Jeevan Ankur Children Policy New Launch – LIC India
After few ULIP launches, LIC India has come up with a new Children Policy “Jeevan Ankur”. This is a traditional plan, with high risk cover with Parent as the Life Assured and, child is the Beneficiary.
What a good plan, where in the Child future is protected by the parent. Now let us understand the policy little more in details.
What to know about “LIC Jeevan Ankur”?
- Parent is the Life Assured, child is the Beneficiary
- Maturity Benefit = Sum Assured (SA) +Loyalty addition(LA)
- 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
- Death benefit on death of child, when Life Assured is alive, 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.
- Accident Benefit Rider, which gives the policy a great value, because it allows the Life Insured to take risk (maximum of Rs. 50 lakh Rider benefit can be availed)
- Critical Illness Rider, which is also another Rider must take when opting for this insurance plan (maximum of Rs. 5 lakh can be opted)
- 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
- If 3 years premium paid and you opt not to continue the policy by stopping all future premiums, the policy will be in force, but the Sum Assured will reduce. Accident Benefit and Critical Illness riders continue, but for the reduced SA
- Plan available for parents of a new born child as well
LIC Jeevan Ankur is a good plan to start?
Jeevan Ankur is a good plan, because it conveys the most important message to your child–
- That he/she is the prime focus of your life.
- That savings are important.
- That security is important
Apart from above, 3 catch points why to take this policy
- Here the Parent is Life Assured, compared to other Children plan the Child is life Assured.
- On death of the Parent, 10% of Sum Assured is given as income to the Child till the end of the policy
- With the 3 Different Rider (Accident, Critical Illness, And Premium Wavier) this gives a very strong message of the High Risk the Life Assured can take.
- Most important, if something happens to the child, the Life Insurance policy can be transferred to the next child without any question.
What about premium?
The premium is little high compared for a traditional Life Plan. As per the data provided by LIC India, for every thousand (1000) , Life Assured age 30, policy term 20 years it is 41.35.
Doing the math, for Sum Assured 1 lakh, it would be 4135 per year paying for next 20 years.
Here in this policy it is High Risk advantage, which is really great.
Should i opt for this plan?
Yes, because of the high risk, rider options to avail and the death benefit for the Life assured it is a good plan.
What about Komal Jeevan/Jeevan Chayya/Jeevan Kishore Children Plans from LIC?
Komal Jeevan is a Money Back policy for children, comparing to Jeevan Ankur, Jeevan Ankur is better to the High Risk and the parent being Life Insured.
For Jeevan Chayya and Jeevan Kishore, 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.
Most important, 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 continues.
In other cases, you pay high premium, and later if you want to stop the Life Insurance policy you have to think twice, and for Jeevan Ankur it is ONLY 3 years and you continue for ever.
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