LIC Jeevan Anand 2 Lakh Policy

What is LIC Jeevan Anand 2 Lakh Policy?

LIC Jeevan Anand 2 Lakh Policy is a traditional life insurance policy offered by LIC of India. The plan is designed for individuals who want to secure the financial future of their loved ones with coverage of Rs. 2 Lakhs and affordable premiums. The LIC New Jeevan Anand allows you to conveniently choose the premium payment term. You can pay your premiums yearly, half-yearly, quarterly, monthly, or through salary deductions.

Who Should Buy LIC Jeevan Anand 2 Lakh Policy?

LIC New Jeevan Anand is an ideal plan for:

1. Low-income individuals looking for budget-friendly life insurance coverage

   If you are looking for an option that provides coverage without burdening your pocket, then the LIC New Jeevan Anand 2 Lakh policy is one of the right types of life insurance plans for you. The Rs 200000 life insurance plan provides significant coverage at affordable premiums.

2. 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 lumpsum and installments.

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

LIC Jeevan Anand 2 Lakh policy offers policyholders various benefits such as:

• Death Benefit:
  Upon the passing of the policyholder during the policy term, the nominee will receive a death benefit. This amount equals Sum Assured on Death + vested Simple Reversionary Bonus + Final Additional Bonus, if any. 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:
  Upon survival of the policyholder till the end of the policy term, the “Sum Assured on Maturity” with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be paid.

• Option to take Death and Maturity Benefit in Instalments:
  Under the LIC 2 Lakh per year plan, policyholders can also receive the death and maturity benefit in installments over the chosen period of 5, 10, or 15 years instead of a lump sum amount. 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 policy is a participating plan that earns through LIC’s profits. If premiums are paid and the policy is active, it earns simple reversionary bonuses that are added yearly and become guaranteed once declared. On surrender, 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:

  Yearly mode	2% of Tabular Premium
  Half-yearly mode	1% of Tabular premium
  Quarterly, Monthly mode & Salary Deduction	NIL

  High Sum Assured Rebate on Premium:

  Basic Sum Assured (B.S.A)	Rebate (Rs)
  1, 00,000 to 1, 95,000	Nil
  2, 00,000 to 4, 95,000	1.50%o B.S.A.
  5, 00,000 and 9, 95,000	2.50%o B.S.A.
  10, 00,000 and above	3.00%o B.S.A.

• 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. If its an active policy, you can get a loan of 50% of the surrender value. If its a paid-up policy, you will get 40% of the surrender value. 

• Surrender Value:

  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 and Paid-up Sum Assured.

Riders 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 three 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. 

• 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, 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 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 the pro-rata cover, GST 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 last unpaid premium. In this period, the policyholder can revive the policy with the same benefits. However, this facility is available on 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 with a 20-year policy tenure. Below mentioned are the premium rates for a policyholder in different age groups. Have a look:

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.

Summing it up:

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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