✓ Parent’s Age: 18–50 years
✓ Child’s Age: 0–17 years
✓ Policy Term: Higher of (18 − child’s age, 8) to (25 − child’s age) years
✓ Minimum Basic Sum Assured: ₹1,00,000
✓ Maximum Sum Assured: No limit, in multiples of ₹5,000
LIC Jeevan Ankur Plan 807 — Calculation Result
Life Insurance Corporation of India (LIC) has introduced several insurance products over the years to address the financial protection needs of individuals and families. One such child-focused insurance product was LIC Jeevan Ankur Plan 807, which was designed to help parents create financial security for their children’s future.
The LIC Jeevan Ankur Plan 807 Calculator is useful for understanding the premium requirements, maturity benefits, and surrender value associated with this plan.
What is LIC Jeevan Ankur Plan 807?
LIC Jeevan Ankur Plan 807 was a traditional participating life insurance plan primarily designed to secure a child’s future. Under this policy, the parent or guardian was the life assured, while the child was the nominee and beneficiary.
The plan was intended to provide financial support for important future requirements such as education, higher studies, marriage, and other major expenses. It combined life insurance protection with savings and bonus benefits.
Main Features of LIC Jeevan Ankur Plan 807
- Participating Insurance Plan: The policy participated in LIC’s profits and could receive loyalty additions when declared.
- Death Benefit: If the parent died during the policy period, the basic sum assured was payable immediately. In addition, an annual income benefit equal to 10% of the sum assured was payable until the end of the policy term.
- Maturity Benefit: If the life assured survived the policy term, the basic sum assured along with applicable loyalty additions was payable to the nominee.
- Optional Riders: Additional protection could be obtained through riders such as the Accident Benefit Rider and Critical Illness Rider.
- Minimum Sum Assured: ₹1,00,000.
- Maximum Sum Assured: No upper limit, subject to the applicable conditions and multiples.
- Policy Term: The available term depended on the child’s age at entry.
- Premium Payment: Premiums could be paid through regular modes such as yearly, half-yearly, quarterly, or monthly payments, or through a single premium option.
Launch and Withdrawal Dates
LIC Jeevan Ankur Plan 807 was introduced on 23 January 2012. However, LIC subsequently withdrew the plan from new sales on 1 January 2014.
Therefore, the plan is no longer available for purchasing a new policy. However, understanding its features can still be useful for existing policyholders and for studying the benefits offered by this historical LIC product.
Eligibility Criteria for LIC Jeevan Ankur Plan 807
| Parameter | Minimum | Maximum |
|---|---|---|
| Age of Life Assured (Parent) | 18 years completed | 50 years nearest birthday |
| Child’s Age at Entry | 0 years last birthday | 17 years last birthday |
| Policy Term | Higher of 8 years or (18 − child’s age) | (25 − child’s age) years |
| Basic Sum Assured | ₹1,00,000 | No limit, in multiples of ₹5,000 |
| Maximum Maturity Age of Life Assured | — | 75 years nearest birthday |
How Does the LIC Jeevan Ankur Plan 807 Calculator Work?
The LIC Jeevan Ankur Plan 807 Calculator is designed to make it easier to estimate the financial aspects of the policy. By entering the relevant policy information, users can get an idea of the premium, maturity benefit, and surrender value.
The basic calculation process involves:
- Entering Policy Information: Provide details such as the parent’s age, child’s age, policy term, sum assured, and premium payment mode.
- Premium Calculation: The calculator determines the applicable premium based on the information entered.
- Maturity Estimation: It provides an estimate of the maturity amount, including the basic sum assured and applicable loyalty addition.
- Surrender Value: Where applicable, the calculator can help determine the surrender value based on the policy’s conditions.
Step-by-Step Guide to Using the LIC Jeevan Ankur Plan 807 Calculator
To calculate the premium and benefits, follow these steps:
- Choose the Plan: Select LIC Jeevan Ankur Plan 807 in the calculator.
- Enter Parent’s Age: Provide the age of the parent who is the life assured.
