LIC Jeevan Ankur Plan 807 is a child insurance plan from Life Insurance Corporation of India designed to secure your child’s future, especially for education and other needs. It offers protection on the parent’s life with the child as nominee, providing death benefits, income support, and maturity payout.

Even though the plan was withdrawn for new sales on January 1, 2014, existing policyholders can still benefit, and calculators help estimate returns. Launched on January 23, 2012, it remains popular for its family-focused features.​

What is LIC Jeevan Ankur Plan 807?

This plan acts like a safety net for parents worried about their child’s future if something happens to them. You, as the parent, are the life assured, and your child (up to 17 years old) is the nominee. The policy term is set so it matures when your child turns 18 to 25 years old.

It’s a with-profits endowment plan, meaning you get guaranteed benefits plus possible bonuses called Loyalty Additions. Premiums can be paid regularly (yearly, half-yearly, etc.) or as a single premium. No loans are available, but surrender and paid-up options exist after certain years.

Parents choose this because it ensures money flows to the child even if the parent passes away early. It’s straightforward, with no complex investments, just reliable LIC backing.

Key Features and Eligibility

Eligibility keeps it simple. The minimum sum assured is Rs 1 lakh, with no upper limit (multiples of Rs 5,000). Parent’s entry age: 18 to 50 years. Child’s age: 0 to 17 years. Policy term: minimum (18 minus child’s age or 8 years), maximum (25 minus child’s age).

Key features include:

• Death benefit with immediate lump sum and yearly income.
• Maturity benefit with basic sum assured plus loyalty additions.
• Optional riders for accidents or critical illness.
• Grace period: 30 days for most premiums, 15 for monthly.
• Revival is possible within 5 years of lapse with proof of health.

Rebates make it cheaper for higher sums or more choices. For example, yearly mode gives 2% off the tabular premium.

This plan suits working parents in India planning for school fees or college without stock market risks.

Benefits Explained Simply

Death Benefit

If the parent (life assured) dies during the term, the nominee (child) gets the full basic sum assured right away. Plus, 10% of sum assured as income benefit each year from the next policy anniversary until maturity. Premiums stop after death.

If the child dies first (parent alive), nominate another child or person, and the policy continues. If child dies after a parent, benefits go to legal heirs.

Maturity Benefit

At policy end, get the basic sum assured plus any loyalty addition, regardless if parent is alive. Loyalty additions depend on LIC’s performance; they are not guaranteed but common in endowment plans.

Optional Riders

• Accident Benefit Rider: Extra sum equal to rider amount (up to Rs 50 lakh) if death by accident. Only for regular premium, till age 70.
• Critical Illness Rider: Lump sum (up to Rs 5 lakh) on diagnosis of covered illnesses. Can add premium waiver. Policy must mature by age 60.

These add protection for just a bit more premium.

Sample Premium Rates

Premiums vary by age, term, and sum assured. Here’s a table from LIC’s brochure for Rs 1,000 sum assured (exclusive of taxes then; add GST now).

Single Premium (per Rs 1,000 Sum Assured)

Age	10 Years Term	15 Years	20 Years	25 Years
20	615.45	494.95	405.95	348.00
30	618.80	503.35	422.10	375.30
40	638.75	541.60	483.60	463.60

Annual Regular Premium (per Rs 1,000 Sum Assured)

Age	10 Years Term	15 Years	20 Years	25 Years
20	90.65	56.45	39.70	31.10
30	91.20	57.50	41.35	33.50
40	94.70	62.35	47.80	41.75

For Rs 5 lakh sum assured, multiply by 500 and apply rebates (e.g., 3% for regular premium over Rs 5 lakh).

How to Use LIC Jeevan Ankur Plan 807 Calculator

A calculator helps estimate premiums, maturity, and death benefits without visiting an agent. Sites like liccalculator.xyz or policybazaar.com have free tools (even for withdrawn plans using old rates).

Steps:

1. Enter parent’s age, child’s age.
2. Choose sum assured (start with Rs 5-10 lakh).
3. Select term (auto-calculates based on child maturing at 18-25).
4. Pick premium mode: single or regular.
5. Input expected loyalty addition rate (4-6% typical for LIC).

Example: Parent 30 years, child 5 years, sum assured Rs 5 lakh, term 20 years (child 25 at maturity), yearly premium.

Estimated annual premium: Around Rs 20,675 (41.35 x 500, minus 3% rebate).

Projected maturity (with 5% loyalty): Rs 5 lakh + bonuses ~ Rs 7-8 lakh total. Death benefit: Rs 5 lakh immediate + Rs 50,000/year x 20 = Rs 10 lakh income maturity.

Try official LIC tools or third-party ones for visuals. Always verify with the branch for exacts, as taxes and bonuses vary.

Paid-Up, Surrender, and Revival

Miss premiums? After 3 full years paid, it becomes paid-up for the reduced sum assured. Death gets paid-up value immediately, but no income or full maturity.

Surrender: Single premium after 1 year: 90% of premium. Regular after 3 years: 30% of premiums paid (excluding first year). Special surrender may be higher.

Revive a lapsed policy within 5 years by paying arrears + interest + health proof.

Tax Benefits and Exclusions

Premiums qualify under Section 80C up to Rs 1.5 lakh/year. Maturity is tax-free under 10(10D) if conditions are met. Income benefit is taxable as per slab.

Exclusions: Suicide within 1 year gets 90% of the single premium back. Section 45 protects after 2 years.

Why Choose This Plan? Pros and Cons

Pros:

• Steady income for child if parent is gone.
• Guaranteed maturity.
• Flexible nomination.
• LIC’s trusted name.

Cons:

• Withdrawn, so no new policies.
• Returns moderate (4-6% IRR typical).
• No loans.
• Inflation may erode fixed benefits.

Better than savings accounts, but compare with term investments for higher returns.

FAQs

Conclusion

LIC Jeevan Ankur Plan 807 offers peace of mind for parents wanting to secure their child’s education and future needs with guaranteed payouts and income support. Though withdrawn, its calculator tools make it easy to understand benefits for existing holders or similar planning. Consult LIC for personalized advice, and use official sources for accuracy.