Page 37 - IC23 life insurance application
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sum assured. Such policies also help them to cultivate the habit of regular savings.
Though to start with, the parents finance these policies, but later on the children as
they grow up, take over. Such policies are Jeevan Balya (101), Jeevan Kishore (102)
and Children’s Money Back Plan (113).
Keeping in mind the contribution of the females to the family economy, LIC has also
designed certain specific policies especially for the female policyholders. Jeevan
Sukanya (109) is an excellent policy which insures not only the female child, but also
automatically her husband whenever she marries and also provides at the age of 50,
money for the marriage of her children. It is very comprehensive policy taking care
the varied needs of a female child. Jeevan Sneha (128) is another female specific
plan where the survival benefit can be allowed to be kept with the insurer to earn
interest @ 11% per annum. On maturity the sum assured can be taken as an
annuity.
Old age has specific problems. At this time income stops but the expenses remain.
In fact they increase due to sickness and physical disability. There are specific plans
to take care of the old age. New Jeevan Dhara (Plan no.145) and New Jeevan
Akshyaya (Plan no.144) are immediate and deferred annuity plans respectively with
several options available for annuity payment. Annuity amount, if opted can be
increased @ 3% annually to take are of inflation. There is a provision for return of
capital also after death.
In case of Jeevan Suraksha (Plan no.122) one can provide for the return of the
capital on death or alternatively 50% annuity for the spouse on death of the
annuitant.
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