Life is a blessing ... when you have a life plan that adds to your children's future. Rarely does your best efforts add up to what your children truly deserve. which is why you are better off investing in Ashirwada - the Life Plan for Kids. Ashirwada is a lifeassurance policy from LIC that provides your children with financial security for their education and marriage.
Sum Assured along with all vested bonuses payable in one lump sum or in ten/twenty half yearly installments with the then declared interest rates at the option of the life assured at the end of the term of the policy.
When the term rider is opted for at the commencement of the policy, upon death of the life assured an amount equal to sum assured is payable to the nominee. Again at the end of the term an amount equal to the sum assured along with vested bonus for full term will be payable to the nominee/child. The future premiums are waived off, on death.
Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the term. Even after the death of the life assured the bonus continue to accrue till the end of the term.
The double Accident Benefit is available during the term of the policy. The premium is a flat Rs. 1/= per thousand sum assured p.a. The maximum Accident Cover available under this plan will be Rs. 2,000,000/= (this limit includes accident benefit under other plans.)
Loans will be granted against the surrender value of the policy after payment of premiums for at least 3 years. Interest on such loans will be fixed by LICL from time to time.
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REBATES FOR HIGH SUM ASSURED |
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Sum Assured |
Rebate per Rs. 1,000/= S.A. |
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Less than Rs. 500,000 |
Nil |
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Rs 500,000 to 1 Mn |
Rs 2 |
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Over 1 Mn |
Rs 3 |
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RESTRICTIONS |
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The following restrictions will apply to policies under this plan |
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Minimum age at entry |
18 years ( Completed) |
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Maximum age at entry |
60 years ( age nearer birthday) |
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Maximum age at the end of the premium paying term |
70 years ( age nearer birthday) |
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Premium Paying Term |
05years to 25 years |
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Minimum Sum Assured |
Rs. 200,000/= |
BENIFIT ILLUSTRATION (Age 30, Term 20 yrs, with Accident benefit & Term Rider)
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Sum assured |
Premium payable p,a. during the term |
Amount payable on normal death during the term |
Amount payable on death due to accident during the term |
Maturity Benefit |
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Rs.200,000 |
Rs.9,611 |
Sum Assured of Term rider Rs. 200,000 Again Rs 200,000 plus Bonus for 20 years at the maturity date. |
Rs.400,000 immediately and again Rs. 200,00 plus Bonus for 20 years on maturity date. |
Sum Assured Rs. 200,000 + Bonus accrued for 20 Yrs |
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Rs.500,000 |
Rs.23,027 |
Sum Assured of term rider Rs. 500,000 Again Rs 500,000 plus Bonus for 20 years at the maturity date. |
Rs.1,000,000 immediately and again Rs. 500,00 plus Bonus for 20 years on maturity date. |
Sum Assured Rs. 500,000 + Bonus accrued for 20 Yrs |
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Rs.1,000,000 |
Rs.45,055 |
Sum Assured of term rider Rs. 1,000,000 . Again Rs 1,000,000 plus Bonus for 20 years at the maturity date. |
Rs. 2,000,000 immediately and again Rs. 1,000,00 plus Bonus for 20 years on maturity date. |
Sum Assured Rs. 1,000,000 + Bonus accrued for 20 Yrs |