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Friday, January 20



LIC’s Jeevan Ankur is a conventional with profits plan, specially designed to meet the educational and other needs of your child. If you are the parent of a child aged up to 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.
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. 
1. Benefits

Death benefit

On death of the Life Assured during the policy term: Basic Sum Assured shall be payable to the nominee and an income benefit equal to 10% of Basic Sum Assured shall be payable on each policy anniversary, from the policy anniversary coinciding with or next following the date of death, till the end of the policy term. 

On death of child, when Life Assured is alive: On death of the child, the Life Assured will have an option to nominate another child/person and the policy will continue with the same benefit payable to new nominee/legal heirs after the death of the Life Assured during the term of the policy. 

On death of child/nominee after Life Assured’s death: The policy shall continue and the benefits shall be payable to the legal heir(s).

Maturity Benefit: At the end of the policy term an assured maturity benefit equal to Basic Sum assured along with Loyalty Addition, if any, shall be payable irrespective of survival of the Life Assured.

Loyalty Addition: Depending upon the Corporation’s experience the policy will be eligible for Loyalty addition on the stipulated date of maturity irrespective of survival of Life Assured.

Optional Benefits: You may choose  the following optional riders by payment of additional premium-

i) Accident Benefit Rider:

This benefit is available under regular premium policies only. An additional sum equal to Accident Benefit Rider Sum Assured is payable upon death due to accident. The Accident Benefit Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 70 yrs. 
  ii) Critical Illness Rider: 

An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illnesses. The Critical Illness Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to a minimum of Rs. 50,000 and a maximum of Rs. 5 lakh (including all policies with LIC of India). This benefit will be available provided the policy matures on or before the Life Assured attains 60years of age. 

Critical Illness Rider can be availed with or without Premium Waiver Benefit. If Critical Illness Rider is opted with Premium Waiver Benefit, then in the event of Life Assured diagnosed with any of the Critical Illnesses covered under the policy, the total future premium in respect of the policy will be waived. The Basic Sum Assured under such policies should be equal to the Critical Illness Rider Sum Assured.

3. 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

4. Revival:
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived from the date of first unpaid premium and before the date of maturity by paying all the arrears of premium together with interest within a period of five years, subject to submission of satisfactory evidence of continued insurability.
The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the life assured. Riders shall be revived along with the basic plan and not in isolation.
5. Policy Loan:
No loan facility will be available under this plan.

6. Service Tax: 
Service tax, if any, shall be as per the Service Tax laws and the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder on premium(s) as and when the premiums are paid.

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