Jeevan Kiran Beema Child Endowment Plan
by Prabhu Mahalaxmi Life Insurance
In simple terms: you pay a fixed amount each year, and at the end of the term you get your cover amount back together with the bonus the insurer adds along the way. If you are ever unable to keep paying, the plan carries on by itself and your child still receives the full amount when the term ends. Child endowment life insurance combining long-term savings and protection for children. Participating (bonus) benefits typically available.
Maturity estimator
Estimated value at maturity
—
Declared bonus
Rate by policy term
Declared FY 2079/80
| Policy term | Rate / 1,000 |
|---|---|
| 0-9 | Rs 33 |
| 10-14 | Rs 33 |
| 15-19 | Rs 40 |
| 20-24 | Rs 51 |
| 25 and above | Rs 70 |
Recent years
- FY 2081/82
- Rs 33–73/ 1,000
- FY 2080/81
- Rs 33–73/ 1,000
- FY 2079/80
- Rs 33–70/ 1,000
- FY 2078/79
- Rs 33–70/ 1,000
- FY 2077/78
- Rs 33–70/ 1,000
* Company-wide declared range — the plan's own term bands were not published that year.
Bonus rates are declared annually and are not guaranteed. Past rates do not guarantee future rates.
What's included
Key highlights
- Child-focused endowment plan
- Maturity payable as Sum Assured + bonuses
- Flexible premium payment options
Features
- Savings plus life cover for child's future
- Death benefit payable as Sum Assured plus bonuses
- Accidental death benefits available via rider
- Premium waiver on proposer's death (subject to terms)
- Loan and surrender options after 3 full years of premium payment
- Multiple premium payment modes available
Terms and conditions
- 1)Maturity Benefit: Sum Assured + Vested Bonus
- 2)Death of Insured: 25% of SA or the total Premium paid (whichever is higher).
- 3)Death of insured after the death of proposer: 25% of SA + Vested Bonus or Total Premium paid (whichever is higher).
- 4)Death of proposer: PWB & MIB should commence until maturity (% of MIB as opted by the proposer 1%, 1.5% & 2%) with Maturity benefit at Maturity.
- 5)Death of insured and proposer at the same time: SA + Vested Bonus and 25% of SA (Insured Benefit)
- 6)Early Surrender Benefit: After payment of 3 full years premium and completion of 3 complete years and benefit is calculated
- 7)Loan Related Provision: The policy is eligible for loan acquiring the Surrender Value. The maximum loan amount should not exceed 25% of Sum Assured. The maximum loan amount should be 90% of Surrender Value based on 25% of Sum Assured. In the event of the death of the child, the death benefit will be reduced to the outstanding loan amount.
What happens in each case
Each plan pays out differently depending on what happens during the term. These are the situations that matter for this kind of plan.
If the insured passes away during the term
The nominee receives the sum assured plus the bonus built up to that date, and the policy ends. Most child plans are written on the parent's life, so see the next case for how the child is protected.
Typical for child plans — confirm the exact terms in the brochure.
If the parent or guardian passes away
Future premiums are waived and the policy continues on its own. The child still receives the full maturity amount at the set age. Many child plans also pay the child a regular income until then — the brochure states the rate.
Typical for child plans — confirm the exact terms in the brochure.
If the policy runs to maturity
The child receives the sum assured plus the bonus built up to that date, timed to the age set when the policy was taken out.
Typical for child plans — confirm the exact terms in the brochure.
If death is caused by an accident
With the accidental death rider, an additional amount is paid on top of the sum assured. The rider is optional and carries its own premium.
Typical for child plans — confirm the exact terms in the brochure.
Optional riders
Accidental Death Benefit (ADB)
Additional accidental death benefit available through the optional rider.
Permanent Total Disability Benefit (PTD)
Benefit for permanent total disability according to rider terms.
Premium Waiver Benefit (PWB)
Premium waiver benefit according to applicable conditions.
Loan & liquidity
- Policy loan
- Available
- Loan facility
- Up to 90% of surrender value
Questions about this plan
What kind of plan is Jeevan Kiran Beema Child Endowment Plan?
Jeevan Kiran Beema Child Endowment Plan from Prabhu Mahalaxmi Life Insurance is a child plan that is taken out by a parent or guardian to fund a child's education and future.
Who can buy Jeevan Kiran Beema Child Endowment Plan?
The entry age for Jeevan Kiran Beema Child Endowment Plan is 18 – 60 years.
How long does Jeevan Kiran Beema Child Endowment Plan run?
The policy term for Jeevan Kiran Beema Child Endowment Plan is 10-30 years.
How much cover can I take on Jeevan Kiran Beema Child Endowment Plan?
The sum assured available on Jeevan Kiran Beema Child Endowment Plan is From Rs 1,00,000.
What bonus rate does Jeevan Kiran Beema Child Endowment Plan earn?
For FY 2079/80, Prabhu Mahalaxmi Life Insurance declared Rs 33–70 / 1,000 of sum assured on Jeevan Kiran Beema Child Endowment Plan. Bonus rates are set each year and are not guaranteed.
Which riders can be added to Jeevan Kiran Beema Child Endowment Plan?
Jeevan Kiran Beema Child Endowment Plan can be taken with the following optional riders: Accidental death (ADB), PTD / PWB. Each rider carries its own premium.
Premium
Quote on request