LIC Jeevan Ankur Plan 807
Premium Calculator | Plan Launched: 2012
Plan Eligibility
- Parent's Age: 18 - 50 years
- Child's Age: 0 - 17 years
- Policy Term: 8 to 25 years (based on child's age)
- Minimum Sum Assured: Rs. 25,000
- Maximum Sum Assured: As per LIC underwriting norms
LIC Jeevan Ankur Plan 807 is a traditional with-profit insurance plan designed to help parents secure their child’s future. This plan is especially useful for parents who want to ensure their child’s education and other needs are met, even if something happens to them. The LIC Jeevan Ankur Plan 807 Calculator is a helpful tool that allows parents to estimate premiums, maturity benefits, and surrender values easily.
What is LIC Jeevan Ankur Plan 807?
LIC Jeevan Ankur Plan 807 is a conventional endowment plan offered by LIC (Life Insurance Corporation of India). The main purpose of this plan is to provide financial security for a child’s future, especially for education and other important needs. The parent is the life assured, and the child is the nominee. The plan is suitable for parents who have a child aged up to 17 years.
Key Features of LIC Jeevan Ankur Plan 807
- Conventional with Profits Plan: The plan offers guaranteed returns along with loyalty additions, which are declared at maturity.
- Death Benefit: If the parent (life assured) passes away during the policy term, the basic sum assured is paid immediately, and an income benefit equal to 10% of the sum assured is paid each year until the end of the policy term.
- Maturity Benefit: At the end of the policy term, the basic sum assured along with loyalty addition (if any) is paid to the nominee.
- Optional Riders: You can add an accident benefit rider and a critical illness rider for extra protection.
- Minimum Sum Assured: ₹1,00,000. There is no upper limit.
- Policy Term: The term is based on the age of the child, with a minimum of 8 years or (18 – child’s age), whichever is higher, and a maximum of (25 – child’s age) years.
- Premium Payment: Premiums can be paid regularly (yearly, half-yearly, quarterly, or monthly) or as a single premium.
Launch Date and Withdrawal Date
- Launch Date: LIC Jeevan Ankur Plan 807 was launched on 23rd January 2012.
- Withdrawal Date: The plan was withdrawn from sale on 1st January 2014.
How Does the LIC Jeevan Ankur Plan 807 Calculator Work?
The LIC Jeevan Ankur Plan 807 Calculator is an online tool that helps parents estimate the premium, maturity value, and surrender value for their policy. Here’s how it works:
- Enter Policy Details: You need to input details like the age of the parent, age of the child, policy term, sum assured, and premium payment mode.
- Calculate Premium: The calculator estimates the annual or single premium based on the entered details.
- Estimate Maturity Value: The calculator shows the maturity benefit, including the sum assured and loyalty addition.
- Surrender Value: If you want to surrender the policy, the calculator shows the guaranteed surrender value after the required number of years.
Step-by-Step Guide to Using the LIC Jeevan Ankur Plan 807 Calculator
- Visit a Reliable Calculator Website: Websites like liccalculators.net or liccalc.com offer free LIC Jeevan Ankur Plan 807 calculators.
- Select the Plan: Choose LIC Jeevan Ankur Plan 807 from the list of plans.
- Enter Details: Fill in the required details, such as
- Age of the parent (life assured)
- Age of the child (nominee)
- Policy term
- Sum assured
- Premium payment mode (yearly, half-yearly, quarterly, monthly, or single premium)
- Calculate: Click on the calculate button to get the premium, maturity value, and surrender value.
- Review Results: The calculator will display a detailed breakdown of the premium, maturity benefit, and surrender value.
Sample Calculation
Let’s take an example to understand how the calculator works:
- Parent’s Age: 38 years
- Child’s Age: 10 years
- Policy Term: 15 years
- Sum Assured: ₹1,00,000
- Premium Payment Mode: Yearly
Annual Premium: ₹3,967 (approximate)
Maturity Benefit: ₹1,00,000 (sum assured) + loyalty addition (if any)
Surrender Value: After 3 years, the guaranteed surrender value is 30% of the premiums paid (excluding the first year’s premium).
Benefits of Using the LIC Jeevan Ankur Plan 807 Calculator
- Easy Planning: The calculator helps parents plan their child’s future by estimating the required premium and expected maturity value.
- Transparency: It provides a clear breakdown of all benefits, making it easy to understand the plan’s features.
- Time-Saving: Instead of visiting an LIC office, parents can use the calculator online to get instant results.
- Accurate Estimates: The calculator uses official LIC data to provide accurate estimates.
Important Points to Remember
- Policy Term: The policy term is based on the child’s age, with a minimum of 8 years or (18 – child’s age), whichever is higher, and a maximum of (25 – child’s age) years.
- Sum Assured: The minimum sum assured is ₹1,00,000, and there is no upper limit.
- Premium Payment: Premiums can be paid regularly or as a single premium.
- Surrender Value: The guaranteed surrender value is available after 1 year for single premium policies and after 3 years for regular premium policies.
- Loyalty Addition: The loyalty addition is declared at maturity and is not guaranteed.
Frequently Asked Questions
What is LIC Jeevan Ankur Plan 807?
LIC Jeevan Ankur Plan 807 is a child insurance plan where the parent is insured, and the benefit is given to the child nominee at maturity or in case of the parent’s death during the policy term.
Who is eligible to buy this plan?
Parents or guardians of children up to 17 years of age were eligible to purchase this plan when it was available.
Is LIC Jeevan Ankur Plan 807 still available for purchase?
No, this plan was withdrawn from sale on January 1, 2014. It is, however, still important for existing policyholders.
What happens if the parent dies during the policy term?
If the parent (life assured) dies during the policy term, the sum assured is paid immediately to the child nominee along with an annual income benefit of 10% of the sum assured till policy maturity.
Can I add riders to the Jeevan Ankur plan?
Optional riders like Accident Benefit and Critical Illness Rider were available to enhance protection.
How are premiums calculated for this plan?
Premiums depend on the sum assured, child’s age, policy term, and payment mode (yearly, quarterly, etc.).
Conclusion
LIC Jeevan Ankur Plan 807 is a reliable insurance plan for parents who want to secure their child’s future. The LIC Jeevan Ankur Plan 807 Calculator is a valuable tool that helps parents estimate premiums, maturity benefits, and surrender values easily.
By using the calculator, parents can make informed decisions and plan their child’s future effectively. Remember, the plan was launched on 23rd January 2012 and withdrawn on 1st January 2014, so it is no longer available for new purchases.