Lumpsum Money For Your Child When It Is Required Most

FAQs ANSWERED

`Whose life is covered for insurance under the plan ?'

• Your child’s life
  

`When does risk coverage actually commence ?’

• 2 years after the date of commencement or from the policy anniversary falling immediately after the child's attatinment of 7 years, whichever is later.
  

`How long I need to pay premium ?'

• Till completion of the policy term chosen, stopping at the death of the child, should it unfortunately occur early.
  

'What does my child get on survival upto completion of the policy term chosen'?

• Sum insured + Bonus on the Sum Insured for the full policy term.
  

'What are the policy terms available ?'

• 15 to 35 years.
  

`What are the minimum and maximum ages at maturity ?'

• 20 to 45 Years.
  

`What is payable under the plan in case of my child’s death before completion of the policy term chosen ?'

• Insured amount + Reversionary Bonus +Final Additional Bonus (if any) , if it occurs after commencement of risk coverage .

• All premiums paid after deducting the premium paid for covering Premium Waiver Benefit in case of child’s death before commencement of risk.
  

`Are there funds available during currency of the plan ?'

• No.
  

'What Premium payment Options are available to me under the plan ?'

• Single, Yearly, Half-yearly or Quarterly.
  

`What, if, during minority of my child, there is risk on my life and nobody is in a position to pay remaining premium '?

• No doubt the policy lapses. However, by payment of a little at the time of commencing the policy, you can avail premium waiver benefit.
  

'Can I, as parent, claim I.T exemption on the premium paid under Jeevan Kishore ? '

• Yes, within over all limit of Rs 1,00,000/- allowed under section 80C for all savings.
  

`Is there any income-tax liability on the policy proceeds received on maturity/death under Jeevan Kishore ? '

• In case of policies issued prior to 01/04/2003, Policy proceeds received by way of maturity or death are free from income-tax under Section 10(10D) of the Income-Tax Act, whatever be the accumulated bonus.
• In case of policies issued after 01/04/2003, if the premium paid in any year exceeds 20% of the capital sum insured, all amounts received less of the total premiums paid are subject to Income-tax in the year of receipt.

`What is so special about Jeevan Kishore ?'

• Premium is quite low as compared to other plans on your own life.

• Due to reduction in premium, you can assure maximum funds to your child when it is required most- may be for its education or some other purpose.

• No medical examination is necessary till the child's age of 10 years.

'Can I invest on Jeevan Kishore for my child ? '

• Yes, provided it is in the age group of 0 to 12 years (Last birthday).