LIC policy for children

THIRUVANANTHAPURAM Nov. 13. The Life Insurance Corporation of India is launching a new money back policy for children, `Komal Jeevan', on November 14, Children's Day.

Addressing a press conference here on Wednesday, the senior divisional manager of LIC, Thiruvananthapuram division, Philomina Thomas, said the policy could be taken for children below 10 years of age.

The insurance protection begins after two years of the commencement of the policy or from the policy year immediately after the child turns seven years, whichever is later. The premium need be paid only till the 18th year of the child.

The sum assured is Rs. one lakh to Rs. 25 lakhs. 20 per cent of the sum assured will be given in the policy year after the child completes 18 years. The amount which will be given back in the 20, 22nd and 24th year will be 20-30-30 per cent of the sum assured.

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