LIC Jeevan Anand 2 Lakh Policy

The New Jeevan Anand 715 plan offers both the death benefit and the maturity benefit to the policyholder, which means that the life cover continues even after policy term matures and the maturity payout has been given.

What is LIC Jeevan Anand 2 Lakh Policy?

LIC Jeevan Anand 2 Lakh Policy is an endowment life insurance policy offered by LIC of India. This LIC New Jeevan Anand 715 (earlier Jeevan Anand plan 815) policy is structured to financially support the loved ones of the deceased with a sum assured of Rs. 2 Lakhs. The LIC New Jeevan Anand provides the flexibility for the LIC user to choose a comfortable premium paying term, policy term and even the option to avail the benefits in lump sum or installments.

Who Should Buy LIC Jeevan Anand 2 Lakh Policy?

Life Insurance Corporation Jeevan Anand policy is a perfect plan for:

• Individuals looking for budget-friendly life insurance policy
  Low-income individuals who want a life insurance plan at affordable premium rates, that can secure their family in their absence. The LIC New Jeevan Anand 2 Lakh policy serves the right advantages to people looking for different types of life insurance plans. The Rs 200000 life insurance plan provides significant coverage at affordable premiums.

• Individuals looking for dual benefits
  Individuals who want a life insurance policy with a savings component, i.e., maturity benefit. The plan provides the maturity benefit amount in a lump sum and installments.

What are the Benefits of LIC Jeevan Anand 2 Lakh Policy?

Jeevan Anand LIC scheme offers various benefits to the policyholders. Some are given below:

Death Benefit

• If the policyholder passes away during the selected policy term, then a death benefit is payable to the nominee of the policyholder. The death benefit is inclusive of a sum assured on death along with the vested Simple Reversionary Bonuses and Final Additional bonus (if any).

• If the policyholder dies after the end of the policy term, then only the basic sum assured is payable.

• The sum assured on death paid will be the higher of 7 times of annualized premium or 125% of the Basic Sum Assured. The amount should not be less than 105% of the total premiums paid till death.

Maturity Benefit

• If the policyholder survives the policy term of the LIC New Jeevan Anand policy, then a maturity benefit is payable to the policyholder. The maturity benefit includes the sum assured on maturity and any vested Simple Reversionary Bonuses and Final Additional Bonus.

• Sum assured on maturity equals the basic sum assured.

Availability of Death and Maturity Benefit in installments
As per terms under the LIC 2 Lakh per year plan, the life assured can opt for benefits to be availed in installments or lump sum. Policyholders can choose whether to avail these benefits fully or partially in installments over a span of 5-10-15 years. This feature is available for both active and paid-up policies. The death benefit, either in full or in part, can be disbursed at different intervals as shown below:

Participation in Profits
The LIC Jeevan Anand (earlier Jeevan Anand 149 plan) policy is a participating plan that shares LIC’s profits. If premiums are paid and the policy is active, it earns simple reversionary bonuses that become guaranteed once declared. On surrender also, any vested bonuses are paid.

Tax Benefits
The premiums paid for the LIC New Jeevan Anand plan can be claimed for tax exemption under Section 80C. Also, any amount you or your family receive, either on maturity or in case of death, is tax-free under Section 10(10D) of the Income Tax Act, 1961.

Rebates
Rebate on Premium Modes:

High Sum Assured Rebate on Premium:

Loan Facility
The LIC New Jeevan Anand policy offers a loan facility for the policyholders after the first year given that one full year's premiums have been paid. Maximum loan allowed under in-force and paid-up policy is:

Surrender Value
The policyholder can surrender the policy after successfully paying premiums of one full year and completing the first policy anniversary. Special Surrender Value is payable at this point. The LIC Jeevan Anand Policy acquires a Guaranteed Surrender Value after 2 years of premiums paid in full. In case the policy is surrendered at this stage, LIC is liable to pay this amount to the policyholder.

Paid-Up Policy
Even if the LIC Jeevan Anand policy lapses after paying at least one full year’s premium, it does not get terminated; instead, it becomes a paid-up policy. This means the policy doesn’t cancel completely but continues with reduced benefits. These are called the Death Paid-up Sum Assured, Maturity Paid-up Sum Assured, and Paid-up Sum Assured.

What Riders are Available in LIC New Jeevan Anand 2 Lakh Policy?

