Tuesday 3 April 2012
ECONOMIC TIMES
2 April 2012LIC Jeevan Ankur: Pay the 'Premium' & secure your child's future
Product Details
LIC Jeevan Ankur is predominantly a policy meant to provide financial aid to the child in the unfortunate event of the death of the earning parent. Thus, while the policy covers the life of the parent, the term of the policy is designed to coincide with the age of the child.
The maximum policy term under is this plan is capped to the period when the child attains 25 years of age. For example, if the parent buys this policy when the nominee child is 2 years old, the maximum policy term allowable will be 23 years.
Key Features
The main highlight of Jeevan Ankur is the kind ofdeath benefit that it provides. In the event of death of the policyholder during the policy term, an amount equivalent to the basic sum assured is paid immediately to the nominee.
Thereafter, an income benefit equal to 10% of the sum assured is payable to the nominee each year until the end of the policy term. On maturity, the entire amount of sum assured is once again payable to the nominee.
Our View
LIC Jeevan Ankur scores well on the death benefit. The scheme has been structured to meet not only the immediate, but also regular financial needs of a child like education. A regular income of 10% of sum assured is provided each year in the event of the death of the earning parent.
In case the policyholder dies within a few years of taking the policy, the total amount payable to the nominee through the policy term can turn out to be more than four times the amount of the basic sum assured. This payout will vary depending on the policy term and the date of the death of the policyholder.
LIC Jeevan Ankur is predominantly a policy meant to provide financial aid to the child in the unfortunate event of the death of the earning parent. Thus, while the policy covers the life of the parent, the term of the policy is designed to coincide with the age of the child.
The maximum policy term under is this plan is capped to the period when the child attains 25 years of age. For example, if the parent buys this policy when the nominee child is 2 years old, the maximum policy term allowable will be 23 years.
Key Features
The main highlight of Jeevan Ankur is the kind ofdeath benefit that it provides. In the event of death of the policyholder during the policy term, an amount equivalent to the basic sum assured is paid immediately to the nominee.
Thereafter, an income benefit equal to 10% of the sum assured is payable to the nominee each year until the end of the policy term. On maturity, the entire amount of sum assured is once again payable to the nominee.
Our View
LIC Jeevan Ankur scores well on the death benefit. The scheme has been structured to meet not only the immediate, but also regular financial needs of a child like education. A regular income of 10% of sum assured is provided each year in the event of the death of the earning parent.
In case the policyholder dies within a few years of taking the policy, the total amount payable to the nominee through the policy term can turn out to be more than four times the amount of the basic sum assured. This payout will vary depending on the policy term and the date of the death of the policyholder.
This impressive feature, however, comes at a price. The premiums are high, especially when compared with those of pure term plans (even after taking into account four times the sum assured under this plan).
Jeevan Ankur is thus meant for those seeking a hassle free and systematic arrangement to take care of all the financial needs of their growing children.
POLICY BENEFITS
If we assume the age of the policyholder to be 30 years and the age of the nominated child to be 2 years, the policy and premium paying term would work out to 23 years.
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Train No. 12293 Duronto Exp (LTT to ALD)
Day : Friday Tuesday
Train No. 12294 Duronto Exp (ALD to LTT)
Day : Saturday, Tuesday
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LIC'S CHILD CAREER PLAN (184)
This Plan is designed meet the educational needs of growing children which provides the risk cover on the life of child not only during the policy term but also during the extended term.Survival Benefit
5 years 30%+Rev. Bonuses
4 years 15%
3 years 15%
2 years 15%
1 years 15%+Additional bonus
Minimum Age at Entry : 0 year
Maximum Age at Entry : 12 year
Minimum Sum Assured : 100000
Age Proof : Standard
PWB : yes
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Friday 16 March 2012
JEEVAN ANKUR
This is a conventional with profits plan which is specially designed to meet the educational and other needs of the child. This plan is allowed to the parents who have a child upto the age of 17 years last birthday. The risk cover under the plan will be on the life of the parent who will be the Life Assured. Policy term based on the age of the child.Minimum Age : 18 years completed
Maximum Age : 50 years
Minimum child age : 0 years
Maximum child age : 17 years (last birthday)
Minimum Sum Assured : 1,00,000
Maximum Sum Assured : No Limit
(Critical Illness rider, Premium Waiver benefit & Accident Benefit rider available)
BENEFIT
On death of life assured
In case of death of the Life Assured during the policy term, Basic Sum Assured is payable immediately on death. In addition an income Benefit equal to 10% of the Basic Sum assured is payable on each policy anniversary from the policy anniversary coinciding with or next following the date of death, till the end of policy term to the nominee child & end of the term Basic Sum Assured & Loyalty Addition are payable.
On Maturity
Basic Sum Assured & Loyalty Addition are payable.
Loan : NO Loan
ECONOMIC TIMES 12/03/2012
GET JEEVAN COVER AND HIGHER "VRIDDHI" IN MATURITY GAINS
Investors who do not currently have a term plan and are looking out for a comprehensive investment cum insurance plan can consider LIC's Jeevan Vriddhi. As compared to the highest return currently offered by a Bank FD (9.25 % by SBI for 10 years), Jeevan Vriddhi offers better gains on maturitly if one were to adjust the Bank FD's returns for premium paid for term plan and income tax at the highest tax slab.Friday 9 March 2012
LIC'S CHILD PLAN'S
1. CHILD CAREER & CHILD FUTURE (184/185)
2. JEEVAN KISHORE (102)
3. KOMAL JEEVAN (159)
4. JEEVAN CHHAYA (103)
5. JEEVAN ANURAG (168)
6. JEEVAN ANKUR (807)
2. JEEVAN KISHORE (102)
3. KOMAL JEEVAN (159)
4. JEEVAN CHHAYA (103)
5. JEEVAN ANURAG (168)
6. JEEVAN ANKUR (807)
Thursday 8 March 2012
NEW
ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:
a) Minimum Entry Age : 8 years (completed)
b) Maximum Entry Age : 50 years (nearest birthday)
c) Minimum Basic Sum Assured : Rs.150, 000/-
d) Maximum Basic Sum Assured : No Limit
e) Minimum Premium : Rs. 30,000/- + Service Tax
Premium shall be available in multiples of Rs. 1,000/-.
f) Policy Term : 10 years
g) Premium payment mode : Single premium only
h) Guaranteed Maturity Sum Assured : The Guaranteed Maturity Sum Assured will depend on the single premium payable and the age at entry of the life to be assured.
INCENTIVE FOR HIGHER PREMIUM:
Incentive for higher single premium by way of increase in the Guaranteed Maturity Sum Assured is as under:
Premium
(excluding extra premium)
|
Increase in Guaranteed Maturity Sum Assured
|
Below Rs.50,000
|
Nil
|
Rs.50,000 to Rs. 99,000
|
1.25%
|
Rs.1,00,000 and above
|
3.00%
|
Loan facility will be available under this plan, after completion of one policy year.
Death benefit: On death, Basic Sum Assured shall be payable. The Basic Sum Assured shall be 5 times the Single Premium excluding extra premium, if any.
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