LIC Komal Jeevan Explanation with Example - 2

Komal Jeevan

Proposer         : Mr. X                Age: 32 Years

Policy Holder : Mr.Y              Age: 0 Year.

Policy Amount: Rs.2,00,000/-

Policy Term: 18 yrs.

Premium Amounts:

Payment Mode	Premium
Yearly	Rs.15044 /-
Half Yearly	Rs.7602/-
Quarterly	Rs.3840 /-

Features:

This is an excellent children money back policy with Guaranteed Addition that is highly useful for the higher education of the children balancing the inflation level.

• The premium amount has to be paid only up to the 18^th age of the child.
• Guaranteed Addition is provided at the rate of Rs.75/- per thousand Sum Assured.
• Full Sum Assured is returned in regular intervals after the 18^th age of the child so that it can be useful for the child’s higher education.

Maturity Benefits:

At the end of Age	18	20	22	24	26
Returns	Rs.40,000/-	Rs.40,000/-	Rs.60,000/-	Rs.60,000/-	Rs.3,90,000/- +  LA, if any (GA+LA, if any)

                                               

What is paid for 18 years		What your child gets
Yearly	Rs.2,70,792/- - T.B for 18 years	SA – 2,00,000 (On Regular Returns)+ GA – 3,90,000 (@ Rs. 75 per 1000 SA for 26 years.)+ LA, if any = Rs.5,90,000 + LA, if any.
Half Yearly	Rs.2,73,672/- - T.B for 18 years
Quarterly	Rs.2,76,480/- - T.B for 18 years

                                                                  

T.B – Tax Benefits: The Net Taxable Annual income can be reduced to a great extent by subtracting the annual premium paid from the net taxable income.

L.A – Loyalty Addition: Based on the experience of LIC this amount will be given.

G.A – Guaranteed Addition: This amount will be given definitely by LIC.          

Policy Holder will also be provided Premium Waiver Benefit + Term Rider Benefit in the given premium amount.

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Jeevan Kishore - Sample Presentation with Example

Jeevan Kishore

Proposer         : Mr. X                Age: 32 Years

Policy Holder : Mr. Y              Age: 0 Year.

Policy Amount: Rs.2,00,000/-

Policy Term: 20 yrs.

Premium Amounts:

Payment Mode	Premium
Yearly	Rs.9556 /-
Half Yearly	Rs.4858 /-
Quarterly	Rs.2469 /-

Maturity Benefits:

            On maturity of the policy the Sum Assured (Rs.2,00,000 /-) + Bonus + FAB, if any will be paid to the policy holder.

                                  

What is paid for 20 years		What your child gets
Yearly	Rs.1,91,120/- - T.B for 20 years	SA – 2,00,000 + Bonus – 1,68,000 ( estimated @ Rs.42  per 1000 SA for 26 years.)+  F.A.B, if any – Rs.44,000 (estimated @ Rs.220 per 1000 SA) = Rs.4,12,000.
Half Yearly	Rs.1,94,320/- - T.B for 20 years
Quarterly	Rs.1,97,520/- - T.B for 20 years

                                                                   

T.B – Tax Benefits: The Net Taxable Annual income can be reduced to a great extent by subtracting the annual premium paid from the net taxable income.

F.A.B – Final Additional Benefits.

Policy Holder will also be provided Premium Waiver Benefit in the given premium amount.

 

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Komal Jeevan - Example Presentation 1

Komal Jeevan

Proposer         : Mr.X        Age: 32 Years

Policy Holder : Mr. Y           Age: 0 Year.

Policy Amount: Rs.1,00,000/-

Policy Term: 18 yrs.

Premium Amounts:

Payment Mode	Premium
Yearly	Rs.7626 /-
Half Yearly	Rs.3852 /-
Quarterly	Rs.1946 /-

Features:

This is an excellent children money back policy with Guaranteed Addition that is highly useful for the higher education of the children balancing the inflation level.

• The premium amount has to be paid only up to the 18^th age of the child.
• Guaranteed Addition is provided at the rate of Rs.75/- per thousand Sum Assured.
• Full Sum Assured is returned in regular intervals after the 18^th age of the child so that it can be useful for the child’s higher education.

