LIC New Jeevan Anand 149 Plan 

LIC New Jeevan Anand 149 is a non-linked, participating, individual life assurance policy that offers a unique combination of savings and protection. This dual benefit provides financial security against death throughout the entire life of a policyholder along with the provision of paying lump sum amount at the last of chosen policy tenure in case of his/her survival. LIC plan 149 also takes care of the liquidity requirements through its facility of loan.

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LIC New Jeevan Anand 149 Plan - Key Features

Below are the key features of LIC Plan 149: 

  • LIC Jeevan Anand plan 149 is a traditional participating whole life endowment plan.

  • The plan provides an option of regular premium payment to the insured.

  • On survival till the end of the plan term, the benefit on maturity is paid to the insurance holder and the plan continues to be in force.

  • Death Benefit: In the case of the death of the insured, the assured sum is paid to his entitled nominee.

  • Added top-up covers as riders available on payment of a nominal premium amount.

  • The plan also offers tax exemption on the premium paid and claim settlement under Section 80C and 10(10D) of the Income Tax Act.

LIC Jeevan Anand 149 Plan Benefit

  1. Death Benefit:

    The following death benefits shall be payable, providing all the due premiums have been paid: 

    In case of policyholder’s death during the policy tenure or before the set maturity date: The death benefit equivalent to the sum assured on death along with the final additional bonus and simple reversionary bonuses, shall be paid in which the SA on death is defined as the higher of: 

    • 125% of the Base Sum Assured as per policy terms,

    • 7 X of Annualized premium amount 

    Simple Reversionary Bonuses (SRB): The plan accumulates simple reversionary bonuses by participating in the profit of the company and the final addition bonus is declared based on the experience of the company. The simple reversionary bonus is offered to the policyholder along with the basic sum assured amount at the time of maturity of the policy or as the death benefit.

    The premium amount stated above excludes all the taxes, additional and rider premium if any. 

    In case of death after the expiry of the policy tenure i.e., from the set maturity date: Basic SA shall be payable. 

  2. Maturity Benefit:

    In case of survival of the life assured to the set maturity date, provided the policy is active i.e., all due premium amount has been paid as SA on maturity along with final additional and simple reversionary bonus (if any) shall be payable where the SA on maturity is equivalent to the basic SA. 

  3. Participation in Profits

    The LIC plan 149 shall participate in the company’s profits and shall be eligible to receive a Simple reversionary bonus announced as per the company’s experience during the policy tenure, provided the policy is active. 

  4. Tax Benefits:

    LIC Jeevan Anand policy offers tax benefit to the insured on the premium paid and on the claims received, Under Section 80C and 10(10D) of the Income Tax Act.

LIC Jeevan Anand 149 - Product Specification

Criteria 

Minimum 

Maximum 

Entry Age

18 years

50 years 

Maturity Age

-

75 years

Policy Term

15 Years

35 years 

Sum Assured 

1 lac 

No Limit 

Premium Payment Term

Same as Policy Term

Premium Paying Frequency

Annual/Half Yearly/ Quarterly/ Monthly

Riders 

Four options of riders are available under the policy by paying an additional amount of premium. The life assured can choose between LIC’s Accident benefit rider, Accidental death and disability benefit rider, New Term Insurance or critical illness rider. You can avail a maximum of 3 three riders from the following options: 

  1. Accidental Death and Disability Benefit:

    The LIC New Jeevan Anand plan offers additional coverage as accidental death and disability benefit rider. This rider benefit can be bought in addition to the basic coverage of the policy.  Under this rider benefit the nominee of the policy receives the extra sum assured amount on top of the basic sum assured amount in case of accidental demise of the insured person. Moreover, in case of total or permanent disability, the plan offers the benefit in equal intervals of time.

  2. Accident Benefit Rider 

    This rider benefit can be purchased at any time under an active policy within the policy tenure of the base term plan, providing the term of premium payment and rider is 5 years. If this rider benefit is opted for, in case of accidental death, then the sum assured as the accidental benefit will be paid in a lump sum. 

  3. New Term Assurance Rider 

    This rider benefit is available at the commencement of the policy. If it is purchased for an amount equivalent to the sum assured as term assurance rider benefit shall be payable on the demise of the policyholder during the policy term. 

  4. Critical Illness Benefit Rider

    This rider can opt on the first diagnosis of any of the mentioned 15 critical illnesses covered under the rider, then the sum assured for critical illness shall be payable. 

