Personal Insurance Refers To Death, Injuries, Disability Etc.
—Suraj Vishal, Malad West
LIC Jeevan Kishore is an Endowment Assurance Plan available for children of less than 12 years of age. The policy may be purchased by any of the parent / grandparent. This is a with-profits plan and participates in the profits of the Corporation’s life insurance business. It gets a share of the profits in the form of bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. A Final (Additional) Bonus may also be payable provided policy has run for certain minimum period.
Death Benefit: The Sum Assured along with vested bonuses, if any, is payable in a lump sum upon the death of the life assured after the commencement of the risk. If death occurs before the commencement of the risk, the premiums paid excluding the premiums for the Premium Waiver Benefit, if any, will be refunded.
Maturity Benefit: Sum assured along with all bonuses declared during the policy term is payable in a lump sum on survival to the end of the policy term.
Premium Waiver Benefit: This is an optional benefit that can be added to your basic plan. An additional premium is required to be paid for this benefit. By payment of this additional premium, the Proposer can secure the benefit of cessation of premiums from his/her death to the end of the deferment period. The deferment period for this purpose is to be taken as 18 minus age at entry of child.
I am a single parent and want to save as much money I can save for my son. Kindly guide me how to protect the future of my son and also plan for his education needs on a timely basis. Please tell me about a money back child plan from LIC if possible.
—Nalini Sawant, Lower Parel
You should first take a term plan immediately for yourself and place your child as a nominee. Some of the options you have are – HDFC Click2Protect
Aviva iLife
IndiaFirst Anytime Plan
You can consider LIC Komal Jeevan is a Children’s Money Back Plan that provides financial protection against death during the term of plan with periodic payments on survival at specified durations. This plan can be purchased by any of the parent or grandparent for a child aged 0 to 10 years. The policy provides for the Guaranteed Additions at the rate of Rs. 75 per thousand Sum Assured for each completed year. The Guaranteed Additions are payable at the end of the term of the policy or earlier death of the Life Assured. In case of death of the life assured before the commencement of risk, the policy shall stand cancelled and premiums paid (excluding the Premium for Premium waiver Benefit) under the policy will be refunded. However, if death occurs after the commencement of risk but before the policy matures, the full Sum Assured plus Guaranteed Additions together with Loyalty Additions, if any, is payable. On survival to the end of the policy term, Guaranteed Additions together with Loyalty Additions, if any, is payable in a lump sum.
I want to buy a personal accident policy. I have a health insurance cover from one of the insurance companies. Please suggest me a good personal accident policy.
—Soheeb Husain, Malwani, Malad West
Personal accident insurance refers to an insurance which offers compensation in case of death, bodily injuries, total/ partial disability or dismemberment resulting from an accident caused by violent, visible and external means. Some personal accident policies that you may consider are:
Tata AIG Individual Accident and Sickness Hospital Cash
Apollo Munich Individual Personal Accident Plan
ICICI Lombard Individual Personal Accident Insurance
One convenience here would be that some of the policies could be purchased online without any manual intervention or medical tests.
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