LIC has launched new conventional child plan – ‘Jeevan Ankur’. This product is designed to meet the educational and other needs of the child.
A conventional, with profits plan, ‘Jeevan Ankur’, covers the risk on the life of the parent and the named child shall be the nominee under the plan.
In the event of unfortunate death of the parent during the policy term, the Basic Sum Assured is payable immediately on inforce policies. In addition, an Income benefit equal to 10% of the Basic Sum Assured is payable from the policy anniversary coinciding with or next, following the date of death, till the end of policy term to the nominee child. Not only this, the nominee child will also get a lump sum amount equal to basic sum assured on the predefined maturity date of the policy along with Loyalty Additions, if any, to support higher education or start in professional life.
If the parent survives till the end of the policy term, an assured maturity benefit equal to basic sum assured along with loyalty additions, depending on Corporation’s experience, shall be payable.
Accident benefit rider and critical illness rider are two optional benefits available under the plan. The minimum sum assured is Rs 1 lakh while there is no upper limit.