LIC New Jeevan Anand Plan had made a very big impact in Indian Insurance Industry after its launch. LIC Jeevan Anand plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lump-sum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
LIC Jeevan Anand plan benefits
- Provided all due premiums have been paid, the following death benefit shall be paid:
- On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, 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.
- The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
- On death of policyholder at any time after policy term: Basic Sum Assured
- Benefits payable at the end of Policy Term: Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
|Introduction :||LIC new Jeevan Anand plans 815 is a combination of the Whole life plan and the most popular Endowment Assurance Plan. The plan provides the pre-decided Sum Assured and Bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death.|
|Age Range :||18 (completed) – 50 Yrs () (Max Premium Ceasing Age : 75)|
|Term :||15 – 35 Yrs|
|Premium Paying Term :||15 – 35 Yrs|
|Minimum Sum Assured :||Rs. 1,00,000|
|Premium Modes :||Yly, Hly, Qly, Mly (ECS) & SSS|
|Risk Cover :||On death, before the policy term ends, ‘Sum assured On Death’ + Bonus + Final Additional Bonus, if any, is given to the nominee. ‘Sum Assured On Death’ is higher of 125% of Basic Sum Assured or 10 times of annualized premium. This Death Benefit should not be less than 105% of the total premiums paid as on date of death. Incase of Lives Assures unfortunate death after the premium paying term, an amount equal to Sum Assured is paid.|
|Maturity Benefits :||Sum Assured plus vested bonus is paid at the end of the premium paying term. The Risk cover continues and again on death Sum Assured is paid to the nominee.|
|Bonus & Guaranteed Addition :||Available (as per Declared rates)|
|Tax Benefits :||Available Under Section 80C of the Income Tax Act.|
|Loan :||Loan Available|
|Accident & Disability Benefits :||Available till Age 70.|
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