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.
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).
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.
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:
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.
In case of complete survival throughout the policy tenure of the policyholder:
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 |
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.
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 |
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 |
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:
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.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
10 Dec 2024
4 min read
Prime Minister Narendra Modi has launched the Bima Sakhi Yojana10 Dec 2024
3 min read
The Bima Sakhi Yojana, launched by Prime Minister Narendra Modi20 Nov 2024
3 min read
LIC Yuva Term Plan Calculator is an online tool designed to15 Oct 2024
2 min read
The LIC Index Plus plan is a ULIP offered by the Life Insurance15 Oct 2024
3 min read
The LIC Index Plus combines the benefits of insurance and3 min read
Indians living Abroad can now avail GST Exemption on their LIC policy. Non-resident Indians have the same rights3 min read
LIC Plans for NRIs in the USA are one of the best ways to secure the financial future of your loved ones living in3 min read
NRIs living in the UK often worry about their families living in India. Being a financial support for them, have4 min read
As an NRI living in the UAE, you need to secure the future of your loved ones living back in India. In case of anyInsurance
Calculators
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurugram - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
Policybazaar is registered as a Composite Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2027, License category- Composite Broker
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2024 policybazaar.com. All Rights Reserved.