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.







                              Copyright Dr Rakesh Agarwal   Sashi Publications Private Limited



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