You can get enhanced protection by adding available riders with the LIC Jeevan Anand 2 Lakh Policy. These can be added to your LIC 2 lakh policy or other plans like LIC Jeevan Anand policy 15 years, 17 years, or 20 years. The policy provides the following 4 riders:

LIC’s Accidental Death and Disability Benefit Rider
This rider can be added anytime to an active policy as long as the remaining premium-paying term is at least 5 years. It can be chosen anytime during the policy term, but not after the policyholder turns 65. It offers Accident Benefit Sum Assured in case of accident death. In case of accidental disability, the benefit is paid in equal monthly installments over 10 years of time.

LIC’s Accident Benefit Rider
This rider works similarly and can be added at any point during an in-force policy, if the policyholder is under 65 and has at least 5 years left in the policy term. This only provides a lump sum payout if the policyholder dies due to an accident. It does not offer any payout in case of disabilities caused by the accident.
Note: Only one of the Accidental Death and Disability Benefit Rider and the Accident Benefit Rider can be chosen in the LIC New Jeevan Anand 2 Lakh policy.

LIC’s New Term Assurance Rider
This rider can only be selected at the start of the policy. It adds an extra life cover to the base plan. If the policyholder dies during the policy term, an additional amount, known as the Term Rider Sum Assured on Death, is paid to the nominee. This rider is a good option if you want higher protection under your 200000 life insurance or LIC Jeevan Anand policy 20 years.

LIC’s Critical Illness Health Rider

This rider can only be added at the inception of the policy. Critical Illness Sum Assured is payable to the policyholder ifthe life assured is diagnosed with a critical illness given under option 1. In option 2, if the policyholder is diagnosed with a critical illness , an additional benefit of monthly payout of 1% of Critical Illness Sum Assured will be payable for the next 36 months as Assisted Living Benefit (ALB).

What are LIC Jeevan Anand 2 Lakh Policy Details?

Free-Look Period
If the customer is not satisfied with the policy after purchase, he/she can discontinue the policy within the free-look period of 30 days from the purchase. The amount paid for buying the policy is returned to the customer after making a few deductions, such as proportionate risk premium, stamp duty charges, etc.

Grace Period
If the policyholder cannot pay the premium on the due date, he/she is provided a grace period of 15 days (on monthly mode) or 30 days (on other modes) from the due date to pay the premium. During this period, the policy remains active, and the policyholder is covered.

Revival
The plan comes with a revival period of 5 consecutive years from the date of the first unpaid premium. In this period, the policyholder can revive the policy with the same benefits. However, this facility is available on request and the corporation has the power to accept or reject your request.

Sample Illustration of LIC Jeevan Anand 2 Lakh Policy

Let us take a look at the sample premium illustration of LIC Jeevan Anand policy for a sum assured of Rs. 2 Lakhs. Below mentioned are the premium rates for a policyholder in different age groups. Have a look:

LIC New Jeevan Anand 2 Lakh Policy Calculator

LIC New Jeevan Anand 2 lakh calculator is a user-friendly digital tool that requires only a few personal details of the policy holder and equates the customized policy details to generate the estimated premiums payable and the potential benefits. The calculator can be used by policyholders and potential policyholders on the LIC website.

The calculator does not require the user to be an LIC policy user, but they can just select the LIC New Jeevan Anand policy along with its plan number and click calculate. The results provided by the LIC calculators help individuals to assess their financial requirements as per their budget, to decide to provide an affordable life insurance cover with a savings benefit to their family.

How to Buy LIC New Jeevan Anand 2 Lakh Policy from Policybazaar?

Follow the steps below to buy LIC Plans from Policybazaar:

Step 1: Visit LIC.

Step 2: Fill in the form with your name and contact number. Click on “View plans”.

Step 3: Enter your age, the city you live in, and your annual income.

Step 4: Once done, select the plan by choosing your desired investment amount, tenure and click on “Get Details”.

Step 5: Cross-check the details, the premium you need to pay, and customize the amount and tenure of your investment as you want. Proceed to make an online payment.

Is LIC Jeevan Anand 2 Lakh policy Beneficial?

Securing your family’s financial future with affordable premiums with LIC Jeevan Anand 2 Lakh policy is the best option you can opt for your family. The plan offers comprehensive coverage of 2 Lakhs without burdening your pockets and ensuring that your family can have a secure future even in your absence. However, in case you outlive the policy tenure, the maturity benefit can be used in the future to fulfill your financial milestones.

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