- Enter Child’s Age: Add the child’s age at the time of policy commencement.
- Select Policy Term: Choose the applicable policy duration based on the child’s age.
- Enter Sum Assured: Enter the desired basic sum assured.
- Choose Premium Mode: Select yearly, half-yearly, quarterly, monthly, or single premium, as applicable.
- Calculate: Submit the details to obtain the estimated premium and policy benefits.
- Review the Results: Check the premium, maturity benefit, and applicable surrender value shown by the calculator.
LIC Jeevan Ankur Plan 807 Example Calculation
Consider the following hypothetical example:
- Parent’s Age: 38 years
- Child’s Age: 10 years
- Policy Term: 15 years
- Basic Sum Assured: ₹1,00,000
- Premium Mode: Yearly
Based on the given example, the annual premium may be approximately ₹3,967.
At maturity, the policyholder would receive:
Basic Sum Assured + applicable Loyalty Addition
The loyalty addition, if declared, would be added according to the policy’s applicable terms.
For surrender, the applicable guaranteed surrender value would depend on the premium mode and policy duration. Under the stated example, after three years, the guaranteed surrender value is calculated as 30% of eligible premiums paid, excluding the first year’s premium.
Benefits of Using the LIC Jeevan Ankur Plan 807 Calculator
Better Financial Planning
The calculator allows parents to estimate the premium requirement and understand the potential maturity benefit before planning their finances.
Simple Calculation
Instead of performing complex calculations manually, users can enter their policy details and receive an estimated result quickly.
Better Understanding of Benefits
The calculator provides a clearer picture of the sum assured, maturity amount, and surrender value associated with the policy.
Helps Compare Options
Different combinations of sum assured, policy term, and premium payment modes can be considered to understand how the policy may fit within a financial plan.
Important Points to Remember
- LIC Jeevan Ankur Plan 807 was withdrawn from sale on 1 January 2014 and is not available for new purchases.
- The policy was primarily designed to provide financial protection for a child’s future.
- The minimum basic sum assured was ₹1,00,000.
- The policy term depended on the age of the child at entry.
- Premiums could be paid through regular payment modes or as a single premium.
- The death benefit included the basic sum assured along with the specified annual income benefit.
- Loyalty additions were not guaranteed and depended on LIC’s declaration.
- Surrender benefits were subject to the applicable policy conditions and premium payment mode.
Frequently Asked Questions
What is LIC Jeevan Ankur Plan 807?
LIC Jeevan Ankur Plan 807 was a child-oriented participating life insurance plan in which the parent was the life assured and the child was the nominee. It combined life protection with savings and maturity benefits.
Who could purchase LIC Jeevan Ankur Plan 807?
When the plan was available, parents or guardians of children up to 17 years of age could purchase the policy, subject to the applicable eligibility conditions.
Is LIC Jeevan Ankur Plan 807 available today?
No. LIC withdrew Plan 807 from new sales on 1 January 2014. Existing policyholders continue to be governed by the terms and conditions of their respective policies.
What happens if the parent dies during the policy term?
If the parent, who is the life assured, dies during the policy term, the basic sum assured is payable immediately. An annual income benefit equal to 10% of the sum assured is also payable until the end of the policy term, according to the stated policy conditions.
Is there a rider facility under this plan?
Yes. Optional riders, including the Accident Benefit Rider and Critical Illness Rider, were available to provide additional protection, subject to the applicable terms.
How is the premium calculated?
The premium depends on factors such as the parent’s age, child’s age, sum assured, policy term, and selected premium payment mode.
Conclusion
LIC Jeevan Ankur Plan 807 was a traditional participating insurance plan created with the objective of helping parents build financial security for their children’s future. It combined life insurance protection with savings and potential loyalty additions.
Although LIC withdrew the plan from new sales in January 2014, existing policyholders can still refer to their policy documents to understand their applicable benefits.
The LIC Jeevan Ankur Plan 807 Calculator can be useful for estimating premiums, maturity benefits, and surrender values based on the policy details. For accurate calculations, policyholders should always consider the terms stated in their original LIC policy documents.
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