LIC Jeevan Ankur Planis a Traditional Plan with profits. Jeevan Ankur is a child benefit Endowment Plan where the parent’s is the Life Insured and the child is the nominee.
Jeevan Ankur plan has been especially designed so that the benefits are payable for the child’s future even if the parent does not survive till the end of the policy tenure.
Key Features of LIC Jeevan Ankur Plan:
- In LIC Jeevan Ankur plan, Parent Life is Assured, as compared to other Children plan where the Child life is Assured
- Jeevan Ankur is a endowment plan with Loyalty Additions.
- In case of death of the Life Insured within the policy tenure, Sum Assured is paid immediately and 10% of the Sum Assured is paid every year till the end of the Jeevan Ankur Policy Tenure as Income benefit facility.
- When the Jeevan Ankur Policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not.
- Jeevan Ankur policy offers Loyalty additions on the policy maturity irrespective of whether the Life Insured is alive or not.
- You can take 3 Different Rider in Jeevan Ankur (Accident, Critical Illness, And Premium Wavier).
- If you take Jeevan Ankur for large Sum assured, you will get rebate in this plan.
- The premium is little high compared for a traditional Life Plan. For a person aged 35 if he take policy for 25 years for sum insured for Rs 1,00,000/-, Premium is only Rs 358/- + service tax.
Benefits Of LIC Jeevan Ankur
Income Tax Benefit under section 80C :
Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.
The maturity benefit is tax free under section 10(10)D provided all conditions have been fulfilled.
Death Benefit under Jeevan Ankur:
In case of death of the Life Insured, i.e. the Parent, immediate Death Benefit of the Sum Assured is paid to the nominee + 10% of Sum Assured is also paid on every policy anniversary till the end of the policy term as Income Benefit
Maturity Benefit of Jeevan Ankur:
When the Jeevan Ankur policy matures, the Maturity Benefit is paid irrespective of whether the Life Insured is alive or not.
Maturity Benefit = Basic Sum Assured + Loyalty Additions, if any
Premium Waiver Benefit is available under Jeevan Ankur: Premium Waiver is other possible benefit that can be adjoined to your basic Jeevan Ankur plan, it requires a supplementary premium.
The main benefit of this premium is that the proposer can protect his / her premium to the end of the suspension period and this period is to be taken as 18 minus age at entrance of child
You may choose the following optional riders by payment of additional premium under Jeevan Ankur-
i) Accident Benefit Rider:
This benefit is available under regular premium Jeevan Ankur 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.
Surrender Value: Guaranteed Surrender Value of Jeevan Ankur will be as under
Single Premium Policies:
The Guaranteed Surrender value will be available in Jeevan Ankur 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 in LIC Jeevan Ankur 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’s policy on LIC surrenders:
Life Insurance Corporation (LIC) 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.
LIC Jeevan Ankur Queries
Should you opt for the Jeevan Ankur policy?
Yes, because of the high risk, rider options to avail and the death benefit for the Life assured Jeevan Ankur is a good plan.
What about komal Jeevan and Jeevan Kishore plans?
Komal Jeevan is a Money Back policy for children, comparing to Jeevan Ankur, Jeevan Ankur is better as it gives High Risk cover and insures that the parent Life are Insured.
For Jeevan Kishore and other child Plan , the risk is started little later. Even the death benefit is not good as compared to Jeevan Ankur.
Also, the option for adding 3 riders, none of the plans have. Jeevan Ankur policy will never terminate if 3 years of Premium has been paid. Only the Sum Assured will reduce so you basically do not lose your money and yet the cover exists.