LIC Jeevan Anand

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.

• 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

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Sample Premium Rates

Sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured

Additional Policy Details

Revival - A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the end of policy term on payment of all the arrears of premium together with interest.

Rider Options - LIC's Accidental Death and Disability Benefit Rider is available by payment of additional premium during the policy term. In case of accidental death during the policy term, accidental benefit sum assured will be payable as lump sum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the accident benefit sum assured will be paid in equal monthly installments spread over 10 years. In addition, any future premiums for accident benefit sum assured as well as premiums for the portion of basic sum assured which is equal to accident benefit sum assured under the policy, will be waived.

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.

Let us consider one example of Mr. Vijay, a 26-year-old IT professional who opts for the LIC’s New Jeevan Anand plan having a sum assured of the amount of Rs. 5,00,000 for a policy term that is of 21 years. Let us assume that Vijay will be paying the yearly premium amount of Rs. 27, 454. In the case that Vijay survives the policy period, then he will receive a maturity benefit of the amount of Rs.11,02,000. In case if Mr. Vijay passes away before the end of the policy, then his nominee would receive 125% of the entire sum assured, as well as various other bonuses as applicable.

The LIC Jeevan Anand policy provides the tax benefit to the insured individuals on the premium paid, as well as on the claims that are received. This benefit is applicable under Section 80C and Section 10(10D) of the Income Tax Act.

Claim on death - The entitled nominee must present the claims form and the original policy documents as given by LIC. Additionally, the nominee must be required to provide all the details and the applicable documents, such as the bank account details, the death certificate, the medical treatment details before death, etc.

Claims on maturity - the individual insurance holder has to provide a filled claim form that is attached to the original policy documents, in the name of a policyholder. Additionally, the individual policyholder has to give bank account details for NEFT transfer of the maturity amount.

Surrender claims - The insurance holder has to give the filled claim form that is attached along with the original policy document, in the name of a policyholder, along with the bank details for the NEFT transfer of the surrender benefits as applicable.