In Jeevan Ankur Plan the parents’ life will be insured and the nominee will be the child. The insured will get the sum assured with a bonus at the time of maturity. If the insured dies within the policy term then the sum assured will be paid to the nominee means to the child right away. Future premiums will be waived and no premium has to be paid after that. Along with this the nominee will get 10% of sum assured every year starting from the next year of his/her parents’ death. Sum assured with bonus will be paid to the nominee at the end of the policy term.
Benefits of LIC Jeevan Ankur Plan
The death benefit of Jeevan Ankur Plan: The nominee (child) will get the sum assured immediately on the expiry of insured (parents). The nominee will also get 10% of the sum assured every year from the next years of the death of the insured till the policy matures.
Maturity benefit of Jeevan Ankur Plan: As maturity benefit the insured or his/her nominee will get the sum assured along with bonus whether the insured is alive or not.
A bonus addition to the Jeevan Ankur Plan: The insured will be eligible to get bonus along with sum assured on the stipulated date of maturity depending on the LIC’s experience, whether the insured is alive or not.
Accidental benefit rider of Jeevan Ankur Plan: This rider benefit is only applicable only to regular premium policies. Under accidental benefit rider, an additional amount equals to sum assured will be paid to the family of insured. This benefit rider can be opted for the amount up to S.A. (minimum of Rs. 25,000 and maximum Rs. 50 lacs).
Critical illness rider benefit of Jeevan Ankur Plan: In critical illness, the rider benefits the insured will get the sum assured. The sum assured amount under critical illness rider can be approached up to the basic S.A subject to a minimum of Rs. 50,000 and maximum Rs.5 Lacs. This rider benefit is available to the insured provided that the plan matures on or before the insured attains the age of 60 years. This benefit can be provided with or without a premium waiver benefit.
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Eligibility for Jeevan Ankur Policy
The minimum age of parents to take this policy if 18 years and the maximum are 50 years with the children aged 0 to 17 years.
What is the S.A. amount for which the policy can be taken?
The insured can take Jeevan Ankur Policy with any amount, which means there is no upper limit of sum assured but the lower limit is Rs. 1,00,000.
How the premium will be calculated in the policy?
The basic rule to calculate premium is based on the age of insured, the sum assured amount, and of-course the decision of underwriter. The service tax will be applicable on the calculated amount of premium as per service tax rules and regulations.
Term of the Jeevan Ankur Policy
An insured can Jeevan Ankur Policy for a minimum of 18-actual age of the child and maximum up to 25-actual age of the child. For example- if a child is of 2 years old then the policy term will be of 16 years (18-2=8 years).
The premium paying term of the policy
The insured can make a choice to pay a premium which is either pay regular premium throughout the policy term or a single premium at the outset. If the insured chooses regular premium paying then the premium term will be equals to the policy term.
Frequency of premium payments
The frequency of payment depends on the choice of the insured. He/she can choose to pay it in single or in regular like quarterly, half-yearly, or annually (through ESC).
What are the riders available in the policy?
There are two rider benefits are available in Jeevan Ankur Policy which is Accidental rider benefit and Critical Illness rider benefit.
What happens to maturity?
The insured will get the sum assured amount on maturity and bonus can also be paid if declared by LIC. If the insured dies within the policy term then the nominee will get sum assured and bonus (if applicable).
What is the death benefit?
If the insured dies within the policy term, the nominee will get sum assured amount right away after the death. The nominee will also get income benefit equals to 10% of the sum assured amount which will be payable to the nominee from the next year of the death of insured till the policy term ends. The nominee will get a bonus as well but only if it is applicable to the policy taken by the insured.
Can the insured surrender the policy in case of urgency?
Yes, the regular premium policy can be surrendered after 3 years provided that the insured has paid 3 consecutive years’ premium without fail. Whereas a single premium policy can be surrendered after one year.
What happens if the insured fails to pay premiums?
If the insured failed to pay premiums within the grace time period under the regular premium policy then the policy will have lapsed. It can be revived within 5 years from the date of the first unpaid premium through paying all the unpaid premium altogether along with interest.
Why you should approach Jeevan Ankur Policy?
This policy is specially designed for children. This policy is very good to take because it can fulfill the multiple financial requirements that come in your child’s growth years. The benefits you get are very appropriate that will help you to bring your kid to the level in the future.