LIC Jeevan Anand

Life Insurance Corporation of India, a name that has carved a niche in the insurance market decades ago. With an array of insurance policy options along with a dignified position in the market, LIC is now a household name in India.
Life Insurance Corporation, after their huge success among Indians, has spread their wings for NRIs as well. With more than 32 insurance policies for Non-Resident Indians (NRIs) that best fulfill their objectives, LIC is becoming popular amongst NRIs.

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  • Save upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
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LIC Jeevan Anand is one of the most successful policies in India and seeing this popularity, the company has issued it for the NRIs as well. Let us discuss more LIC Jeevan Anand and how is it best suited for a Non-Resident Indian (NRI).

What is LIC Jeevan Anand?

LIC’s New Jeevan Anand Plan is an individual, non-linked, life assurance, participating plan that comes with the combination of savings and protection. LIC Jeevan Anand offers financial protection to the family of the policyholder in case of the untimely demise of the assured. This plan also comes with a loan facility that takes care of the liquidity needs of the policyholder.

Jeevan Anand LIC Policy Benefits

  1. Death Benefit:

    In case of the death of the policyholder, the nominee of LIC Jeevan Anand gets total Sum Assured amount + the Simple Reversionary Bonus and Final Additional Bonus, if any.

    Sum Assured on Death is Considered As:

    • 125% of the Basic Sum Assured as per policy terms, or
    • 10 X (Annualized premium), or
    • Subject to a minimum of 105% of the total premiums payable as on date of death

    Whichever is higher.

    On the insured’s death, the basic sum assured is paid as the death benefit to the nominee and the plan terminates.

  2. Maturity Benefit:

    In case of complete survival throughout the policy tenure of the policyholder:

    • Basic sum assured along with final additional bonus + accrued bonus or simple reversionary bonus, if any, shall be paid to the assured as maturity or survival benefit only after the completion of the policy tenure. Under maturity benefit, the basic sum assured and the sum assured on Maturity are equal.
  3. Participation in Profits:

    LIC Jeevan Anand for 15 years is eligible to participate in profit sharing of the company and is hence entitled to receive Simple Reversionary Bonuses. These bonuses completely depend on the experience of the corporation during the active years of the policy.

    Benefit Illustration

    Age of the life assured (Nearer Birthday)

    30 Years

    Policy Term

    35 Years

    Premium Payment Mode

    Yearly

    Basic Sum Assured

    Rs.1,00,000

    Premium (Excluding Taxes)

    3,165

    Eligibility

    Eligibility Conditions and Other Restriction

     Minimum Basic Sum Assured

    Rs.1,00,000

     Maximum Basic Sum Assured

    No Limit

    (The Basic Sum Assured shall be in multiples of 5000/-)

     Minimum Age at entry

    18 years (completed

     Maximum Age at entry

    50 years (nearer birthday

     Maximum Maturity Age

    75 years (nearer birthday

     Minimum Policy Term

    15 years

     Maximum Policy Term

    35 years

Additional benefit:

  1. Accidental Death and Disability Benefit:

    One of the additional benefits covered under LIC Jeevan Anand Plan is the Accidental Death and Disability Benefit Rider. A policyholder can buy this additional benefit during the time of policy purchase by paying an additional amount. Under accidental death and disability benefit riders, an extra sum assured amount other than the basic sum assured amount is payable to the nominee in case of the untimely demise of the policyholder. 

    Additionally, in case of permanent or total disability, the plan offers the benefit in equal intervals of time.

    Discounted Premiums: Yearly and half-yearly premium payments and for higher sum assured chosen.

  2. Option to Take Death Benefit in Installments

    This option is to receive the death benefit in installments of 5, 10, or 15 years rather than a lump-sum amount under an in force as well as paid-up policy.

    Have a look at the illustration for a better understanding

    Mode of Installment payment

    Minimum installment amount

    Monthly

    5,000/

    Quarterly

    15,000/

    Half-Yearly

    25,000/

    Yearly

    50,000/

    Sample Illustrative Premium

    The sample illustrative annual premiums in rupees for Basic Sum Assured of 1 Lakh for standard lives are as under:

    Age

    Policy Term

    15

    25

    35

    20

    7,747/-

    4,341/-

    2,935/-

    30

    8,080/-

    4,581/-

    3,165/-

    40

    8,644/-

    5,037/-

    3,636/-

    50

    9,575/-

    5,846/-

     

    Rebates

    Mode Rebate:

    Yearly mode

    2% of Tabular Premium

    Half-yearly mode

    1% of Tabular premium

    Quarterly, Monthly mode & Salary Deduction

    NIL

    High Sum Assured Rebate on Premium:

    B.S.A or Basic Sum Assured 

    Rebate

    1, 00,000 to 1, 95,000 

    Nil

    2, 00,000 to 4, 95,000

    1.50%o B.S.A.

    5, 00,000 and 9, 95,000

    2.50%o B.S.A.

    10, 00,000 and above

    3.00%o B.S.A

LIC New Jeevan Anand - Product Specification

Product Name

LIC New Jeevan Anand

Entry Age

18/50 Years

Maturity Age

Up to 75 Years

Policy Term

15/35 Years

Premium Payment Term

Same as Policy Term

Premium Paying Frequency

Annual/Half Yearly/ Quarterly/ Monthly

Required Documents

The list of required documents may vary as per the premiums of the policy and chosen sum assured. Below are some of the basic documents required for getting insured by the LIC policies:

  • Correctly filled Application form/Proposal form
  • Address Proof
  • Age Proof
  • Other KYC documents: PAN Card, Adhaar Card, Tax Details, etc.
  • Medical History
  • Medical Diagnosis Reports as required

LIC Jeevan Anand is a savings plus protection plan that helps in securing the financial future of the policyholder and their family. This plan is specifically suitable for NRIs as it is a great investment for them in their home country which gives additional benefits of high returns along with tax benefits.

Written By: PolicyBazaar - Updated: 29 September 2021

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