LIC Jeevan Anand 3 Lakh Policy

It's a smart choice for those seeking both protection and long-term savings. This plan can be purchased online or offline. 

What is LIC Jeevan Anand 3 Lakh Policy?

LIC Jeevan Anand 3 Lakh Policy is a participating endowment policy offered by LIC of India that offers an amazing combination of savings and protection. This combination provides financial security of Rs. 3 Lakhs against the policyholder's death throughout the policy term, with the provision of lump sum payment at the last of the chosen policy tenure in case of his/her survival. In addition to this, the policyholder has the option to enhance their coverage by availing of additional riders available under the plan.

Eligibility Criteria of LIC Jeevan Anand 3 Lakh Policy

What are the Benefits of Buying LIC Jeevan Anand 3 Lakh Policy?

Here is a list of benefits of buying LIC Jeevan Anand 3 Lakh policy:

• Death Benefit:
  In case the policyholder dies during the policy term, the nominee of the policy will receive a death benefit which will be equal to “Sum Assured on Death” plus Final Additional Bonus and vested Simple Reversionary Bonuses, if applicable. The sum assured on death amount will be either:

  • 125% of Basic Sum Assured, or

  • 7 times of annualised premium

  Whichever of the two values, the death benefit shall not be less than 105% of the total premiums paid till death.

• Maturity Benefit
  In case the policyholder survives till the end of the policy term, the “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be paid.

• Optional Benefit of availing Death benefit in installments
  If the policyholder wants, he can opt for the optional benefit of availing of the death benefit in installments wherein the nominee receives the death benefit in installments over the chosen period of 5 or 10, or 15 years.

• Participation in Profits
  The LIC Jeevan Anand policy is a participating plan that shares LIC’s profits. If your policy is active, you earn simple reversionary bonuses each year. Once declared, these bonuses are guaranteed. When you surrender the policy, any bonuses earned are paid out.

• Enhanced Benefits through Riders
  LIC Jeevan Anand allows you to enhance your protection through additional riders namely (i) LIC’s Accidental Death and Disability Benefit Rider, (ii) LIC’s Accident Benefit Rider, (iii) LIC’s New Term Assurance Rider & (iv) LIC’s New Critical Illness Benefit Rider.

  • LIC’s Accidental Death and Disability Benefit Rider

    This rider can be added to an active policy if the policyholder is under 65 and has at least 5 years left in the premium-paying term. It can be added anytime during the policy term and provides benefits in case of accidental death or disability.

  • LIC’s Accident Benefit Rider

    Similar to the above, this rider can also be added to an active policy before the policyholder turns 65 and if there are at least 5 years left. However, it only offers a lump sum payout in case of accidental death, not disability.

    Note: You can choose only one of these two riders under the LIC New Jeevan Anand 3 Lakh policy.

  • LIC’s New Term Assurance Rider

    This rider must be selected at policy inception. It provides extra life cover, and if the policyholder dies during the policy term, an additional sum assured is paid to the nominee.

• Tax Benefits
  The premiums paid for the LIC New Jeevan Anand 3 Lakh policy can be exempted from tax u/s 80C. 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 allows policyholders to take a loan after completing one full policy year, provided that all premiums for the first year have been paid. If the policy is active and in force, the loan amount can be up to 50% of the surrender value. In the case of a paid-up policy, the loan eligibility is reduced to 40% of the surrender value.

• Surrender Value
  The LIC Jeevan Anand 3 Lakh policy can be surrendered after paying just one full year’s premiums. However, it becomes eligible for a Guaranteed Surrender Value once premiums have been paid in full for two consecutive years. If the policy is surrendered after this point, LIC is obligated to pay the surrender value to the policyholder as per the terms and conditions of the plan.

• Paid-Up Policy
  If the policy lapses after at least one full year’s premium has been paid, it does not completely terminate. Instead, it is converted into a paid-up policy. In this case, the policy continues with reduced coverage. The benefits are revised and referred to as the Death Paid-Up Sum Assured and the Paid-Up Sum Assured, which are payable based on the policy terms and conditions.

Sample Illustration of LIC Jeevan Anand 3 Lakh Policy

Take a look at the LIC Jeevan Anand policy example premium illustration for an amount insured of Rs. 3 Lakhs with a 20-year policy period. Policyholders can use the LIC Jeevan Anand Premium calculator to calculate these amounts. The premium costs for policyholders in various age categories are listed below. 

LIC Jeevan Anand 3 Lakh Policy Details

• 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. A paid-up policy does not earn future bonuses, but already vested bonuses are counted. Riders (like accidental or term assurance) don’t continue if the policy is paid-up or lapsed.

• Free-Look Period

  If you're not satisfied with the policy after buying it, you can cancel it within 30 days. LIC will refund the premium after deducting charges like GST and cover for the days you were insured.

• Grace Period

  If you miss a premium payment, LIC gives a 15-day grace period (for monthly payments) or 30 days (for other modes). Your policy stays active, and you remain covered during this time.

• Revival

  You can revive a lapsed policy within 5 years from the date of the last unpaid premium. This is available on request, and the original benefits continue after revival.

How to Buy LIC Plans from Policybazaar?

Follow the below steps to buy LIC Plans from Policybazaar:

Step 1: Visit LIC. 

Step 2: Fill out the form with your name and contact number, and click on “view plans”.

Step 3: Enter your current age, residing city and your annual income. 

Step 4: Choose the plan and customize the amount you want to invest and the tenure of your investment. Then, click on “Get Details”.

Step 5: Review the details and proceed to make an online payment.

Wrapping it up:

LIC Jeevan Anand 3 Lakh Policy is a traditional life insurance policy that is designed to protect your loved ones financially after your demise. After your unfortunate demise, the plan will pay the death benefit of Rs. 3 Lakh & above to your family which will help them continue living their life. This affordable life insurance plan is an ideal way to ensure financial stability without burdening your pockets.