Wednesday, 25 January 2012

LIC Jeevan Ankur child plan for the needs of child

LIC launched new child insurance plan named Jeevan Ankur. This is a child insurance plan may be called as child education plan or child protection plan. LIC Jeevan Ankur Child plan insures the life of insured parent for the protection of child and specially designed for the educational and other needs of your child. The jeevan ankur plan gives financial protection to your child as per the terms and conditions of the insurance policy, whether you survive or not. This child care plan is suitable for a parent with a child who is up to the age of 17 years.

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 Benefit

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.

Related posts
LIC online term life insurance plan launch soon
Life insurance plans for individuals by LIC of India

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