• LIC Jeevan Ankur Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Jeevan Ankur Plan is a with-profits plan. It is a unique plan that covers the risk of a parent and helps them manage educational and other needs of the children even when they might not be around to support them. The plan is available in a regular premium option and a single premium option. Policyholders may also choose to add an accident benefit rider or a critical illness rider by paying an additional premium. Individuals who possess a life insurance policy qualify for tax benefits under Section 80C of the Income Tax Act.


    Minimum age at entry for life assured 18 years
    Maximum age at entry for life assured 50 years
    Maximum maturity age for life assured 75 years
    Maximum age at entry for child 17 years

    Sum Assured

    The total amount payable to the beneficiary on the death of the policyholder is termed the sum assured.

    Minimum sum assured Rs.1 lakh
    Maximum sum assured No limit

    Premium Range

    The premium is the nominal amount paid by the policyholder at regular intervals to cover the risk of the life assured.

    Mode of payment ?        Yearly ?        Half-yearly ?        Quarterly ?        Monthly
    Minimum term 8 years or until the named child turns 18 years (whichever is higher)
    Maximum term Until the named child turns 25 years of age

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage

    Death Benefit ?    On the death of the policyholder during the policy term, the sum assured will be provided as a lump sum to the nominee. And on each policy anniversary, 10% of the basic sum assured will be provided to the nominee till the end of the policy term. ?        In case of death of the child while the policyholder survives, the policyholder can nominate another person who will receive the death benefit. ?     In case of death of the child after the death of the policyholder, the benefits will be provided to the legal heir.
    Maturity Benefit Irrespective of the survival of the policyholder, a maturity benefit is payable at the end of the policy term.
    Loyalty Addition Irrespective of the survival of the policyholder, a loyalty addition may be payable to the policyholder on the date of maturity of the policy. The eligibility of this benefit depends on the experience of the corporation.


    Along with the basic plan, a rider can be opted with the payment of an additional premium.

    Accidental Benefit On the death of the policyholder due to an accident, the accidental benefit rider sum assured will be provided to the nominee. The minimum accidental benefit rider sum assured that can be opted for is Rs.25,000 and the maximum is Rs.50 lakh. The maximum age up to which this benefit will be available is 70 years.
    Critical Illness On diagnosis of a defined critical illness, the critical illness rider sum assured is payable by the insurance company. The minimum critical illness rider sum assured is Rs.50,000 and the maximum is Rs.5 lakh. Policyholders can opt for a premium waiver benefit on the critical illness rider. On diagnosis of a critical illness, all future premiums of the policy will be waived. In such cases, the basic sum assured should be equal to the critical illness rider sum assured.


    The LIC Jeevan Ankur Plan shall be void if the policyholder commits suicide in the first year of the policy term. The company will not accept claim requests made under such circumstances, except to a maximum of 90% of a single premium paid in a single premium policy.

    Other Key Features

    Grace Period ?        For the payment of yearly and half-yearly premiums, a grace period of 30 days will be provided, within which the policyholder is required to make the payment. ?        For the payment of monthly premiums, a grace period of 15 days will be provided to make the premium payments.
    Cooling-off period The policy can be returned in the 15-day cooling-off period if the policyholder is not satisfied with the terms of the policy.


    Tax Benefits

    The policyholder can avail tax benefits under Section 80C of the Income Tax Act, 1961.

    Other Benefits

    Customer Care ?        In case of queries regarding the policy, the policyholders can use the phone helpline service. ?        An SMS service is available for those who wish to check the status on their policies.
    Range of policies LIC has a wide range of life insurance policies which include pension plans, unit plans and special plans.
    Premium Payment Premiums can be paid online or offline depending on the convenience of the customers. The options available are ATMs, Bill pay, authorised banks, the LIC website, certain franchisees and merchants.

    Why you should buy the Jeevan Ankur from LIC?

    LIC is one of the most trusted life insurance companies with over 2,048 branch offices throughout the country. In the year 2016-2017, the company solved all the grievances, and settled a whopping 98.31% claims during the same year. They rightly won 27 awards from various organisations for the services rendered to the people.

    Note: This plan has been withdrawn by LIC.

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