Features of plan
Jeevan Ankur policy by Life Insurance Corporation of India is a with profit Education plan for children below the age of 17 years. Jeevan Ankur is Best education plan by Lic of India. Apply for Jeevan Ankur Lic policy today.
Lic of India’s latest plan Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your children. If you are the parent of a child aged upto 17 years, LIC’s Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else.
The risk cover under this plan will be on your life as a parent and the named child shall be the nominee under the plan. The policy term shall be based on the age at maturity of the child.
Latest Lic Policy by Lic of India:
- Jeevan Ankur Child Education Plan
- Jeevan Saral by Life Insurance Corporation of India
- Jeevan Vridhi by Life Insurance Corporation of India
- Jeevan Vaibhav by Lic of India
1. Benefits of Lic Jeevan Ankur
i) Lic Jeevan Ankur’s Death benefit:
On death of the Life Assured during the policy term: Basic Sum Assured shall be payable to the nominee and an income benefit equal to 10% of Basic Sum Assured shall be payable on each policy anniversary, from the policy anniversary coinciding with or next following the date of death, till the end of the policy term. On death of child, when Life Assured is alive: On death of the child, the Life Assured will have an option to nominate another child/person and the policy will continue with the same benefit payable to new nominee/legal heirs after the death of the Life Assured during the term of the policy. On death of child/nominee after Life Assured’s death: The policy shall continue and the benefits shall be payable to the legal heir(s).
ii) Lic Jeevan Ankur’s Maturity Benefit:
At the end of the lic policy term an assured maturity benefit equal to Basic Sum assured along with Loyalty Addition, if any, shall be payable irrespective of survival of the Life Assured.
iii) Lic Jeevan Ankur’s Loyalty Addition:
Depending upon the Corporation’s experience the policy will be eligible for Loyalty addition on the stipulated date of maturity irrespective of survival of Life Assured.
2. Lic Jeevan Ankur’s Optional Benefits:
You may choose the following optional riders by payment of additional premium-
i) Lic Jeevan Ankur Accident Benefit Rider:
This benefit is available under regular premium policies only. An additional sum equal to Accident Benefit Rider Sum Assured is payable upon death due to accident. The Accident Benefit Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 70 yrs.
ii) Lic Jeevan Ankur Critical Illness Rider:
An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illnesses. The Critical Illness Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to a minimum of Rs. 50,000 and a maximum of Rs. 5 lakh (including all policies with LIC of India). This benefit will be available provided the policy matures on or before the Life Assured attains 60years of age.
Critical Illness Rider can be availed with or without Premium Waiver Benefit. If Critical Illness Rider is opted with Premium Waiver Benefit, then in the event of Life Assured diagnosed with any of the Critical Illnesses covered under the policy, the total future premium in respect of the policy will be waived. The Basic Sum Assured under such policies should be equal to the Critical Illness Rider Sum Assured.
Who can take the policy?
Parents between the ages of 18 to 50 years with children between the ages of 0 to 17 years can take Jeevan Ankur.
For what amount of Insurance Cover can the policy be taken?
The policy can be taken for any amount of Sum Assured(Insurance Cover), there is no upper limit but minimum Sum Assured should be Rs.100000/-.
How much premium is required to be paid under the plan?
The amount of premium shall be calculated on the basis of age of the Life Assured, the Sum Assured desired under the plan and as per the underwriting decision. On the calculated amount of premium, Service Tax will be applicable as per Sevice Tax Laws.
What is the term of the policy?
The policy can be taken for a minimum term of 18 minus age of child or 8 years, whichever is higher upto a maximum term of (25 minus age of child). For example if a child is 2 years old, then the policy term can be between 16 years ( i.e. Higher of (18-2,8) years) and 23 Years(i.e.(25-2) years).
What is the premium paying term under the plan?
The policy holder has the option to choose whether to pay regular premium throughout the term or a single premium at the outset. Under Regular premium policies the Premium Paying Term shall be equal to the policy term.
What can be the frequency of payment of premiums?
You can choose to pay the premium in lump sum i.e. Single Premium or Regular Premium i.e. Yearly, Half Yearly, Quarterly and Monthly ( through ESC or Salary Deductions only)
Are there any riders under the plan?
The Riders available under the plan are:
- Accidental Benefit Rider
- Critical Illness Benefit Rider ( with an additional option of Premium Waiver Benefit)
What happens at the end of the policy term?
At the end of the policy term i.e. at Maturity, the maturity benefit amount equal to Basic Sum Assured shall be payable. In addition to this, Loyalty Addition if declared by the Corporation shall be payable. Even in case of death of the Life Assured during the policy term, the maturity benefit equal to the Basic Sum Assured along with Loyalty Addition, if any, shall be payable to the nominee.
What is the Death Benefit under the Plan?
On death of the Life Assured during the term -
- The Basic Sum Assured is payable immediately on death.
- An Income benefit equal to 10% of the Basic Sum Assured is payable on every policy anniversary coinciding with or next following the date of death of Life Assured till the end of policy term.
- Another lump sum amount equal to Basic Sum Assured is payable on the maturity date along with Loyalty Addition, if any.
Can the policy be surrendered in event of urgency?
Yes, Regular premium policies will acquire Surrender Value after 3 years, provided that 3 full years’ premiums have been paid and Single premium policies will acquire Surrender Value after one year.
What happens if premiums are not paid?
Under Regular premium policies, if premiums are not paid within days of grace the policy will lapse. A lapsed policy may be revived within a period of 5 years from the date of first unpaid premium. by payment of full arrears of premium together with interest subject to submission of proof of continued insurability of the Life Assured.
Why should one purchase Jeevan Ankur ?
Jeevan Ankur is specially designed for the benefit of the children. Your child is totally dependent on you during his/her growing up years. Jeevan Ankur is an excellent plan to meet the multiple financial needs that arise as kids grow up.
Through payment of Income Benefit, Jeevan Ankur assures that your child’s financial needs are met in case of your unfortunate demise.
The Policy term is based on the age of the child (18 and 25) to ensure that the financial needs of your child are taken care of till she is old enough to start earning and settle in life.
Because you can enjoy peace of mind that comes with the insurance cover and the certainty that all the benefits under the plan belong to your child.
Also because your child will emulate your saving habit; an important lesson you can impart to your child at an early age.
Searching the right agent is only the beginning… Contact