Life Insurance Corporation of India (LIC) has launched a new policy especially designed to

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meet the educational and other needs of children.

`Jeevan Ankur' is the most suitable insurance plan for parents who have children up to the age of 17 years, LIC Divisional Manager (Incharge) Nagpur, M K Joshi, told a press conference here today.

The plan covers the risk on the life of the parent and the named child shall be the nominee under the sceme, he said.

It has three riders - accident benefit, critical illness and premium waiver option under critical illness.

In the event of unfortunate death of the parent during the policy term, the basic sum assured is payable immediately.

In addition, an income benefit equal to 10 per cent of the basic sum assured is payable to the nominee child from the policy anniversary coinciding with or immediately after the death till the end of policy term, Joshi said.