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 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 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
i) 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. 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. 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. Sample premium Rates:
Following are some of the sample premium rates (exclusive of service tax) per Rs. 1000/- S.A.:
Single Premium
|
Age
|
Policy term
|
|
10
|
15
|
20
|
25
|
20
|
615.45
|
494.95
|
405.95
|
348.00
|
30
|
618.80
|
503.35
|
422.10
|
375.30
|
40
|
638.75
|
541.60
|
483.60
|
463.60
|
|
|
|
|
|
Annual Regular Premium
|
Age
|
Policy term
|
|
10
|
15
|
20
|
25
|
20
|
90.65
|
56.45
|
39.70
|
31.10
|
30
|
91.20
|
57.50
|
41.35
|
33.50
|
40
|
94.70
|
62.35
|
47.80
|
41.75
|
|
|
|
|
|
6.
Mode and High S.A. Rebates:
Mode Rebate:
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of the Tabular premium
Quarterly & Salary deduction - NIL
Sum Assured Rebate:
Single Premium:
Sum Assured Rebate (Rs.)
1,00,000 to 1,95,000 Nil
2,00,000 to 4,95,000 4.00 %o S.A.
5,00,000 and above 6.00 %o S.A.
Regular Premium:
Sum Assured Rebate (Rs.)
1,00,000 to 1,95,000 Nil
2,00,000 to 4,95,000 2.00 %o S.A.
5,00,000 and above 3.00 %o S.A.
7.
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.
8. Paid-up Value:
Under regular premium policies,
if after atleast three full years’ premium have been paid and any
subsequent premiums be not duly paid, this policy shall not be wholly
void, but shall continue as a paid-up policy for a reduced paid-up sum
assured. This Paid-Up Sum Assured shall be payable on the date of
maturity or on Life Assured’s prior death.
Further, in case of death
during the term of the policy, the paid up value shall be paid
immediately on death. But, neither income benefit nor paid up value on
maturity shall be payable.
Accident Benefit and Critical Illness riders do not acquire any paid-up value.
9.
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.
10.
Policy Loan:
No loan facility will be available under this plan.
11.
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.
12.
Cooling-off period:
If you are not satisfied with
the “Terms and Conditions” of the policy you may return the policy to us
within 15 days from the date of receipt of the policy bond.
13.
Exclusion:
Suicide:- This
policy shall be void if the Life Assured commits suicide (whether sane
or insane at that time) at any time within one year from the date of
commencement of risk and the Corporation will not entertain any other
claim by virtue of this policy except to the extent of a maximum of 90%
of single premium paid excluding any extra premium (in case of single
premium policies).
