LIC Jeevan Anand 5 Lakh Policy

This LIC 5 lakh policy is suitable for individuals seeking dual benefits in a single plan.

What is LIC Jeevan Anand 5 Lakh Policy?

The LIC Jeevan Anand 5 Lakh policy is a life insurance policy that provides the dual benefits of savings and life coverage to the policyholder with a sum assured of Rs. 5 Lakhs. The policyholder is paid a maturity benefit along with the bonus amounts if they survive the policy term. This 5 Lakh LIC policy ensures financial stability for your family without burdening your pocket because of its affordable premiums.

Eligibility Criteria of LIC Jeevan Anand 5 Lakh Policy

Why Should You Buy LIC Jeevan Anand 5 Lakh Policy?

LIC Jeevan Anand offers several benefits to the policyholder that makes it one of the best sources of providing financial security to your loved ones. Below mentioned are the reasons that you should definitely consider buying the Jeevan Anand LIC 5 Lakh policy.

• Provides Dual Benefit of Life Coverage and Savings

  Jeevan Anand LIC 5 Lakh policy is a combination of savings and life protection, which means that the plan will provide financial protection to your family in case of your unfortunate death and, if you survive the policy term, the plan will give you a maturity benefit. You can also choose to receive the death or maturity benefit in instalments of 5, 10, and 15 years using the death benefit instalment or Settlement options.

• Enhanced Protection through Riders

  The plan comes with three additional riders: LIC Accidental Death and Disability Benefit Rider, LIC Accident Benefit Rider, and LIC New Term Assurance Rider, which help you protect against life's uncertainties. You can enhance your coverage by paying additional premiums at the time of the policy's inception or renewal.

• Participation in Profits

  The Jeevan Anand LIC 5 Lakh Policy offers the benefit of profit participation through annual Simple Reversionary Bonuses, which boost the plan's overall value over time. These bonuses, once declared by LIC, become part of the guaranteed benefits. A Final Additional Bonus may also be paid as a part of the Jeevan Anand LIC 5 Lakh policy maturity amount or in case of death during the policy term.
  However, to enjoy these benefits, the Jeevan Anand 5 Lakh LIC Policy must remain active, as once it lapses or becomes paid up, it does not receive future bonuses.

• Financial Coverage against death throughout the lifetime

  The plan provides life coverage throughout the lifetime, regardless of the policy tenure. For example, if you bought a plan with 15-year policy tenure, and you died after the 20-years, then also your family will be eligible to get the death benefit.

Sample Illustration of LIC Jeevan Anand 5 Lakh Policy

Take a look at the sample premium illustration of a 30-year-old male. Let us calculate the Rs 5 lakh life insurance premium amount for LIC Jeevan Anand policy 15 years:

Riders Available With LIC Jeevan Anand 5 Lakh Policy

You can enhance your coverage under the Jeevan Anand LIC 5 Lakh Policy by adding optional riders that provide added protection. The policy includes the following three rider options to boost your benefits:

• LIC’s Accidental Death and Disability Benefit Rider
  This rider can be added at any time during an active Jeevan Anand 5 Lakh LIC policy, as long as the policyholder has at least 5 years remaining in the premium-paying term and is under the age of 65. It offers a payout in the event of accidental death or instalment payout in case of permanent disability.

• LIC’s Accident Benefit Rider
  This rider also requires the policy to be active, with the policyholder under 65 years of age and at least 5 years left in the term. However, it only provides a lump sum benefit in the event of accidental death, not disability.
  Note: Only one of these accident-related riders can be selected for the LIC Jeevan Anand LIC 5 Lakh policy.

• LIC’s New Term Assurance Rider
  Available only at policy inception, this rider offers an additional life cover amount on top of your base sum assured. If the policyholder passes away during the policy term, the Term Rider Sum Assured is paid to the nominee, providing extra financial support.

LIC Jeevan Anand 5 Lakh Policy Details

Free-Look Period

The plan has a 30-day free-look period to review and carefully go over the terms. If you’re not satisfied, you can cancel the plan and a refund, minus applicable deductions will be made.

Grace Period

If you miss a scheduled premium payment, there’s a grace period of 15 days for the monthly mode and 30 days for the quarterly, half-yearly, or yearly payment modes. During this time, your coverage continues without interruption.

Loan Facility

Once you’ve made complete premium payments for at least one full policy year, you're eligible to get a loan against the plan. The loan amount depends on the policy’s surrender value.

Policy Surrender

If you choose to surrender (discontinue) the plan, you may do so after just completing one year of payments. However, the policy becomes eligible for a surrender value only after two full years of premiums.

Paid-Up

If you stop payments after just one year, the plan continues in a paid-up form. It will still offer some benefits, known as “Death Paid-up Sum Assured” and “Maturity Paid –Up Sum Assured”, but these will be lower than what was originally promised.

Revival

If your plan is lapsed due to missed premium payments, you can revive it within five years from the first missed premium due date. To do this, all pending payments must be cleared with interest, and a health assessment may be required.

How To Buy LIC Plans 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, resident city, and your annual income.

Step 4: Once you've done this, select the plan by selecting your desired investment amount and tenure and clicking on “Get Details.”

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

Summing it up:

With LIC Jeevan Anand 5 Lakh policy you can secure the financial future of your family without burdening your pockets. The premiums paid for the 5 Lakh Jeevan Anand policy are affordable and ensure that your loved ones are under a financial safety net.

FAQs