LIC Jeevan Ankur child insurance plan gives the life cover of parent up to the sum assured and the term of the policy is as per the age of your child (nominee) at the time of maturity of the plan.
Minimum & Maximum Age of entry: The minimum age of entry of the parent, whose life is assured, is 18 years and the maximum age of entry of the life assured (Parent) is 50 years.
Minimum & Maximum age of Child: The minimum age of entry of the nominee child is 0 on the last birthday and the maximum age of entry of the child is 17 years on the last birthday.
Minimum age of maturity of the child: The minimum maturity age of the child is 18 years.
Minimum time period of the policy: The minimum term of the policy is 8 years.
Maximum age of maturity: The age of the insured parent is 75 years on the nearest birthday and the maximum age of maturity of the nominee child is 25 years.
Minimum & Maximum sum assured: The minimum sum assured is Rs. 100000 and the multiples of Rs. 5000 thereafter and there is no limit for the maximum amount of sum assured.
Benefits of LIC Jeevan Ankur Child Plan
Death of the life assured : If the death of the life assured (Insured parent) happened within the policy term (policy period) the basic sum assured will pay to the nominee and 10% of basic sum assured is payable on each policy anniversary after death of the insured, till the end of the policy period.
Death of nominee child: If the death of the nominee child happened while the life assured is alive, the life assured (parent) can nominate another child or another person and the policy will continue with the same benefit till any another incident or maturity. If death of child (nominee) happened after the death of life assured (parent) the policy will continue and benefits shall be payable to the legal heir(s)
Maturity Benefit : At the maturity, an assured maturity benefit equal to the basic sum assured and loyalty addition, if any, is payable whether the life assured is alive or not.
Loyalty Addition: As per the experience and practice of Life Insurance Corporation, the Jeevan Ankur child plan also eligible for loyalty addition on the date of maturity irrespective of the survival of Life Assured.
Riders of the policy: Riders such as Accident Benefit Rider, Critical illness rider with or without premium waiver also available with LIC Jeevan Ankur Child insurance plan.
Premium Payment: You can pay premium yearly, half yearly, quarterly or monthly ECS mode. Single premium is also available for LIC Jeevan Ankur Policy.
Grace days of Premium Payment: One month grace dayss available for yearly, half yearly and quarterly premium payment and 15 days grace period for monthly premium.
Premium calculator: The following table shows the premium of a sum assured of Rs. 100000 of a 30 year old sum assured (parent) in different term of policy. Service tax etc. will be added witht the following amount.
Policy term (years) 10 15 20 25
Single Premium (Rs.) 61880 50335 42210 37530
Annual Premium(Rs.) 9120 5750 4135 3350
High Sum Assured Rebate: LIC allows rebate of 4% & 6% of sum assured of Rs. 2Lakh to 4.95 lakh and 5 lakh or more respectively for single premium payment and 2 % and 3% respectively for regular premium payment for Jeevan Ankur plan.
This LIC Jeevan Ankur policy is suitable for the financial protection the nominee child, even if the death of the insured parent is occurred.
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Life insurance plans for individuals by LIC of India