LIC Jeevan Ankur
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.
good plan
Sir,
I need to Make a one LIC Policy for my Son. His Age is 1 Year after 12 year. i need to get some good amount for him education and also let me know the which policy i need to go & also for Premium that should be for Every Quarter or Mid term or Yearly.
Please Guide me.
Looking Forward,
Prasad.
Hi Prasad
Please send me your mail id. Will guide you.
regards
hi require a good girl child plan her age is 12. Pls suggest me sir I want a sip plan. amt 5000 per month
Sir, Invest in Sukanya Samridhi Plan, Instead of going for any Insurance plan of any insurance company. All insurance companies give around 7-8% return p.a., Where as sukanya samridhi gives 9.2% p.a. tax free return.
Sir, please tell me about Sukanya Samridhi Plan
Please visit Sukanya Samriddhi page for more details
Hi,
My Son is 2.5 years old and I want to accumulate good money for the various stages of his life 1. Education 2. Higher Studies 3. Marriage.
Kinldy suggest the best possible approach to meet target.
Sir, I like to take LIC plan for my 1 year old son. Please suggest good plan. I can invest 3000 per month or 35000 per year for that. I like to do this saving for his education.
Hi I have to plan to take a new policy to my child 1 year please suggest me a good plan. I can invest 25000 per month
Sir, our observation is that all these child plans are waste of money. They offer return of around 7% maximum. You can higher return from PPF or mutual funds
I want to start investment for my son (5 month old). kindly suggest whether child plan is better or any other way to save money for his future
awaiting reply
Dear Rajesh,
I will not recommend any child plan. All these child Plans are marketing gimmicks, being used by these insurance companies to exploit emotional sentiments.
I will recommend, to invest this amount in PPF. PPF gives assured tax free return @ 8.7% where all these child plans offer interest of around 6% -8% maximum.
Hi am Manoj n have taken jeevan ankur for my kid
Have paid 3years n due to
Personal reasons want to surrender or cancel the policy
Plz let me know the process n what will be the refund amount
if you want to refund any insurance policy. You need following documents:
1) Original Policy.
2) Address proof
3) Cancelled cheque
4) ECS form
5) Surrender form duly filled in and signed in
Please suggest me some child plan….
Imran , I have found our that Child plans are really not required for child. If you have boy child it is better to invest the amount in PPF and if you have girl child open a Sukanya Samridhi Account.
one time investment to my girl child 2 age , guide me – lic or other banks
Sir, Instead of going for any Child plan of any insurance company i would recommend to open Sukanya Samridhi Account with ICICI or IDBI bank. I have also done for both of my daughters.
i hv 2 baby girl age 4 and 1 yr resp. i want to known the plan better for them i hv already done SSY.
Is Sukanya samriddhi yojna better than insurance plan or vise versa…
Pls explain the reason also .
Sukanya Samridhi Plan is definitely better than insurance plan. It is better to purchase term plan online then clubbing with insurance plans.
LIC Jeevan Utkarsh (Table No. 846) is a single premium with 12 years fixed maturity term On completion of 12 years term,
maturity will be Sum Assured + Loyalty Addition (LA) and in case of death during the policy term,
10 times single premium (excluding rider premium and GST) + Loyalty Addition (LA) (if any) will b
so if policyholde
Key Features
High Risk Cover (10 times of Single Premium)
5,10 or 15 years settlement option
Premium paid is eligible for rebate under 80(C)
Maturity amount will be tax free under 10(10D)
Maturity Benefits
On survival of policy holder i.e. completion of 12 year term, maturity will be Sum Assured + Loyalty Addition.
Death benefits
On death during First Five Years of the policy:
If Death happens before 8 years of Age, then death claim amount will be single premium (excluding Rider premium and GST) without any interest.
If Death happens after 8 years of age, then death claim amount will be 10 times of single premium paid (excluding Rider premium and GST).
On death after 5 years of the policy and before maturity:
Death Claim amount will be 10 times of single premium paid (excluding Rider premium and GST) + Loyalty Addition.
Note: 8 Years is minimum age of risk commencement under this policy and Loyalty Addition is applicable only after 5 years of successful policy term.
Should you have any comments or queries please do not hesitates to contact.
Thanks and regards
PramodTiwari
Senior Insurance Advisor (Lic of india)
Branch Office: 310, Oriental Annexe 1st and 2nd floor, 86, Janpath, New Delhi – 110001
Satellite Office: 310 (SO), Plot No. 32, DDA Community Centre, Rani Bagh (Behind M2K Pitam Pura), Delhi – 110034
Mobile-09310467871
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Email -pramodtiwari310@yahoo.com