LIC New Jeevan Anand 149 Plan 

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

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:

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