The child is the nominee under the plan.
I) Death benefit
When the policy holder dies during the policy term LIC Jeevan Ankur policy will pay the sum assured to the nominee and apart from this an income benefit that is equal to 10% of basic sum Assured .
If the child dies and the policy holder is alive, then the policy holder has an option to nominate another child and the same benefits as in the case of the dead child will continue.
ii) Maturity Benefit
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.
iii) Loyalty Addition
Depending upon the Corporation's experience the policy will be eligible for Loyalty addition on the stipulated date of maturity irrespective of survival of Life Assured.
2 Optional Benefits
One can choose optional riders by payment of additional premium:
Accident Benefit Rider: This benefit is available under regular premium policies only. An additional sum equal to Accident Benefit Rider Sum Assured is payable upon death due to accident. The Accident Benefit Rider Sum Assured may be opted for an amount up to the Basic Sum Assured subject to minimum of Rs. 25,000 and maximum of Rs. 50 lakh (including all policies with LIC of India and other insurers). This benefit will be available only till the age nearer birthday of the Life assured is 70 yrs.
Critical Illness Rider: An amount equal to Critical Illness Rider Sum Assured will be payable in case of diagnosis of defined categories of Critical Illnesses. The Critical Illness Rider Sum Assured may be opted for an amount upto the Basic Sum Assured subject to a minimum of Rs. 50,000 and a maximum of Rs. 5 lakh (including all policies with LIC of India). This benefit will be available provided the policy matures on or before the Life Assured attains 60years of age.