Details about LIC Jeevan Ankur Policy for Children
LIC's Jeevan Ankur is a traditional profit oriented plan, specially made to meet the educational and other important needs of your child. If you are a parent of a child aged up to 17 years then LIC's Jeevan Ankur is the highly suitable insurance plan for you which make sure that your needs are met whether you survive or not, without relying on anyone else.
The risk cover in this plan will be on your life being a parent and the name of child should be written there as nominee under the plan. The policy term will be based on child's age at maturity.
Tax, bonus, returns and other benefits of Jeevan Ankur Plan
1. General Benefits
i) Death benefit:
On death of the Policyholder during the policy term: Basic Sum Assured will be payable to the nominee and income benefit which is equal to 10% of Basic Sum Assured will be payable during every policy anniversary, from the insurance policy anniversary coinciding with or next following 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 policyholder's death: The policy shall continue and all advantages shall be payable to the legal heir(s).
ii) Maturity Benefit:
At the maturity of policy term the fix maturity benefit equal to Basic Sum assured with Loyalty Addition, if any, will be payable irrespective of survival of the Life Assured.
iii) Loyalty Addition:
Policyholder will be eligible for Loyalty addition on the stipulated date of time irrespective of survival of Life Assured.
2. Optional Benefits: You may get following optional riders by payment of some extra premium-
i) Accident Benefit Rider:
This benefit can be available under regular premium policies. An additional sum equal to Accident Benefit Rider Sum Assured is payable upon death of policyholder due to accident. The Accident Benefit Rider in the form of sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum payment of 25,000 and maximum of payment of 50 lakh). This benefit shall be available only till the age nearer birthday of the Life assured in 70 yrs.
ii) Critical Illness Rider:
An amount equal to Critical Illness Rider in the form of Sum Assured shall be payable in case of diagnosis of specified categories of 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. This benefit can be available provided the policy matures on or before the Life Assured attains 60years of age.
LIC Jeevan Ankur policy features
Jeevan Ankur is the must-have plan for all parents.
There are 3 Riders to customize Jeevan Ankur policy.
An alternative of single premium/Regular premium is available.
Death Benefit is equal to sum Assured plus income Benefit plus maturity Benefit.
Parent is Life Assured while child is considered as beneficiary.
Plan is also available for parents of a new born child.
Maturity Benefit is nothing but Sum Assured plus Loyalty addition.
Read LIC Jeevan Vaibhav endowment policy: Benefits and returns