LIC JEEVAN ANKUR (Table No. 807)
LIC Jeevan Ankur is new children policy from LIC India. It comes with a new and unique feature of securing your child future. This unique plan helps one to pay responsibility even in his absence. This child policy ensures and covers child education and other future needs. In Jeevan Ankur policy parent or guardian's life will be insured and child will be the nominee. Waiver of premiums in case of guardian death is one of the key benefits in this plan. In case of parent death during the term of plan, an amount equal to one basic SUM assured will be given to nominee and 10% of basic SUM assured will be given on each policy anniversary. Also the maturity benefits will remain same (SUM assured + Loyalty addition, if any) even. In case of child death, life insured can nominated another child with same benefits.
BENEFITS & FEATURES
Maturity Benefits : An amount equal to Basic Sum assured plus Loyalty Addition, if any will be paid.
Death Benefits : Apart from SUM assured to nominee, an amount equal to 10% of basic SUM assured will be payable every year till the end of the policy term.
On death of child, when Life Assured is alive : In case of child death, life insured can nominate another child.
Policy Loan : No policy loan against this plan is available.
Tax Benefits : Tax benefits on premium under section 80 C and death claim under section 10 (10D) as per IT Act 1961.
Surrender Value : For single premium policy, if policy completed one year, guaranteed surrender value will be 90% of premium paid excluding extra premium, if any.
For regular premium policies a guaranteed surrender value will be given if 3 or more years of full premium paid. Guaranteed surrender value will be 30% of premium paid, excluding first year premium and any extra premium.
Others Benefits : You may avail accident benefits riders and critical illness riders in Jeevan Ankur policy.
ELIGIBILITY & PREMIUM PAYMENTS
- Minimum / Maximum Age (Child): 0 Years to 17 Years
- Minimum / Maximum Age (Life Assured): 18 Years to 50 Years
- Maximum age of maturity (Life Assured): 75 years
- Minimum / Maximum Term: Higher of (18 – age of child, 8) years to 25 years of Child
- Minimum / Maximum Sum Assured: Rs.1,00,000 and more (No upper limit)
- Premium Payment: Yearly, Half- Yearly, Quarterly and Monthly
Why Child Policy?
Unfortunate demise of a parent can lead whole family financially down in just few years. Child policies supports and don’t let you compromise with your child education. Education these days is becoming way expensive. Responsible parents do not want their child education to be impacted even if something happens to them.
You can start your child insurance when your child has been born. Saving is not only motive of child plans. Have you ever think what if something happens to you? So a best child plan should have both savings and financial support to child in absence of parents.