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JEEVAN ANKUR (Table-807) Best Child's Plan
LIC’s Jeevan Ankur is a latest insurance plan for the children. This plan 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.

The Policy term of Jeevan Ankur is based on the age of the child (18 and 25) to ensure that the financial needs of your child. Under this plan the risk will be on life of parents and child shall be the nominee. The policy term shall be based on the age at maturity of the child.
1. 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).

ii) 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.

iii) 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.
2. 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.

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.
3. Eligibility Conditions and Other Restrictions (For Basic Plan):
  • Minimum Sum Assured : Rs. 100,000
  • Maximum Sum Assured : No Limit
    (The Sum Assured shall be in multiples of Rs. 5000/-)
  • Minimum Age at entry for Life Assured : 18 years (completed)
  • Maximum Age at entry for Life Assured : 50 years (nearest birthday)
  • Maximum Maturity Age for Life Assured : 75 years (nearest birthday)
  • Minimum Age at entry for child : 0 years (last birthday)
  • Maximum Age at entry for child : 17 years ( last birthday)
  • Minimum Term : Higher of (18 – age of child, 8) years
  • Maximum Term : (25 – age of child) years
4. Sample premium Rates:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly mode (through ECS only) or through SSS mode over the term of policy. Alternatively, a single premium can be paid.

A grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.
5. Surrender Value:
The Guaranteed Surrender Value will be as under:
  • Single Premium Policies: The Guaranteed Surrender value will be available after completion of atleast one policy year and is equal to 90% of the premium paid excluding premium for optional rider and extras, if any.
  • Regular Premium Policies: The Guaranteed surrender value will be available after completion of three policy years and atleast three full years’ premiums have been paid and is equal to 30% of the premiums paid excluding the premium paid for the first year and all premiums in respect of optional rider and extras, if any.
Corporation may, however, pay Special Surrender value, as the discounted value of the Paid-up Sum Assured as applicable on date of surrender, provided the same is higher than Guaranteed Surrender value.
6. Policy Loan:
No loan facility will be available under this plan.

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