Jeevan Sukanya Policy Maturity Benefits
Maturity Benefit : In Jeevan Sukanya policy having plan no: 109, the life assured gets= sum assured + bonuses as a maturity benefit
1) POLICY IS IN PAID UP CONDITION BEFORE DATE OF COMMENCEMENT:
If Premiums are not paid for at least 3 years then policy gets lapsed, on that condition only GSV is payable as maturity claim
2) POLICY LAPSED AFTER RISK COMMENCEMENT DATE / IN FORCE AS ON DATE OF MATURITY.
= Paid up value + Bonuses
Jeevan Sukanya Policy Death claim
DEATH BEFORE COMMENCEMENT OF RISK:
- If Policy is in full force then death claim
2. If Policy is in Lapsed condition with minimum 3 years premiums paid then Guaranteed surrender value is payable.
- If proposer and child also expire :
= ( Full sum Assured / Paid up Value ) + Bonuses
LIC Jeevan Sukanya policy guaranteed Surrender Value
PAID UP VALUE :
1. Before Commencement of Risk = GSV2. ON AND AFTER COMMENCEMENT OF RISK DATE
= Sum Assured x No of years Premiums paid / No of years Premiums payable
Under Single premium policies the paid up value will be Sum Assured.
Riders Available in LIC Jeevan Sukanya policy
There are two types of Riders Available:- Accidental Death Benefit- This can be obtained by the life insured once he is at least 18 years.
- Premium Waiver Benefit – This rider can be opted by the proposer
Bonus on LIC Jeevan Sukanya plan
Jeevan Sukanya Policy is with profit. Simple Reversionary Bonuses are declared per thousand of Sum Assured annually at the end of each financial year.Additional Information
Loan Availability : Once the child attains an age of 18 years then Loan facility is available.Lic Jeevan Sukanya Policy Benefit illustration
EXAMPLE 1:-A child named Nikhil has taken Jeevan Sukanya Policy of Plan no: 102,
Age at entry of life assured – 0 yrs ,
Sum assured 1,00,000,
Age of proposer( Parent/Grandparent ) : 25 yrs,
Deferment period – 18 yrs,
Mode of payment – yearly,
Answer:-
Basic premium calculation:-
As per Tabular premium for plan 102-30 for age 0 years rs. 49.15
Less : mode rebate 3% – – 1.4745
and sum assured rebate – 1.00
46.6755 x 100
Multiply by sum assured in thousands 4667.55
PREMIUM WAIVER BENEFIT
Tabular premium rate for PWB for age group of proposer up to 25 yrs and deferment period of 18 yrs will be ——————————– — Rs. 2.90
Less :- mode rebate @ 3% – 0.087
2.813
PWB premium for waiver of net annual premium of Rs. 4667.55 x (2.813/100) = 131.29
Net installment premium = 4667.55 + 131.29 = 4798.84 i.e. Rs. 4799