LIC Jeevan Kishore (Plan No. 102) is an Endowment Assurance Plan designed specifically for children below 12. This plan provides savings and financial protection, making it an excellent choice for securing a child’s future. Although this plan has been withdrawn from sale, it remains relevant for existing policyholders or those exploring similar options.
Key Features of LIC Jeevan Kishore
| Feature | Details |
|---|---|
| Entry Age | 0 years (minimum) to 12 years (maximum) |
| Maturity Age | 20 years (minimum) to 45 years (maximum) |
| Policy Term | 15 to 35 years |
| Sum Assured | Rs. 50,000 (minimum) to Rs. 40,00,000 (maximum) |
| Premium Payment Modes | Yearly, Half-Yearly, Quarterly, Monthly, or Single Premium |
| Risk Start Date | After 2 years from the policy start date or after the child turns 7 years, whichever is later |
| Medical Examination | Not required for children below 10 years |
Benefits of LIC Jeevan Kishore
1. Maturity Benefit
At the end of the policy term, the policyholder receives:
- Sum Assured
- Accumulated Simple Reversionary Bonuses
- Final Additional Bonus (if applicable)
2. Death Benefit
- If death occurs before the risk commencement: Refund of premiums paid (excluding Premium Waiver Benefit premium).
- If death occurs after the risk commencement: Sum Assured + Accrued Bonuses are paid.
3. Premium Waiver Benefit
This optional rider ensures that future premiums are waived if the proposer dies before the policy matures.
4. Surrender Value
- After 3 years of premium payment:
- Before risk commencement: 90% of premiums paid (excluding the first-year premium).
- After risk commencement: 30% of premiums paid after risk commencement + 90% of premiums paid before risk commencement.
5. Tax Benefits
Policyholders can claim deductions under Section 80C for premiums paid and enjoy tax-free maturity benefits under Section 10(10D).
Eligibility and Restrictions
| Criteria | Details |
|---|---|
| Minimum Entry Age | 0 years |
| Maximum Entry Age | 12 years |
| Minimum Maturity Age | 20 years |
| Maximum Maturity Age | 45 years |
| Minimum Policy Term | 15 years |
| Maximum Policy Term | 35 years |
Illustration Example
Let’s take an example to understand how LIC Jeevan Kishore works:
Case Study: Miss Sheena’s Policy for Her Son
- Child’s Age at Entry: 10 years
- Policy Term: 25 years
- Sum Assured: Rs. 1,00,000
- Annual Premium: Rs. 3,635
Benefits:
- If Sheena’s son survives till maturity:
- Maturity Benefit = Sum Assured + Bonuses
- Estimated Maturity Amount = Rs. 1,00,000 + Accumulated Bonuses
- In case of Sheena’s death during the policy term:
- Premium Waiver Benefit ensures no further premiums are required.
- The child receives full benefits at maturity.
- In case of her son’s death after risk commencement:
- Death Benefit = Rs. 1,00,000 + Bonuses accrued till date.
Comparison Table: Jeevan Kishore vs Similar Plans
| Feature | LIC Jeevan Kishore | LIC Komal Jeevan | LIC New Children’s Money Back Plan |
|---|---|---|---|
| Entry Age | Up to 12 years | Up to 10 years | Up to 12 years |
| Risk Start | After age 7 or two years | After age 7 or two years | Immediate |
| Maturity Age | Max: 45 years | Max: 26 years | Max: 25 years |
| Death Benefit | Sum Assured + Bonuses | Sum Assured + Additions | Sum Assured + Bonuses |
| Survival Benefits | No | Yes | Yes |
How to Calculate Premiums and Maturity Value?
LIC provides a Jeevan Kishore Maturity Calculator that helps estimate the maturity value based on:
- Entry Age
- Sum Assured
- Policy Term
- Premium Payment Frequency
This tool simplifies financial planning by giving an approximate maturity amount.
Why Choose LIC Jeevan Kishore?
LIC Jeevan Kishore offers a blend of savings and insurance benefits tailored for children’s future needs such as education or marriage. Although it is no longer available for new purchases, existing policyholders can continue to enjoy its benefits.
For more details on similar plans or assistance with your existing policies, visit mypaisa.in.
