LIC New Jeevan Anand 915 (previously LIC Jeevan Anand 149) is a life assurance policy that offers a unique combination of savings and protection. The company withdrew LIC Jeevan Anand and LIC released a new version under LIC New Jeevan Anand (plan no. 915). LIC plan 915 also takes care of the liquidity requirements through its loan facility.Read more
LIC New Jeevan Anand is an endowment life insurance policy offered by the Life Insurance Corporation of India (LIC). The plan’s core benefits include financial security against the policyholder’s death and a lump sum amount at the end of the chosen policy tenure in case of his/her survival.
Below are the key features of LIC Plan 915 (previously known as LIC Plan 149):
LIC New Jeevan Anand plan 915 is a participating whole-life endowment plan, which means you earn profits along with the assured benefits.
The plan provides an option of regular premium payment to the insured.
On survival till the end of the plan term, the insurance holder is paid the maturity benefit.
The risk covered in the policyholder's life continues throughout his/her life till the age of 100.. This means that the death benefit is paid out if death occurs during the policy term as well as after.
The benefits are paid along with a bonus amount which increases the final earnings of the life assured.
Added top-up covers as riders are available on payment of a nominal premium amount.
Nominees can claim the following death benefits if all the due premiums have been paid:
If death occurs during the policy tenure or before the maturity date:
125% of the Base Sum Assured or 7 times the annual premium amount, whichever is higher at the time of death.
The final additional bonus and simple reversionary bonuses are added to this amount.
If death occurs after the maturity date:
Only the basic sum assured is payable.
In case the life assured survives till the set maturity date, and has paid off all due premiums, LIC offers the basic sum assured to the insured. The applicable bonuses shall be added to this amount. One can choose to receive this amount in a lump sum or installments over 5, 10, or 15 years.
The LIC plan 915 (previously LIC plan 149) shall participate in the company’s profits. Based on the profits, LIC shares a percentage with the customers of LIC New Jeevan Anand 915 in the form of a simple reversionary bonus. A final additional bonus may also be declared based on the company’s experience during the policy term. These are however not guaranteed.
The LIC New Jeevan Anand policy allows the policyholder to avail of a loan against the policy. The loan facility is available after the policy acquires a surrender value, and the maximum loan amount is typically a percentage of the surrender value.
The LIC New Jeevan Anand policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.
|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|
Four optional LIC riders are available under the policy that can be added for extra protection against natural death, death or disability by accident, and critical illnesses. With these riders, nominees can claim an extra sum assured amount on top of the assured death benefit. You can avail yourself a maximum of 3 of the following options:
Let us discuss the Jeevan Anand LIC policy details with an example of Mr Mathur, and understand the plan's working.
Mr Mathur, a 30-year-old individual, purchases a New Jeevan Anand policy from LIC. He wants to secure his family's financial future while also building a savings corpus. After thorough research, he chooses the following policy details:
Policy Term: 25 years - The policy term is the duration for which the policy will remain in force.
Sum Assured: Rs. 20 lakhs - The sum assured is the amount that will be paid to the nominee in the event of the policyholder's death.
Premium Payment Term: 20 years - The premium payment term is the period during which the policyholder needs to pay the premiums.
Premium Amount: Rs. 25,000 per year - The premium amount is the annual payment made by the policyholder to keep the policy active.
Now let's understand how the Jeevan Anand policy works:
Life Insurance Coverage: As long as Mr. Mathur pays the premiums regularly, he will have life insurance coverage for the entire policy term of 25 years. In the unfortunate event of his demise during the policy term, the nominee will receive the sum assured of Rs. 20 lakhs.
Maturity Benefit: If Mr Mathur survives the policy term of 25 years, he will be eligible to receive a maturity benefit. The maturity benefit consists of the sum assured plus any accumulated bonuses.
Bonus: LIC New Jeevan Anand is a participating policy, which means it participates in the profits of LIC. The policy earns bonuses based on the performance of the participating funds. These bonuses are declared by LIC on a yearly basis and accumulate over the policy term. The accumulated bonuses are paid out either on maturity or death.
Death Benefit: In case of the policyholder's demise, the nominee will receive the sum assured and any accumulated bonuses as the death benefit.
In case the insurance holder delays the premium payment, he/she is allowed a grace period of 15 to 30 days. In case of non-payment of premiums during the grace period, the policy will lapse.
If the insurance holder pays all of it within 5 years from the due date of the first unpaid premium, he/she can still revive the lapsed LIC New Jeevan Anand Plan. However, it has to be done before the maturity date.
The policyholder gets a free cancellation period of 15 days during which he/she can cancel this plan if found unsuitable.
On completing two policy years, the policy gets charged with a surrender value and a paid-up value. This means that even if you stop paying premiums after 2 years, you still get some percentage of the benefits/premiums back. However, if you surrender the policy at any point after the chosen policy term ends, you won’t incur any losses.
The below table illustrates the annual premium rates in Rs. for a basic sum assured of Rs. 1 Lac for standard lives under LIC New Jeevan Anand plan 915:
The above premium rates are exclusive of taxes*
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% of the paid premium amount or the acquired surrender value shall be paid.
The documents required to be insured under LIC New Jeevan Anand (previously LIC plan no. 149) are:
Correctly filled Application form/Proposal form
Other KYC documents: PAN Card, Adhaar Card, Tax Details, etc.
Medical Diagnosis Reports as required
LIC Online Services
LIC Investment Plans
LIC Other Plans
|Parameters||LIC New Jeevan Anand|
|Sum Assured||Rs. 50,00,000|
|Total Premium (monthly)||Rs. 20,313|
|Maturity After||25 years|
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
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