LIC New Jeevan Anand

LIC’s New Jeevan Anand Plan is a participating Whole Life Endowment Plan with various advantages. As the name suggests, this whole life endowment plan continues to provide coverage till the death of the insured even after the maturity of the plan. This makes Jeevan Anand a perfect blend of an endowment plan and a whole life plan.

Read more
Best Investment Options
  • Save upto ₹46,800 in tax under Sec 80C

  • Inbuilt Life Cover

  • Tax Free Returns Unlike FD

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

Get Guaranteed returns along with life cover
invest in 100% Guaranteed Return Plans Tax benefits under sec 80C & No Tax on returns*
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans", you agree to our Privacy Policy and Terms of Use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp

If you are searching for an endowment plan that provides the advantages of an entire life policy, then LIC Jeevan Anand plan 149 is one of the best choices to go for. The Jeevan Anand(Plan-149) offers a bonus facility. This is a sort of Double Death Benefit Plan that guarantees developed advantages if the insured person survives till the end of the maturity date. This arrangement involves a high reward rate, normal premium, and even phenomenal liquidity features.

Exploring the points of interest of LIC New Jeevan Anand, you will know how the terms and conditions of policy advantage you over the long run. As indicated by this plan, the protected individual gets the aggregate amount and in addition, the reward that comes as maturity benefit, however it ought to be recollected that the life cover picked is legitimate till the demise of the insured. The additional assured sum is paid when the life-insured individual dies. In this manner, it clarifies why the LIC Jeevan Anand Policy is both an endowment plan and a whole life plan.

What will happen if the insured dies before the policy achieve its maturity or before the finishing of the premium payment term? At that point, the nominee appreciates the sum assured and the accumulated bonus, when the nominee receives the whole amount, that’s where the policy ends. According to the LIC Jeevan Anand Policy terms, a disability benefit and an additional accidental death benefit are provided to the policyholder until his 70th birthday.

LIC New Jeevan Anand - Key Features

  • LIC Jeevan Anand 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 Policy Benefit

Simple Reversionary Bonuses:

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. 

  1. Death Benefit:

    In case of the demise of the insured person, the beneficiary of policy LC Jeevan Anand is payable of the total sum assured amount along with the simple reversionary bonus and the tenure of the policy continues to be in force.

    Sum Assured on Death + Accrued Bonuses

    **Payable to the nominee and the plan continues to be in force 

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

    Basic Sum Assured + accrued bonuses

    **Payable to the policyholder as the Maturity Benefit

    If you are 35 years old and you invest INR 25 lakh in LIC's New Jeevan Anand and Max Life Monthly Income Advantage Plan, here is what you get in return

    Parameters

    Max Life Monthly Income Advantage Plan

    LIC New Jeevan Anand

    Rate of Return

    5.85%

    3.56%

    Total Amount you get

    Rs. 61,94,148

    Rs. 40,66,000

    You get money in

    Year 16 till 25

    Year 25

    • LIC's New Jeevan Anand Plan is not completely guaranteed. New Age traditional plans like HDFC's Sanchay Plus offer better returns and are completely guaranteed.
    • For instance, HDFC's Sanchay Plus Plan continues to pay both income and lump sum after the policy term, unlike New Jeevan Anand, which pays only a lump sum on the death after the policy term.
  3. 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.

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

LIC Jeevan Anand Policy 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 is allowed a grace period of 30 days. If he fails to pay during the grace period as well, 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 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

    Don’t see your Jeevan Anand plan catering to your needs well? The policyholder gets a free cancellation option in which he 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 policy.

  4. Policy Exclusions

    In case the policyholder commits suicide within 12 months of the policy inception, 80 % of the premiums paid till 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

The documents required to be insured under this insurance plan 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– FAQs

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

    A: Here is the LIC JeevenAnand 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 JeevanAnand (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 whole policy year.

  • Q.3 I am an NRI, can I avail LIC New JeevanAnand Plan?

    A: Yes, you can avail New JeevanAnand plan by 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 byuer 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 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 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 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 NEFT transfer of the maturity benefit.

    While making surrender claims also, the insurance holder has to provide 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 of surrender benefits as applicable. 

  • Q.7 Can the policy be dated back?

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

Written By: PolicyBazaar - Updated: 10 September 2021

Investment plans articles

Recent Articles
Popular Articles
Ways to Double Your invested Money

26 Oct 2021

One of the main reasons we invest money is to save it and watch...
Smart Ways to Utilize Your Diwali Bonus

26 Oct 2021

The festival season is here! It is that time of the year when...
Importance of Investment Plan to Build a Secured Future

18 Oct 2021

In today’s times, people are always on a regular lookout for...
Smart Investing: Time To Rebalance Your Investment Portfolio

18 Oct 2021

Investment portfolio rebalancing means reconstructing your...
Where To Invest Your Money For High-Interest Returns?

18 Oct 2021

Every investor in India invests with a notion of availing...
Best LIC Policies For Investment in 2021
When it comes to purchasing a life insurance plan, 'LIC policies' are the most popular choice for customers. LIC...
What is Investment and What is Its Purpose?
Different people possess different notions and understanding of “investment”. To start with, first of all...
Post Office Monthly Income Scheme (POMIS)
Are you looking for an investment avenue which is safe and secure, earns substantial returns with a short locking...
SBI Life Insurance Plans in India
SBI Life Insurance, a joint venture between State Bank of India (SBI) and BNP Paribas Assurance, provides...
Short Term Investments Options
Short-term investments can be described as temporary investments or marketable securities, which can be easily...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL