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LIC Jeevan Ankur – Key Features & Benefits

LIC Jeevan Ankur

It is a traditional with profits plan which provides cover on parent’s life and policy terms are decided according to the child’s age.

Key features

  • Maturity date depends upon the age of child.
    • If you want to save for marriage – 25 years (child’s age) would be ideal
    • If you want to save for  Education- 18 years (child’s age) would be ideal
    • Maximum entry age of child is intelligently set at 17 Years and minimum policy term as 8 years allowing you to save for your child’s marriage (expected age of marriage is after your child reaches 25 years).
    • Double benefit: on death as well as on maturity
    • Income benefit: 10% of SA
    • Riders available: Accidental Benefit Rider & Critical Illness Rider
    • Loyalty Additions

Eligibility Conditions

Minimum Maximum
Sum Assured Rs. 1,00,000 No Limit
Policy Term Higher of

  • When child completes18 years of age.
  • 8 Years
When child completes 25 years
Premium Payment Term Equal to Policy Term
Entry Age of Life Insured 18 Years 50 Years
Entry Age of Child 0 17 Years
Payment modes Single, Yearly, Half-Yearly, Quarterly, Monthly & SSS

 

Benefits

Death Benefits

If life assured dies during policy term
  • Sum assured is paid immediately
  • 10% of Sum assured is paid on each policy anniversary till the end of policy term
  • Maturity benefits will be paid as planned
If the child dies The policy will continue the life assured could nominate another person
If the child dies after life assured’s death The policy shall continue and the benefits shall be payable to the legal heir(s).

Maturity Benefit

In case of maturity (whether the life assured is alive or not), the beneficiary will receive

  • Sum Assured
  • Loyalty Additions

(Loyalty additions are not guaranteed. It depends upon the company’s performance)

Rider Benefit

Name

Description

Minimum benefit

Maximum benefit

Accident Benefit

  • Available under regular premium policies only.
  • Accident Benefit is payable upon death due to accident.
  • This benefit will be available only till the age nearer birthday of the Life assured is 70 yrs.

Rs. 25,000

Rs. 50,00,000

Critical Illness

  • Additional benefit is paid on diagnosis of any one of pre-specified critical illness.
  • If premium waiver also starts when critical illness is diagnosed

Rs. 50,000

Rs. 5,00,000

Sample premium Rates:

Following are some of the sample premium rates (exclusive of service tax) per Rs. 1000/- S.A.:

Single Premium

Age

Policy term

10

15

20

25

         20

615.45

494.95

405.95

348.00

30

618.80

503.35

422.10

375.30

40

638.75

541.60

483.60

463.60

 

 

Annual Regular Premium

Age

Policy term

10

15

20

25

       20

90.65

56.45

39.70

31.10

       30

91.20

57.50

41.35

33.50

      40

94.70

62.35

47.80

41.75

 

 

P.S.This plan of LIC is no more available for fresh purchase.

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