LIC Jeevan Ankur

LIC Jeevan Ankur

LIC Jeevan Ankur (Plan no.807) is a latest insurance plan for the children. LIC Jeevan Ankur gives multiple financial assistance to your child when he/she needs in growing up years. In this plan parent is the Life Assured and child is the Beneficiary.

lic jeevan ankur

LIC Jeevan Ankur Features:

  • Jeevan Ankur is the must plan for all parents.
  • Option of single premium/Regular premium
  • Parent is the Life Assured, child is the Beneficiary.
  • Death Benefit= Sum Assured + Income Benefit + Maturity Benefit*
  • Maturity Benefit= Sum Assured + Loyalty addition, if any.
  • Plan available for parents of a new born child also
  • 3 Riders to customize Jeevan Ankur policy
  1. Accident Benefit Rider
  2. Critical Illness Benefit Rider( With an additional option of Premium Waiver Benefit)
  3. Conventional with profits plan.

Death Benefits:

Immediate payment of an amount equal to the Basic Sum Assured plus income benefit plus maturity benefit*

* On death of the Life Assured, Basic Sum Assured shall be payable immediately followed by Income Benefit, in addition to this all Maturity Benefits will be payable on the scheduled date of Maturity.

Income Benefit:
Income Benefit equal to 10% of the Basic Sum Assured is payable on each Policy anniversary from the policy anniversary coinciding with or next following the date of death, till the end of policy term to the nominee child.

Another lump sum equal to Basic Sum Assured with Loyalty Addition, on the maturity date.

Eligibility conditions for Jeevan Ankur:

Particular Minimum Maximum
Entry Age Life Assured (Parent) 18 Years 50 Years
Entry Age for child 0 Year 17 Years
Policy Term 18 minus age of child, or 8 years min. 25 minus age of child.
Sum Assured Rs.100000/- No Limit

Premium modes:

Single Premium, yearly, half-yearly, Quarterly, Monthly (ECS & SSS)

Eligibility conditions – Accident Benefit Rider

Critical Illness Rider

Benefit Illustration

lic ankur-accidential benefit

critical benefit ankur

 

lic rebate

 

Benefit Illustration

Benefit Illustration

Benefit Illustration

Benefit Illustration


Update: Jeevan Ankur Plan No.807 Has Been Discontinued.


LIC Child Future Plan

LIC Child Future Plan

LIC Child CAREER Plan Table 184 & Child Future Plan Table 185

When it comes to your child career and future, you don’t want to take risk. Every parent want to give their child finest education and future. If you want to secure your child’s future then this is the best LIC plan for your child. LIC has two best Children’s Plans – LIC Child’s Career Plan and Child Future Plan. Both child plans are available for age group of 0 to 12 years.

Features:
The unique features of the twin plans are commencement of risk from the age of 5 years of the child subject to deferment period of 2 years, auto risk cover in case of non-payment of premiums for 2 years and free risk cover equal to the sum assured during extended term of 7 years from the date of maturity.

Premium Waiver Benefit (PWB)
Premium Waiver Benefit rider, can be availed of which waives the payment of future premiums falling due in the event of unfortunate death of the proposer during premium paying term. Premium Waiver Benefit is also available during 2 years’ auto cover period.

Premium:
You can pay premium monthly, half yearly, or yearly.

LIC Child Future Plan

Tax Benefit:
Tax benefit is available under section 80C of the Income Tax Act within the overall limit of Rs 1,00,000 per annum along with other investments allowed under the same section.

Child’s Future Plan
Under Child Future Plan (Table 185) first money back installment amounts to 25% of sum assured followed by 4 annual installments @ 10% of sum assured and 50% of sum assured + vested bonus, and terminal bonus, if any is payable on maturity. Thus total returns being 115% of the sum assured + vested bonus & terminal bonus, if any.

115% Survival benefit:

  • 5 yrs before the expiry date of policy term: 25% of the SA
  • 4 yrs before the expiry date of policy term: 10% of the SA
  • 3 yrs before the expiry date of policy term: 10% of the SA
  • 2 yrs before the expiry date of policy term: 10% of the SA
  • 1 yrs before the expiry date of policy term: 10% of the SA

on the expiry date of policy term:

  • 50% of the S.A + Vested simple reversionary bonus + final additional bonus (FAB, if any.

