LIC’s Jeevan Ankur is an endowment plan with child benefits. The life insured is the parent while the nominee under the plan is the child. Therefore, in case of death of the life insured, the child receives the direct benefits of the coverage amount.

Features and benefits

• Maturity benefit

Since it is an endowment plan, whether or not the life insured meets with an untimely death, benefits will still be provided on maturity in the form of sum assured plus accrued bonuses i.e. Basic sum assured + loyalty additions (bonuses)

• Death benefit

In the event of death of the life insured, two sum amounts will be paid.

• A basic sum assured will be paid to the nominee as the Immediate death benefit.
• 10% of the sum assured will be paid as Income benefit every year until the policy tenure is not completed.
• The policyholder has the option of choosing from a range of premium payment options - single amount or as monthly, quarterly, half yearly, and yearly or sss.
• While the minimum sum assured under this plan is Rs 1,00,000 there's no ceiling on the amount of maximum sum assured.
• Two riders - accidental benefit rider and critical illness rider are available under the plan.
• The minimum policy term is higher of 8 years or (18 - age of child) years. Likewise, the maximum policy term is (25 - age of child) years.

Let's take a scenario: the child is 5 years old.

The minimum policy term here would be either 8 years or 18 - 5 years i.e. 13 years. Therefore, out of 8 and 13, the higher is 13. So the minimum policy term will be 13 years.

Similarly,

The maximum policy term here is 25 - age of child i.e. 25-5= 20

Therefore, 20 would be the maximum policy term.

Eligibility

1. The age bracket for the plan is 18-50 years while the maximum maturity age for life assured is 75 years.
2. The age bracket for child is 0-17 years.