LIC Jeevan Anurag Plan was designed with the aim of providing a solid financial aid to children along with traditional protection like any other life insurance policy. An individual can opt for the plan for themselves. The benefits availed from the plan will be paid at prespecified durations irrespective of whether the insured survives the policy or not. In case of death of the insured, the plan makes an immediate payment for the sum assured. Amount during the term of the policy.
Eligibility Criteria for LIC Jeevan Anurag Plan
Every insurance plan has an eligibility criteria that needs to be fulfilled in order to avail the plan. Given below is the eligibility criteria for LIC Jeevan Anurag Plan.
|Minimum age at entry||20 years|
|Maximum age at entry||60 years|
|Maximum age at maturity||70 years|
|Term of the policy||Terms from 10 years to 25 years. The minimum policy term in case of single premium mode is 5 years|
|Minimum sum assured||Rs. 50,000|
|Maximum sum assured||There is no limit on the maximum sum assured|
|Premium payment mode||Annual, bi annual, quarterly, monthly.|
Key Features of LIC Jeevan Anurag Plan
|Type||Insurance policy designed to provide finance for your child's educational needs|
|Policy term||The term policy ranges from 10 years to 25 years|
|Assured benefit||20% of the basic sum assured will be paid at the start of every year during the last three years just before the maturity of the policy. 40% of the basic sum assured will be paid along with the reversionary bonus at the end of the term policy|
|Mode of premium payment||Annually, bi annually, quarterly, monthly|
|Free look period||15 days from the date of receipt of the policy|
|Grace period||15 days for monthly mode and 30 days for all other modes|
|Guaranteed Surrender value||The policy can be surrendered after completion of three years and a guaranteed surrender value of 30% of premiums under basic plan will be paid excluding the first year's premiums and extra premiums. .|
|Lapse of policy||The policy will lapse if premiums are not paid in due time|
|Policy revival||A lapsed policy can be revived within two years from the date of first unpaid premium|
Benefits and Advantages of LIC Jeevan Anurag Plan
Listed below are the benefits and advantages of this LIC Child Plan.
- Death Benefit- An amount equal to sum assured will be paid as the death benefit to the nominee under the plan.
- Assured Benefit- 20% of the basic sum assured will be paid at the start of every year during the last three years just before the maturity of the policy. 40% of the basic sum assured will be paid along with the reversionary bonus at the end of the term policy
- Convenience- The plan can be purchased online either through LIC's official website or through a third party financial website.
- Flexibility- The plan offers the flexibility of paying premiums yearly, half yearly, quarterly and monthly.
Riders for LIC Jeevan Anurag Plan
Given below are the additional and optional benefit riders one can add to the LIC Jeevan Anurag Plan.
- Accidental Death and Disability Benefit-Accidental death and disability benefit is an optional rider offered for the plan. The plan will be available for an amount lesser than the sum assured subject to an overall cover of Rs.25 lakh under all the policies the life assured has opted for with the Corporation.
- Term Assurance Benefit-The plan offers an additional optional benefit in the form of term assurance benefit where in the amount will not exceed the sum assured amount.
- Critical illness Benefit- Critical Illness benefit rider will be available for an amount lesser than the sum assured subject to an overall cover of Rs.5 lakh under all the policies the life assured has opted for with the Corporation.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017