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Jeevan Ankur

Jeevan Ankur (THIS PLAN IS NO LONGER AVAILABLE)

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*** To buy a new LIC plan call Vikas 99111-70785 ***

Jeevan Ankur (THIS PLAN IS NO LONGER AVAILABLE)




Jeevan Ankur (Plan No. 807)
Jeevan Ankur is designed to meet the educational and other needs of your child. If you are the parent of a child aged upto 17 years, LIC’s Jeevan Ankur is the most suitable insurance plan for you which ensures that your responsibilities are met whether you survive or not and without depending on anyone else.

In this plan the parent's life is insured and the named child shall be the nominee. The term of the policy depends on age of the child at maturity.



Features


  • Multiple returns on death of the life insured
  • Additional accidental sum assured
  • Double tax benefit
  • Maturity benefit is paid even if policy holder dies during policy term
  • Loyalty additions are also paid on maturity




Eligibility Conditions
Minimum
Maximum
Parents age at entry
18 years
50 years
Parents age at maturity
---
75 years
Childs age at entry
0 years
17 years
Term
(18 - age of child) OR 8 years,
whichever is higher
25 – age of the child
Sum Assured
     Rupees One Lakh
No higher limit



Double Tax Benefit


U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80C

U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)




Possible Events during policy duration


On Death
If the policy holder dies during the policy term, his/her nominee will receive following benefits:
1. The sum assured will be paid to the nominee immediately
2. 10% of the basic sum assured will be paid each year for the remaining policy term
3. At end of the policy term, Sum Assured along with the accrued bonuses will be paid. After this the policy will terminate.


On Accidental Death
In case, the policy holder dies due to an accident, nominee will get following benefits:
1. The sum assured + additional accidental sum assured will be paid to the nominee immediately
2. 10% of the basic sum assured will be paid each year for the remaining policy term
3. At end of the policy term, Sum Assured along with the accrued bonuses will be paid. and the policy will terminate after that.
On Survival
If the policy holder survives the policy term, he/she will receive the sum assured along with the accrued bonuses.



Other points to consider


  • Premium waiver benefit (PWB) is available on certain conditions only
  • If PWB is not taken then premiums are required to be paid even after policy holders death
  • Loan is not available under this policy



Understand Jeevan Ankur with an example

Mr. Govinda aged 30 years takes LIC's Jeevan Ankur Plan for his 5 year old son Ravi. He chooses sum assured of Rs 2,00,000.00 (Rupees Two Lakhs only) and the term of 20 years. 

 The annual premium payable on this plan will be Rs 7,805.00 (Rupees Seven Thousand Eight Hundred and Five only).

Possible Events


On Death
If Mr. Govinda dies during the policy term, Ravi will receive following benefits:
1. Sum assured will be paid immediately
2. 10% of the basic sum assured will be paid each year till end of the policy term
3. At the end of policy term, Ravi will again receive the sum assured along with accrued bonuses.


On Accidental Death
If Mr. Govinda dies due to an accident, during the policy term, Ravi will receive following benefits:
1. Sum assured + Additional accidental sum assured will be paid immediately
2. 10% of the basic sum assured will be paid each year till end of the policy term
3. At the end of policy term, Ravi will again receive the sum assured along with accrued bonuses.

  
On Survival
If Mr. Govinda survives the term of the policy, he will receive sum assured along with the accrued bonuses.



*** To buy a new LIC plan call Vikas 99111-70785 ***
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