Eligibility condition for LIC Child future plan:

  • Min. age at entry:  0 year (lbd)
  • Max. age at entry:  12 years (lbd)
  • Min. S.A.: Rs. 1 lakh.
  • Max. SA.: Rs 1 crore.
  • SA in multiples: Rs. 5,000
  • Min. Maturity age: 23 years.
  • Max. Maturity age: 27 years.
  • Modes Allowed: Yly/Hly/Qly/SSS
  • Policy term: 11 to 27 years
  • Max. Age end of PPT: 70 years (nbd).
  • Premium paying Term: 6 years OR Term minus 5 years.
  • PWB Prop. Age Min: 18 years completed.
  • PWB Prop. Age Max: 55 years (nbd).

FAQ:

Who can take this policy?
Ideally, child’s father can take this policy. Mother can also proper, if she has her own income. Grand parent can also propose, if child’s parent agree. Legal guardian can propose if both parents are not alive.

When the risk cover will start for my child?
If your child is 12 years old, risk cover will commence immediately.

If the age at entry is more  than 10 years but less than 12 years, the risk shall commence from the policy anniversary coinciding with or next following 12th birthday of the LA.

If age at entry is less than or equal to 10 years, the risk will commence either after 2 years from the DOC or from policy anniversary coinciding with or immediately following completion of 5 years age of LA, whichever is later.

 

How to Apply for Child future Plan?


Update: Child Future Plan Table 185 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

LIC Child Career Plan

LIC Child Career Plan

LIC Child Career Plan Summary:

LIC Child Career Plan (Table 184) provides funds at regular yearly intervals for professional or higher education and start-in-life in the form of 6 money back installments commencing from minimum age of 18 years. So your child will get money when they really need it.

Child’s Career Plan (Table no. 184, with profits)

Under Child’s Career Plan vested bonus is payable along with first survival benefit of 30% of sum assured followed by subsequent 5 annual survival benefits @15% of sum assured. Thus total returns being 105% of basic sum assured + vested bonus and terminal bonus, if any.

LIC Child Career Plan 184

 

Premium waiver benefit:
Child Career plan (PWB) is available on payment of an additional premium during the premium payable term or till death of the proposer, whichever occurs earlier.

i) after the date of death of the proposer the premium falling due shall be waived.
ii) during the auto cover period the premium waiver benefit shall remain in force.
iii) the premium waiver benefit as stated in (i) shall be granted on the basic of proposer age personal health declaration and other requirements. In case any given information is found to be untrue and incorrect, all clime to the benefit shall cease.
iv) in the event of the proposer by his own hands whether sane or insane within one yearly from the issuance of FPR the PWB described in (i) and (ii) shall not operate.

105% Survival benefit:

  • 5 yrs. Before maturity : 30% of the SA+ Vested simple reversionary bonuses
  • 4 yrs. Before maturity : 15% of the SA
  • 3 yrs. Before maturity : 15% of the SA
  • 2 yrs. before maturity : 15% of the SA
  • 1 yrs. Before maturity : 15% of the SA

on maturity date: 15% of the S.A + final additional bonus (FAB), if any.

Eligibility condition for LIC Child career plan:

  • Min. age at entry: 0 year
  • Max. age at entry: 12 years
  • Min. S.A.: Rs. 1 lakh.
  • Max. SA.: Rs 1 crore.
  • SA in multiples: Rs.5,000
  • Min. Maturity age: 23 years.
  • Max. Maturity age: 27 years.
  • Modes Allowed: Yly/Hly/Qly/SSS
  • Policy term: 11 to 27 years
  • Max. Age end of PPT: 70 years
  • Premium paying Term: 6 years OR Term minus 5 years.
  • PWB Prop. Age Min: 18 years completed.
  • PWB Prop. Age Max: 55 years

How to Apply for Child Career Plan?


Update: Child Career Plan No. 184 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.