LIC Jeevan Ankur

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Policy Discontinued

LIC Jeevan Ankur Plan

 

LIC Jeevan Ankur logoLIC Jeevan Ankur Plan is a Traditional Plan with profits. This is a child benefit Endowment Plan where the parent is the Life Insured and the child is the nominee. This plan has been especially designed so that the benefits are payable for the child’s future even if the parent does not survive till the end of the policy tenure.

 

In this plan, premium needs to be paid till the end of the policy tenure. The Sum Assured + the Loyalty Additions would be paid as Maturity Benefit irrespective of whether the Life Insured is alive or not.

 

However, if the Life Insured, i.e. the parent dies within the policy tenure, the basic Sum Assured is paid as Immediate Death Benefit and the policy continues. There is a further payment of 10% of the Sum Assured every year from the date of death of the Life Insured till the end of the policy tenure as Income Benefit. The Maturity Benefit is paid when the policy tenure is over. This policy has 2 additional riders available.

 

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Key Features of LIC Jeevan Ankur Plan

 

  • This is a endowment plan with Loyalty Additions
  • In case of death of the Life Insured within the policy tenure, Sum Assured is paid immediately and 10% of the Sum Assured is paid every year till the end of the Policy Tenure as Income benefit facility
  • When the policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not
  • This policy offers Loyalty additions on the policy maturity irrespective of whether the Life Insured is alive or not
  • There is large Sum Assured rebate in this plan
  • There are 2 additional riders available in this plan.

 

 

 

Benefits you get from LIC Jeevan Ankur Plan

 

Death Benefit – In case of death of the Life Insured, i.e. the Parent, immediate Death Benefit of the Sum Assured is paid to the nominee + 10% of Sum Assured is also paid on every policy anniversary till the end of the policy term as Income Benefit

 

Maturity Benefit – When the policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not.

Maturity Benefit = Basic Sum Assured + Loyalty Additions, if any.

 

Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The maturity benefit is tax free under section 10(10)D provided all conditions have been fulfilled.

 

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Eligibility conditions and other restrictions in LIC Jeevan Ankur Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

1,00,000

No Limit

Policy Term (in years)

Higher of (18 - Age of Child) or 8

25 – Age of Child

Premium Payment Term (in years)

Equal to Policy Term

Entry Age of Life Insured (in years)

18

50

Age at Maturity (in years)

-

75

Entry Age of Child (in years)

0

17

Premium (in Rs.)

-

-

Payment modes

Single, Yearly, Half-Yearly, Quarterly, Monthly & SSS

 

Sample illustration of premium of LIC Jeevan Ankur Plan

 

Age of Life Insured = 20/30/40 years

Policy Term = 2 years, Yearly mode

Premium Paying Term = 20 years

Sum Assured = Rs 1,00,000

LIC Jeevan Ankur Plan Sample Premiums

 

 

Additional Features and Benefits of LIC Jeevan Ankur Plan

 

Riders – There are 2 additional riders available in this policy

  1. Accidental Benefit rider
  2. Critical Illness rider

 

                                          

What happens if?

 

You stop paying the premium – The policy will lapse if the premium stops. However if at least 3 years’ premium shave been paid then the policy acquires a Paid Up Value and the risk cover continues at the reduced Sum Assured. The reduced Paid Up value would be payable on maturity or on earlier death.

 

You want to surrender the policy – Surrender Value is paid if premiums for 3 years have been paid up for Regular Premium Policies and 1 year for Single Premium Policies.

Guaranteed Surrender value for Regular Premium Policies = 30% of total basic premiums paid - 1st year premium

Guaranteed Surrender Value for Single Premium Policies = 90% of the total basic premiums paid

 

You want a loan against your policy – Loan is not available under this policy.

 

 

Alternate Child Plans from different insurance companies

 

ICICI Prudential SmartKid Regular Premium Plan

Tata AIG Life Insurance Gyan Kosh

Aviva Young Scholar Secure Plan

 

 

Other Child Plans from Life Insurance Corporation of India

 

LIC Jeevan Chhaya

LIC Child Career

LIC Komal Jeevan

LIC Jeevan Kishore

LIC Jeevan Anurag

LIC Child Future Plan

Compare Child Plans

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