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LIC Jeevan Ankur Is A Good Child Plan

Monday, April 30, 2012

Manoj Aswani is VP at MyInsuranceClub.com

I want to buy a single premium policy by investing Rs. 50,000 for my daughter who is currently 9 months old. Please advise what child plan would be best for me for the benefit of my daughter?
—Sudheer Rao, Bangur Nagar, Goregaon (W)

There are some limited options for Single Premium Child Plans and most of them are traditional plans. Most ULIP Child Plans are usually regular premium plans. Some of them are:

  • LIC Jeevan Ankur Plan
  • Future Generali Child Benefit Plan

    However, if you wish to opt for a Regular premium Child Plans then some good ones would be:
  • India First Young India Insurance Plan
  • Aviva Young Scholar Advantage Policy
  • Tata AIG Star Kid Plan
  • ICICI Prudential SmartKid Regular Premium Plan

    I had planned for the Child Career plan with LIC through an agent. I wanted a sum assured of Rs. 6 lakh for my son of 7 months @ a quarterly premium of Rs. 7624. Later I was advised that LIC would provide cover only if I the father had another policy with a sum assured of 6 lakhs for me to get the cover with a 6lk sum assured. So please advise on the procedure followed since this does not sound correct to me.
    —Clifford Rodriques, Orlem Malad (W)

    According to the second principle of Insurable Interest, you can purchase a plan for anyone who is dependent on you like your son for a Sum Assured of Rs 6 Lakhs only if you are covered for the same amount. This reduces the possibility of Moral Hazard.

    There have been some court cases after which this principle has come into effect. Hence if you need a policy on your child's name for Rs. 6 lakhs, you need to purchase an Insurance Policy covering your life for at least Rs 6 lakhs for this policy to be issued. Alternately you could opt for a child plan for the benefit of your child but which covers your life, so that if anything were to happen to you, your son's future would still be secured. Some such plans you can consider are:

    LIC Marriage Endowment/ Education Annuity Plan
    HDFC Standard Life insurance Children’s Plan
    If you need a Money Back Plan only you could consider LIC Jeevan Anurag Plan, LIC Jeevan Chhaya Plan, ICICI Prudential Smart Kid Regular Premium Plan, etc.

    I am 24, Male, Non-smoker. I am looking out for an online, Term life insurance policy with survivor benefits. Typical insurance cover that I might consider is Rs 50 lakh over a 30 year period. Please suggest the best Term Plan available which has survivor benefits upon maturity of term.
    —Ashwin Tejwani, Khar (W)

    There are many Term Plans with Return of Premium Option. This is the Survivor Benefit that you get from a variance of Term Plan. Quite a few of them are good ones, however, what suits you the best you be the best as far as you are concerned. Some good Term Plans with Return of Premium option are:
    1. Bajaj Allianz Term Care- has 5 amazing riders and offers large cover at low cost
    2. Reliance Special Term Plan has 2 riders and woman discount
    3. Tata AIG LifePlus- Accidental rider benefits along with Guaranteed Surrender Benefit
    4. ICICI Pru Lifeguard TROP- Accidental Death and Disability rider and Waiver of Premium rider and unique feature of availing 5 years of extended cover post maturity of the policy without any additional payment of premium at 50% of the original sum assured.

    Is Tata AIG InvestAssure policy a good life insurance plan? We have paid 3 annual premiums and don’t really know the benefits and features of the plan. We went through the company website but there were many plans with this name. The policy term we opted for is 20 years and the annual premium is Rs. 50,000. Kindly suggest if we should continue this plan or exit?
    —Suman Rao, Malad West
    Tata AIG has 2 InvestAssure Plans, namely Tata AIG InvestAssure Gold Supreme Plan and Tata AIG InvestAssure Maximizer Plan. Tata AIG InvestAssure Gold Plan is a simple ULIP where in case of death of Life Insured, the nominee would get the Sum Assured or the Fund Value, whichever is higher as Death Benefit. If the Life Insured survives the entire policy tenure, then he would get the Fund Value as Maturity benefit.
    In Tata AIG InvestAssure Maximizer Plan, in case of death of Life Insured, the nominee would get the Sum Assured PLUS the Fund Value as Death Benefit. If the Life Insured survives the entire policy tenure, then he would get the Fund Value as Maturity benefit. Both these plans are very good and in order to get the best benefits, you need to continue the same till long term. 
    (The author is Vice President at www.MyInsuranceClub.com, insurance comparison website in India. You may write to him at [email protected])
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