Jeevan Anand
Why you should buy LIC’s New Jeevan Anand?
LIC’s New Jeevan Anand is a good life insurance plan for your family. It offers an attractive combination of savings and protection. The cover provided is available throughout the lifetime of the policy. In addition, this plan comes with a loan facility as well.
If an individual is searching for an endowment plan which offers the advantages for an entire life policy, then LIC Jeevan Anand is one of the best possible options to choose from. The new LIC Jeevan Anand policy offers a special bonus facility. It is a kind of Double Death Benefit Plan which guarantees the agreed sum assured if an insured person survives till the very end of the maturity period. This arrangement includes a high reward rate, a normal premium and even more phenomenal liquidity features.
The LIC New Jeevan Anand is a participating life insurance policy which offers a double benefit of protecting as well as the savings. This plan offers financial protection in case of the death of the insured individual and also offers lumpsum amount in the case of the survival of the individual at the end of the policy term. It is considered to be one of the most popular endowment plans from the Life Insurance Corporation of India.
Death Benefit
- In case of death of the policyholder, the sum assured on death and vested Simple reversionary bonuses and final additional bonus, if any, will be paid to the family. The sum assured on death is defined as higher of 125% of basic sum assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
Survival Benefit
Provided all premiums have been paid and the policy is still in force, the basic sum assured, along with vested simple reversionary bonuses and final additional bonus, if any, will be paid to the policyholder as a lump sum amount.
Benefits of LIC New Jeevan Anand Plan
The LIC policy offers a double benefit in terms of financial protection in the case of the death of a policyholder as well as the benefits of savings on survival.
The Death benefit
In case of death of the insured during the policy term, the Sum that is assured on the death along with the reversionary bonus and the final additional bonus (if any) would be paid as a death benefit to the nominee.
On death of policyholder at any time after policy term, only the agreed Basic Sum Assured is paid.
The Maturity benefit
The LIC Jeevan Anand plan qualifies for the Maturity benefit that would be paid out at the time of the end of the policy term by considering all the premiums which have been paid fully. The Sum assured along with the reversionary bonus and the final additional bonus, if any would be paid as the maturity benefit.
The flexibility of operation
This plan offers individuals the flexibility of paying the premiums either monthly, quarterly, biannually or annually
Eligibility Criteria
The Eligibility Criteria for the LIC's New Jeevan Anand policy are as follows
| PARAMETER | ELIGIBILITY CRITERIA |
|---|---|
| Minimum Basic Sum Assured | Rs. 100,000 |
| Maximum Basic Sum Assured |
No Limit (The Basic Sum Assured shall be in multiples of Rs. 5000/-) |
| Minimum Age at entry | 18 years (completed) |
| Maximum Age at entry | 50 years (nearest birthday) |
| Maximum Maturity Age | 75 years (nearest birthday) |
LIC’s Accidental Death and Disability Benefit Rider
| PARAMETER | ELIGIBILITY CRITERIA |
|---|---|
| Minimum Accident Benefit Sum Assured | Rs. 100,000 |
| Maximum Accident Benefit Sum Assured | An amount equal to the basic sum assured under the Basic plan subject to the maximum of Rs. 100 lakh overall limit taking all existing policies of the life assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the accident benefit sum assured under the new proposal into consideration. (The accident benefit sum assured shall be in multiples of Rs. 5000/-) |
| Minimum Age at entry | 18 years (completed) |
| Maximum Age at entry | The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years |
| Maximum cover ceasing age | 70 years (nearest birthday) or till the end of the Policy |
Paid-up Value
If the premium has been paid for at least three years followed by non-payment of premium, the policy will acquire a paid-up value. The basic sum assured under the policy shall be reduced to such a sum, called paid-up sum assured and shall bear the same ratio to the basic sum assured as the premiums paid bears to the total number of premiums payable i.e. Basic Sum Assured *(number of premiums paid / number of premiums payable).
Surrender Value
The policy can be surrendered for cash provided at least three full years’ premiums have been paid. The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders. The surrender value of any vested simple reversionary bonuses, if any, is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses.
