INTRODUCTION
OF LIC’S JEEVAN ANKUR (Plan No. 807)
INTRODUCTION:
It has been decided to introduce LIC’s Jeevan Ankur
(Plan No. 807) with effect from 23rd January, 2012. The Unique Identification Number (UIN)
for LIC’s Jeevan Ankur plan is 512N267V01. This number has to be quoted in all
relevant documents furnished to the policyholders and other users (public, distribution
channels). 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. There is no Insurance coverage
on the life of the child, but the policy term shall be based on the age of the child. The child
will be the nominee under the plan. The term of the policy can be chosen so that on the date of
maturity age of the child is in the range 18 to 25 years last birthday.
BENEFITS:
a) Benefits
payable on death:
On death
of the 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. Another lump sum amount equal to Basic Sum Assured is payable on the
scheduled maturity date of the policy along with Loyalty Addition, if any.
On death
of child, when Life Assured is alive.
In case of death of the child when the 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.
On death
of child/nominee after Life Assured’s death.
In case of death of the child/nominee after Life
Assured’s death, the policy shall continue and the benefits shall be payable to the legal heir(s)
till the end of policy term.
b)
Benefits payable on maturity:
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.
c)
Loyalty Addition:
Provided the policy is in full force at the time of
maturity or on death, whichever is applicable, then depending upon the Corporation’s experience with
regard to the policies issued under this plan, the policy will be eligible for Loyalty
Addition on the stipulated date of maturity at such rate and on such terms as may be declared by the
Corporation.
OPTIONAL
BENEFITS:
1)
Accident Benefit Rider:
Accident Benefit (AB) Rider shall be available as optional rider for a premium at the rate of Rs. 0.50 per thousand
Accident Benefit Rider Sum Assured. Accident Benefit Rider shall be available for an
amount not exceeding the Sum Assured under the Basic Plan subject to the maximum of Rs.50
lakh overall limit considering the Accident Benefit Sum Assured in respect of all
existing policies on the life of the Life Assured under individual and group policies including
the policies taken from Life Insurance Corporation of India and other Insurance companies
and the Accident Benefit Rider Sum Assured under new proposal into consideration. This
benefit will be available for the full policy term or till the policy anniversary on which
the age nearer birthday of the Life Assured is 70 years whichever is earlier. If this benefit is
opted for, an additional amount equal to the Accident Benefit Sum Assured is payable in case of
accidental death. This benefit is available under Regular Premium
policies only and it is not available under Single Premium policies.
2)
Critical Illness Benefit Rider :
An
amount equal to the Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined
categories of Critical Illness subject to certain terms and conditions, provided the Critical Illness
Benefit cover is opted for and is in force. The maximum cover for this rider will be Rs.5 lakhs
under all policies of the Life Assured with the Corporation taken together including the new
proposal under consideration. The Critical Illness Rider Sum Assured shall also not
exceed the Sum Assured under the Basic Plan. This benefit will be available provided the
policy matures on or before the Life Assured attains 60 years of age. The terms and
conditions applicable to this rider will be as mentioned in our circular Ref: Actl/1906/4 dated 8th October 2003 and Actl/2034/4 dated
13th September 2005.
3)
Premium Waiver Benefit Option under Critical Illness Rider:
This is an optional benefit under Regular Premium policies which may be opted in
case of the following:
(i) The Critical Illness rider has been opted for,
and
(ii) The Sum Assured under the Basic Plan is equal to
the Critical Illness Rider Sum Assured
(iii) The chosen policy term is such that the policy
matures on or before the Life Assured attains 60 years of age.
In case the Life Assured is diagnosed with any of the
Critical Illnesses covered under the policy, the total future premiums (i.e. premium for
Sum Assured under the Basic Plan and
the premiums for the Riders opted for) in respect of
the policy shall be waived provided the policy is in full force.