LIC Jeevan Anand 149 Plan Details

  1. Grace Period

    A grace period of 30 days is allowed for the payment of due premiums. In case the insurance holder delays the premium payment, he/she is allowed a grace period of 30 days. In case of non-payment of premiums during the grace period, the policy will lapse. However, the insurance holder is allowed to pay within a tenure of 2 years from the due date of the first unpaid premium. He/she has the option to revive the lapsed LIC New Jeevan Anand Plan by paying all the due premiums within this period.

  2. Free Look Period

    The policyholder gets a free cancellation option in which he/she can cancel his plan within 15 days of its inception, given that no claims have been made yet.

  3. Policy Termination or Surrender Benefit

    On completion of 3 policy years, the insurance gets charged with surrender value benefits. Also, the insurance plan provides loan advantages under which the insurance holder can avail loan against his/her policy.

  4. Revival

    If a policyholder fails to pay premiums within the grace period, then the plan will lapse. A lapsed plan can be revived within a time of 5 consecutive years from the first date of unpaid premiums amount but before completing the policy tenure. 

Sample Premium Rates of LIC Jeevan Anand 149 Plan 

The below table illustrates the annual premium rates in Rs. for basic sum assured of Rs. 1 Lac for standard lives under LIC Jeevan Anand plan 149:

Age 

Policy Term

15 

25

35

20 years 

7747

4341

2935

30 years 

8080

4581

3165

40 years 

8644

5037

3536

50 years 

9575

5846

-

The above premium rates are exclusive of taxes*

Exclusions of LIC Jeevan Anand Plan 149

In case the policyholder commits suicide within 12 months of the policy inception, 80 % of the premiums paid to date shall be returned to the nominee. In case of death after the plan renewal, a higher of 80% premiums paid till date or the acquired surrender value shall be paid.

Required Documents for Buying LIC Jeevan Anand 149

The documents required to be insured under LIC plan no. 149 are subject to the sum assured amount chosen and the premiums paid for it. 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 New Jeevan Anand 149 Plan – FAQs

  • Q.1 How much will I get in my LIC Jeevan Anand?

    A: Here is the LIC Jeevan Anand plan 149 calculators that will help you help you understand the returns on the amount invested.
    Sample Illustration
    Parameters LIC New JeevanAnand
    Age 35
    Investment Amount 25,00,000
    Rate of Return 3.56%
    Total Amount Received 40,66,000
    Money Received in Years 25
  • Q.2 How maturity is calculated in LIC Jeevan Anand (Plan-149)?

    A: Basic Sum Assured + Accrued Bonuses
    In case the life insured survives the entire tenure of the policy then a basic sum assured amount along with the accrued bonus or simple reversionary bonus is paid to the insured as maturity benefit after the completion of the whole policy year.
  • Q.3 I am an NRI, can I avail LIC New Jeevan Anand Plan?

    A: Yes, you can avail New Jeevan Anand plan by the Life Insurance Corporation of India, anytime you wish to. As per Indian laws, any Non-Resident of India is eligible to buy insurance plans from Indian Insurance Companies. An individual is eligible to get insured by this insurance plan after the submission of the required documents and the correctly filled registration form. After all the required verification is done by the LIC, a confirmation shall be sent to the buyer within 15 to 20 working days.
  • Q.4 Is the plan subject to be forfeited by the company directly?

    A: Yes, the insurance plan is subject to forfeiture directly by LIC in case the company finds any information provided by the policyholder as misleading or deceiving. The company has the complete right to cancel the insurance plan by paying the applicable surrender value. The company has the right to forfeit the insurance plan in a case like this, under Section 45 of the Insurance Act, 1938.
  • Q.5 What are the basic requirements while making a death claim?

    A: In order to make a claim on death, the entitled nominee shall be required to present the claims form along with the original policy documents as issued by LIC in the name of the insured. Additionally, as mentioned in the rider brochure, the nominee shall be required to submit all the details and documents whichever applicable, such as bank account details, death certificate, medical treatment details before death, etc. 
  • Q.6 What are the basic requirements while making a maturity or surrender claim?

    A: While making claims on maturity, the insurance holder is required to provide a completely filled discharge form attached with the original policy documents as issued by LIC in the name of the policyholder. Additionally, the policyholder has to provide bank account details for the NEFT transfer of the maturity benefit.
    While making surrender claims also, the insurance holder has to provide a duly filled discharge form attached with the original policy documents as issued by LIC in the name of the policyholder, along with bank details for NEFT transfer or surrender benefits as applicable. 
  • Q.7 Can the policy be dated back?

    A: Yes, the LIC New Jeevan Anand plan can be easily dated backward within the same financial year with charges applicable at the plan term-end as per conditions applied.

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