LIC’s New Jeevan Anand Plan is a Life Assurance plan which offers an attractive combination of protection and savings. The risk cover lasts throughout the lifetime of the policyholder. A noteworthy feature is that along with the death and maturity benefits, policyholders also get bonuses with these sums.Read more
Read along to know how the bonus is calculated in LIC Jeevan Anand.
The LIC New Jeevan Anand Plan is participating in nature. This means that the plan participates in the profits of the company.
Based on the profits earned, the guaranteed benefits at the time of maturity or death increase by the bonus amounts added to the policy.
The accrued bonus can be calculated using the LIC Jeevan Anand Bonus Calculator.
Simple reversionary bonuses and final additional bonuses are the two types that are added to the final payable amount.
These are not guaranteed additions and depend entirely on the profits earned by LIC in a financial year.
LIC bonus rates are declared for each policy at a rate per Rs.1000 sum assured.
LIC of India has declared the latest bonus rates for Jeevan Anand for the financial year ending 31st March 2021.
|Policy Term||Bonus Rate (per Rs.1000 sum assured)|
|Sum Assured Less Than Rs.1 Lakh||Sum Assured More Than Rs.1 Lakh|
|More than 20 years||Rs.45||Rs.46|
The LIC Jeevan Anand bonus can be calculated as:
Bonus Rate x (Sum Assured / 1000) x Policy Term
Example - Say you bought the Jeevan Anand policy for a sum assured of Rs.10 Lakhs and a policy term of 20 years. The applicable bonus rate will be Rs.42 per Rs.1000 sum assured (see table above).
Therefore, your accrued bonus in LIC Jeevan Anand will be equal to:
42 x (10,00,000/1,000) x 20 = Rs.8,40,000
Let’s see a detailed benefit illustration to see how much a policyholder will be entitled to at the time of death or maturity.
Nominees can claim the sum assured on death plus accrued bonuses till the 10th year.
Sum assured on death will either be 125% of the Basic Sum Assured or 7 times the annual premium.
The annual premium for the above coverage comes out to be Rs.57,338 using the LIC calculator. Therefore, 7 times the annual premium will be Rs.4,01,336.
Now because 125% of the basic sum assured (Rs.12.5 Lakhs) is higher, LIC will pay this amount to the nominee.
Bonus accrued till the 10th year will be equal to 42 x (10,00,000/1,000) x 10 = Rs.4,20,000
The total death benefit will be equal to Rs.(12,50,000 + 4,20,000) = Rs.16,70,000.
The policyholder gets the sum assured on maturity plus accrued bonuses till the 20th year.
Sum assured on maturity is equal to the basic sum assured, which is Rs.10 Lakhs.
Accrued bonus amount for 20 years will be equal to Rs.8,40,000.
The total maturity benefit will be equal to Rs.(10,00,000 + 8,40,000) = Rs.18,40,000
Premiums mentioned below are calculated using the LIC Premium Calculator for a Basic Sum Assured of Rs.1 lakh.
To be able to use the LIC Jeevan Anand premium calculator effectively, you should be aware of the basic eligibility criteria.
|Minimum Basic Sum Assured||1,00,000|
|Maximum Basic Sum Assured||No Limit|
|(The Basic Sum Assured shall be in multiples of 5000/-)|
|Minimum Age at entry||18 years (completed)|
|Maximum Age at entry||50 years (nearer birthday)|
|Maximum Maturity Age||75 years (nearer birthday|
|Minimum Policy Term||15 years|
|Maximum Policy Term||35 years|
Jeevan Anand is a perfect blend of an endowment plan and a whole life plan. The LIC New Jeevan Anand Bonus calculator uses the basic sum assured and the policy term to estimate the bonus amount. The bonus rates keep changing every year, and therefore, policyholders need to keep checking them.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
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