LIC 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.
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.
Sum Assured (in Rs.)
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)
Age at Maturity (in years)
Entry Age of Child (in years)
Premium (in Rs.)
Single, Yearly, Half-Yearly, Quarterly, Monthly & SSS
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
Riders – There are 2 additional riders available in this policy
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.