Life Insurance Corporation of India (LIC) is going to introduce a new plan for children called JEEVAN ANKUR with effect from 23rd of jan 2011. It is specially 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.
About Jeevan Ankur:
It is designed specially for the benefit of your children. Your child is totally dependent on you during his/her growing years. So Jeevan Ankur of LIC is an excellent plan to meet the multiple financial needs that arise as the kid grown up. The risk cover under this plan will be on your life as a parent and the named child shall be the nominee under the plan. The policy term shall be based on the age at maturity of the child
Features of Jeevan Ankur:
- A must plan for all the parents.
- Parents is the life assured, and child is the beneficiary.
- Death benefit= Sum assured + Income benefit + Maturity Benefits.
- Maturity benefit = Sum assured + loyalty addition
- Accident benefit riders.
Reason to buy JEEVAN ANKUR:
- Monetary benefits: It will enable your child to meet up their important financial expenses during the grown up years.
- The immediate amount of payment is equal to the sum assured will help to meet the financial needs that arise on the demise of the Life assured.
- Continued benefit of 10% of the S.A on every policy anniversary till the maturity will be helpful to meet the education expenses from time to time.
- The maturity benefit of the basic sum assured and the loyalty addition shall be available on the maturity irrespective of your survival.
Eligibility Conditions and Other Restrictions (For Basic Plan):
a) Minimum Sum Assured : Rs. 100,000
b) Maximum Sum Assured : No Limit
(The Sum Assured shall be in multiples of Rs. 5000/-)
c) Minimum Age at entry for Life Assured : 18 years (completed)
d) Maximum Age at entry for Life Assured : 50 years (nearest birthday)
e) Maximum Maturity Age for Life Assured : 75 years (nearest birthday)
f) Minimum Age at entry for child : 0 years (last birthday)
g) Maximum Age at entry for child : 17 years ( last birthday)
h) Minimum Term : Higher of (18 – age of child, 8) years
i) Maximum Term : (25 – age of child) years
Sample premium Rates:
Following are some of the sample premium rates (exclusive of service tax) per Rs. 1000/- S.A.:
Annual Regular Premium
So what are you waiting for? This is the right time to ensure your child and secure his/her future as a bright one ahead.