Maturity Benefits:

At the end of Age	18	20	22	24	26
Returns	Rs.20,000/-	Rs.20,000/-	Rs.30,000/-	Rs.30,000/-	Rs.1,95,000/- +  LA, if any (GA+LA, if any)

                                               

What is paid for 26 years		What your child gets
Yearly	Rs.1,37,268/- - T.B for 26 years	SA – 1,00,000 (On Regular Returns)+ GA – 1,95,000 (@ Rs. 75 per 1000 SA for 26 years.)+ LA, if any = Rs.2,95,000 + LA, if any.
Half Yearly	Rs.1,38,672/- - T.B for 26 years
Quarterly	Rs.1,40,112/- - T.B for 26 years

                                                                  

T.B – Tax Benefits: The Net Taxable Annual income can be reduced to a great extent by subtracting the annual premium paid from the net taxable income.

L.A – Loyalty Addition: Based on the experience of LIC this amount will be given.

G.A – Guaranteed Addition: This amount will be given definitely by LIC.          

                       

Policy Holder will also be provided Premium Waiver Benefit + Term Rider Benefit in the given premium amount.

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Making more out of JEEVAN CHHAYA - An Excellent Plan

Even-though jeevan chhaya is a children plan one of the specialties of this plan is that it can be taken by bachelors also. This is somewhat peculiar to believe but this is true. Any way the policy holders can take advantage of this in a nice way. How? We can see that.



Unlike other children plans jeevan chhaya doesn't take minor people as policy holders. Only people above 18 years can propose for this policy. Here the child can only be a nominee.
One of the more exciting feature of tyis plan is that the PWB-Premium waiver benefit is coming as a default in this policy and no medical examination needed for having this particular feature. In other children plans like Komal Jeevan and Jeevan Kishore the PWB benefit is coming as a extra rider and needs extra premium. More than this a medical examination is needed for the proposer to avail this benefit.
So what is this premium waiver benefit?
As told earlier in jeevan chhaya the policy holder should be an adult and the nominee can be his child. By having this premium waiver benefit if the policy holder dies during the premium payment period ALL THE FUTURE PREMIUMS ARE WAIVED OFF AND THE POLICY AMOUNT IS PAID  TO THE NOMINEE. And further during the maturity time also the maturity amount is paid to the nominee. Personally i would suggest that this is the best children plan available.

So how we can get more out of this policy?
In jeevan chhaya the policy amount is not paid as a single payment. Instead it is paid in 4 installments during the last four years of the policy period. This the key area where we can make our benefit. If a proposer decides to take this policy for 4 lacs instead of taking this as a single policy if he takes this as 4 policies he can get a regular income for 16 years. That will be great. If he has assigned his child as a nominee even if  risk occurs his child will get the maximum benefit during his death and no future premium needs to be paid off. The child will also get the maturity benefits. A free sample presentation of this policy is also available in the blog. Make use of it.

 

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LIC's JEEVAN CHHAYA Free presentation

Jeevan Chhaya

Proposer : Mr.X Age: 31 Years

Nominee : Mr. Y. Pranav Age: 2 Years.

Appointee : Mr. Z. Age: 36 Years.



Policy Amount: Rs.2,00,000/-



Policy Term: 18 yrs.



Premium Amounts:

Payment Mode Premium

Yearly Rs.12,197 /-

Half Yearly Rs.6,194 /-

Quarterly Rs.3,145 /-








Policy Features:

An excellent adult as well as children plan that can provide benefit for the whole family.



Maturity Benefits:

• 25% of the Policy Amount is given every year during the last 4 years of the maturity to the policyholder, if he is surviving.
• Policy loan and Housing loan can be taken during the premium paying term.

Death Benefits:

• The nominee can be your child and the appointee can be your spouse.
• In case of risk during the policy paying term the sum assured is given to the appointee and all the future premiums are waived off (no need to pay future premiums).
• The Premium Waiver Benefit is coming as a default in this policy.
• 25% of the Policy Amount is given every year during the last 4 years of the maturity to the nominee.

What is paid for 18 year?

Yearly Rs. 2,19,546/- 
Half Yearly Rs. 2,22,984/-
Quarterly Rs. 2,26,440/-

What’s your benefit:
SA – 2,00,000 +Bonus – 1,51,200 ( estimated @ Rs.42 per 1000 SA for 26 years.) = Rs.3,51,200.


T.B – Tax Benefits: The Net Taxable Annual income can be reduced to a great extent by subtracting the annual premium paid from the net taxable income.


In addition to this the policy holder will also be provided Double Accident Benefit.

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