LIC Jeevan Anand

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Introduction/Overview

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.

If you are searching for an endowment plan that provides the advantages of an entire life policy then LIC Jeevan Anand is one of the best choices to go for.  The Jeevan Anand policy offers 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 high reward rate, normal premium and even phenomenal liquidity features.

Exploring into the points of interest of LIC New Jeevan Anand, you will know how the terms and condition 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 policy achieves 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 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 is provided to the policy holder until his 70th birthday.

Key Features of LIC New Jeevan Anand

  • 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 a 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 Income Tax Act.

Benefits

  • Simple Reversionary Bonuses:

     The plan accumulates simple reversionary bonuses by participating in the profit of the company and final addition bonus is declared on the basis of 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 death benefit.    

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

    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.

    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 whole policy year.

    Basic Sum Assured + accrued bonuses

    **Payable to the policyholder as the Maturity Benefit

    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 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.

    Tax Benefits: LIC Jevan 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

Entry Age

Maturity Age

Policy Term

Premium Payment Term

Premium Paying Frequency

LIC New Jeevan Anand

18/50 Years

Up to 75 Years

15/35 Years

Same as Policy Term

Annual/Half Yearly/ Quarterly/ Monthly

 

LIC Jeevan Anand Policy Details

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 for 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 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.

Free Look Period: Don’t see your Jeevan Anand plan catering 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.

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.

Policy Exclusions

In case the policyholder comits 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, 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 plan:

  • 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 

Frequently Asked Questions of LIC New Jeevan Anand

Q.1) I am an NRI, can I avail LIC New Jeevan Anand Plan?

Yes, you can avail New Jeevan Anand 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.2)Is the plan subject to be forfeited by the company directly?

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.3) What are the basic requirements while making a death claim?

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 sumit all the details and documents whichever applicable , such as bank account details, death certificate, medical treatment details before death etc. 

Q.4)What are the basic requirements while making maturity or surrender claim?

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.5)Can the policy be dated back?

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.

You may also like to know about other plans at - LIC Endowment Plan