LIC Jeevan Ankur
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.
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LIC Jeevan Ankur - Key Features
There are 2 additional riders available in this policy
LIC Jeevan Ankur - Benefits
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 al
When the policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not. Maturity Benefit = Basic Sum
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 benefi
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 Policyholder | 18 | 50 |
| Age at Maturity | - | 75 |
| Entry Age of Child (in years) | 0 | 17 |
| Premium (in Rs.) | - | - |
| Payment modes | Single, Yearly, Half-Yearly, Quarterly, Monthly and SSS | |
LIC Jeevan Ankur - FAQs
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.
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
Loan is not available under this policy.
