Jeevan Ankur Child Benefit Endowment Plan offered by LIC. It’s a traditional with profit plan that has been thoughtfully conceptualized to help you with your child’s education planning and future.
Under this plan, parents remain the Life Insured and their children remain the nominees. The plan ensures that children get the benefits for their better future, even if parents don’t make it till the end of the policy tenure.
According to this plan, the premium is required to be paid till the policy term ends. And at the end of the policy term, the Sum Assured along with the Loyalty Additions is paid as the Maturity Benefit, regardless of whether the Life Insured, i.e. the parent, is alive or not.
If the Life Insured dies before the end of the policy term, the nominee, i.e. the child, gets the basic Sum Assured as the Immediate Death Benefit. The policy doesn’t end in such cases and the insurer continues to pay the rest of the premiums.
In addition, the nominee also gets the Income Benefit, which is 10% of the Sum Assured, every year till the end of the policy term, from the date of death of the policy holder. Furthermore, the policy is available with 2 additional riders to ensure extra protection and benefits for the policy holders.
Let’s check out the key features of this amazing Child Benefit Endowment Policy from LIC.
Now, that you know the key features of LIC’s Jeevan Ankur Policy (UIN: 512N267V01), it’s time to get acquainted to the eligibility criteria of this plan.
There are two optional riders available with LIC’s Jeevan Ankur Insurance Plan on the payment of extra premiums.
There are two types of Rebates that policy holders can avail on this policy. These are:
Sum Assured Rebate: Those making Single premium payment,get to enjoy 4% of the Sum Assured as rebate for Sum Assured between Rs. 2,0,000 and Rs. 4,95,000, policy holders. On the other hand, for Sum Assured equal to or higher than Rs.5,00,000/-, policy holders get to enjoy a 6% of the Sum Assured as rebate. There is no rebate for Sum Assured between Rs. 1,00,000 and 1,95,000.
Similarly, those making regular premium payments can earn 2% of the Sum Assured as rebate, forSum Assured between Rs. 2,0,000 and Rs. 4,95,000. And 3.00% for Sum Assured equal to or above Rs.5,00,000/-. There is no rebate for Sum Assured between Rs. 1,00,000 and 1,95,000, for those making regular premium payments.
Mode Rebate: Policy holders get to earn 1% rebate of the tabular premium, if they pay their premiums on a half-yearly basis. On the other hand, if policy holders pay their premiums on a yearly basis, they get to earn a rebate of 2% of the tabular premium amount.
In the event of the Life Assured committing suicide (be it sane or insane) at any time within one year from risk commencement date, Jeevan Ankur Policy by LIC gets terminated. However, for Single Premium Policy, claims to 90% (maximum) of single premium paid can be made. However, extra premiums are excluded.
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Now it’s Your Turn!
Now you know everything about LIC’s Child Benefits Endowment Plan - Jeevan Ankur Policy (UIN: 512N267V01). Go ahead, put this learning into practise and financially secure your child’s future now!
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