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Life Insurance Corporation of India is launching a new Plan, LIC's Jeevan Ankur on January 23. The 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. 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.
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