Different Type Of Life Insurance Plans And Lic Policies
Life insurance is a major factor in everyone's life. The two major types of plans are whole life as well as term assurance plans. There are different life assurance plans for each age-group like plans for children, whole life plans, money back plans etc.
The term assurance plans are those plans which are for specified period e.g. 2, 5 or 10 years. The whole life plans are those plans in which the plans are for the whole of our life.
The life assurance is also called as life insurance. In this there is a bond between the insurance company as well as the policy holder. It falls under two classes like permanent as well as temporary. Other types of plans are for each age like plans for small children, whole life term plan, money back plan and other plans.
Children's plan is that plan which meets the requirements of the children. This plan is designed for the small children. This plan is purchased by their parents or grandparents. These plans are valid till 18 years of age. In children's plan special conditions are there like one needs to deposit the premium. There are various plans for your child like Komal Jeevan, Jeevan Kishore, Child Carrier plan, Jeevan chaya, child fortune plus, marriage endowment assurance plan etc. The children plans are of two types as endowment plans as well as link plans. The link plans are those plans which deliver a high amount on maturity. In these plans the premium is deposited till the fixed period. The premium paid is returned before the commencement of risk.
Some plans of children are:
Komal Jeevan: A Komal Jeevan Plan with payment of premium ceasing on policy anniversary immediately after the child attains the age of 18 years. The plan, besides offering risk cover, also offers payment of Sum Assured in installments at age 18,20,22,24 and Guaranteed and Loyalty additions, if any, at the age 26. This plan is a money back plan that provides financial protection till death. The premiums are deposited annually, quarterly, half yearly, and monthly as well as from salary deductions. The close relations such as grandparents, elder brothers or sisters, uncles both from paternal or maternal side can gift 'single premium policy' for love and affection under this plan.
Jeevan Anurag is also a children's plan. The plan can be purchased by their parents or grandparents. The plan can be taken by a parent on his or her own life. In addition, this plan also provides for an immediate payment of Basic Sum Assured on death of the Life Assured during the term of the policy.
Jeevan Kishore is the plan which is designed for children less than 12 years of age. The premiums are deposited annually, monthly, quarterly or through your salary deductions. This plan is a with-profit plan. Child becomes the owner of the policy automatically at the age of 18 years. Risk commences after two years of policy or on completion of seven years of age, whichever is later. No medical examination of the child is possible if the age is less than 10 years.
The amount can be used for any particular need of the child like marriage or for taking up a career in life.
Jeevan Chaya: It is an assurance plan. One can deposit premium half yearly, yearly, and monthly. This policy is given under a non-medical scheme up to a sum assured of Rs. One lakh, if the prospect is having a child of less than one year of age as on date of registering the proposal. This non-medical is exclusive for other policies.
Child Career Plan: This plan is made to meet the increasing educational and other needs of the growing children. In this plan, one can deposit the money monthly, quarterly or yearly.
Children's future is one of the biggest reliefs for any parent. With so many insurance companies coming in the field of child insurance and life insurance, this should not be a dream. Partial withdrawals may be in the form of fixed amount or in the form of fixed number of units. You can pay the premium in the multiples of Rs 1000/-at anytime during the term of the policy without increasing the sum assured. The total of top-up premiums payable cannot exceed 25% of total amount of regular premiums paid up to that date or single premium paid.
by: Gen Wright