ELIGIBILITY
CONDITIONS AND FEATURES:
For Basic Plan:
1) Minimum Age at entry for Life Assured : 18 years (completed)
2) Maximum Age at entry for Life Assured : 50 years
(nearest birthday)
3) Minimum Age at entry for child : 0 years (last
birthday
4) Maximum Age at entry for child : 17 years (last
birthday)
5) Minimum Term : Higher of (18 – age of child, 8)
years
6) Maximum Term : (25 – age of child) years
7) Minimum Basic Sum Assured : Rs. 1,00,000/-
8) Maximum Basic Sum Assured : No Limit
The Basic Sum Assured shall be in multiples of Rs.
5000/-.
Age at entry for the policyholder is to be taken as
age nearest birthday except for the minimum age at entry i.e. 18 years.
For Accident Benefit Rider:
1) Minimum Entry Age : 18 years (completed)
2) Maximum Entry Age : 50 years (nearest birthday)
3) Maximum Maturity Age : 70 years (nearest birthday)
4) Minimum Accident Benefit Sum Assured : Rs. 25,000/-
5) Maximum Accident Benefit Sum Assured: An amount
equal to the Basic Sum Assured subject to the maximum of Rs.50 lakh overall limit
taking all existing policies of the Life
Assured under individual as well as group schemes including policies with in built accident benefit taken with Life Insurance
Corporation of India and other Insurance
companies and the Accident Benefit Sum Assured under
the new proposal into consideration. The Accident Benefit Sum Assured shall be in
multiples of Rs. 5,000/-.
For Critical Illness Rider:
1) Minimum Entry Age : 18 years (completed)
2) Maximum Entry Age : 50 years (nearest Birthday)
3) Minimum Policy Term : 10 years for Regular premium
and
8 Years for Single premium
4) Maximum Maturity Age : 60 years (nearest Birthday)
5) Minimum Critical Illness Rider Sum Assured: Rs.
50,000/-
6) Maximum Critical Illness Rider Sum Assured: An
amount equal to the Basic Sum Assured subject to the maximum of Rs.5 lakhs overall
limit taking all critical illness riders under all existing policies of the life assured and
the critical illness rider option under the new proposal into consideration.
The Critical Illness Rider Sum assured shall be in
multiples of Rs. 10,000/-.
MODES
OF PREMIUM PAYMENT:
The policyholder has the choice to pay premiums
either in lump sum or regularly during the policy term with modes of premium payment Yearly,
Half Yearly, Quarterly, and Monthly (ECS or through salary deductions).
PREMIUM
RATES:
The tabular premium rates (exclusive of service tax)
per thousand Basic Sum Assured are given in Annexure 1.
The class – I extra premium rates are given in Annexure
2.
GRACE PERIOD
FOR PAYMENT OF PREMIUM:
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. If the death of the Life Assured occurs within the grace period but
before the payment of premium then due, the policy will still be valid and the benefits are paid
after deductions of the said unpaid premium and also the unpaid premium/s falling due
before the next policy anniversary. If the premium is not paid before the expiry of the
days of grace, the policy lapses.
REBATES:
The rebates for basic plan are as under:
Mode
Rebate:
Rebates are available at the following rates:
Yearly mode : 2% of tabular premium
Half-yearly mode : 1% of tabular premium
Quarterly and SSS mode : NIL
High 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.
SERVICE
TAX:
Under this plan, 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.
Service tax, if any, shall be as per the Service Tax
laws and the rate of service tax as applicable
from time to time.
ASSIGNMENTS/NOMINATIONS:
The named child under the policy shall be the
nominee. An appointee shall be required to be mentioned in the policy to exercise the powers of
nominee after the death of Life Assured such as receiving sum assured on death and Income Benefit
till the nominee is a minor. No change in nomination shall be allowed till the child nominee
named under the policy survives. In case of death of child during the policy term, the Life
Assured may nominate another person.
Assignment
will not be allowed under this plan.
For more details contac with your Agent or nearest LIC Branch or send query to pinals6@yahoo.co.in
