According to me, LIC New Jeevan Anand is one of the best plans that LIC has. The benefits that the company offers are what make it a wholesome plan. I would like to thank the team Policybazaar who understood my insurance needs and helped in making my decision.By Varun Pariyar
A few months back, Mr. Varun bought the LIC Jeevan Anand plan. He was looking for a plan that will offer him the benefits of life protection and investments. After talking to him for a while and understanding his insurance needs, our expert advised him to buy the LIC New Jeevan Anand plan. After doing his research, he agreed to buy this LIC plan and is fully satisfied with everything that the plan is offering.
The New LIC Jeevan Anand plan is an endowment plan that provides comprehensive coverage to the policyholder and their family through death benefits. It also offers a savings component with maturity benefits paid if the policyholder survives the policy term.
Let’s explore the other key benefits and features of LIC New Jeevan Anand that convinced Mr. Varun to choose this plan.
Key Features of LIC New Jeevan Anand
The plan provides combined benefits of protection and savings.
Death and maturity benefits are payable in a lump sum or in instalments.
One can choose to pay premiums regularly at yearly, half-yearly, quarterly, or monthly intervals.
One can avail loan against their LIC New Jeevan Anand plan in order to meet their financial emergency needs.
Offers three optional riders to enhance coverage against unfavourable circumstances.
The policy offers rebates on premiums and high sum assured amounts.
With this plan, Mr. Varun and his family will also be entitled to the following benefits:
Death Benefits
In case the policyholder dies during the policy term, the family of the policyholder will be entitled to the death benefit. The death benefit payable will be higher of:
125% of the Base Sum Assured
7 times the annual premium amount
Note: The final additional bonus and simple reversionary bonuses are added to this amount.
Maturity Benefits
If the policyholder survives till the maturity date, the plan will offer the basic sum assured to the insured. The maturity amount will be calculated as the sum assured along with the vested Simple Reversionary Bonuses and Final Additional Bonus, if any,
Tax Benefits
The LIC New Jeevan Anand policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.
Availability of Riders for enhanced protection
The plan offers three additional riders: LIC Accidental Death and Disability Benefit, LIC Accident Benefit Rider, and LIC New Term Assurance Rider. These riders can be added for extra financial protection against death or disability by accident.
Option to receive Death and Maturity Benefit in Installments
The policyholder or the nominee has the option to receive death/ maturity benefits in installments. The installments must be paid in advance at intervals of a year, a half-year, a quarter, or a month, depending on the choice, with the minimum installment amount for each manner of payment being as follows:
Mode of Installment payment
Minimum installment amount (in Rs.)
Monthly
5,000
Quarterly
15,000
Half-yearly
25,000
Yearly
50,000
Lic Hub
The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by Life Insurance Corporation of India:
Tax Saving
Investment Plans
Senior Citizens
Kids Plan
Women
LIC for TAX Saving:
Enjoy the dual benefit of tax deductions under Section 80C and comprehensive insurance coverage with LIC’s tax-saving policies.
Explore LIC's top-performing plans, which provide the perfect blend of investment growth and insurance protection to achieve your financial aspirations.
LIC offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.
The LIC Jeevan Anand plan has additional features that add to its attractiveness.
Grace Period
A grace period of 15 days is provided for paying the due amounts of monthly premiums and 30 days for yearly, half-yearly, and quarterly premiums. This period starts from the date of the first unpaid premium.
FreeLookPeriod
Policyholders get a free-look period of 30 days from the date of
receipt of the electronic or physical copy of the policy document, whichever is
earlier. The policy can be returned during this period, stating the reasons for discontinuance.
Loan Facility
If the full premiums of the first year are duly paid, the policy is eligible for a loan amount. In an active policy, if less than 2 years of premiums are paid, the loan amount is 50% of the surrender value. If 2 years of premiums are paid completely, the loan amount is 75% of the surrender value.
Participation in Profits
The LIC Jeevan Anand Policy participates in the profits of LIC of India and is entitled to receive bonuses. The bonuses include a Simple Reversionary Bonus and a Final Additional Bonus, payable along with the death or maturity payouts, if declared.
To Sum it Up
Along with Mr. Varun, other customers who have also bought LIC New Jeevan Anand are happy with the benefits offered by the plan. The plan not only offers comprehensive coverage but is also pocket-friendly. The affordable LIC New Jeevan Anand plan is one of the best choices for individuals who are looking for dual benefits under a single plan.
Q: What is the policy duration of LIC New Jeevan Anand Plan?
Ans: The maximum policy tenure of LIC New Jeevan Anand is 35 years. One can choose the policy tenure between 15-35 years.
Q: Is LIC Jeevan Anand and New Jeevan Anand same plan?
Ans: LIC Jeevan Anand 149 is a life assurance policy that was withdrawn by the company during the financial year 2013-14. On 1st Feb 2020, LIC launched a new version under LIC New Jeevan Anand (plan no. 915).
Q: What is the minimum sum assured for LIC's New Jeevan Anand plan?
Ans: The minimum sum assured of LIC New Jeevan Anand plan is Rs. 2 Lakh.
Q: Is LIC Jeevan Anand a good policy?
Ans: The LIC Jeevan Anand policy provides a unique combination of life protection and savings. This means you get the benefit of financial security for your loved ones along with a lump sum payout at maturity. The LIC Jeevan Anand plan is also budget-friendly, making it ideal for individuals seeking a balance between premium affordability and lifelong coverage.
Q: What are the benefits of New Jeevan Anand?
Ans: The LIC New Jeevan Anand plan offers multiple advantages. In case of death during the policy term, the nominee receives 125% of the Basic Sum Assured or 7 times the annual premium, whichever is higher, along with any accrued simple reversionary bonuses and the final additional bonus (if declared).
Q: Can I withdraw my Jeevan Anand policy?
Ans: Yes, you can surrender your LIC Jeevan Anand plan after paying at least two full years’ premiums. If you’re considering early exit, tools like the LIC New Jeevan Anand calculator can help estimate benefits at the time of surrender (if any).
Q: Is Jeevan Anand maturity taxable?
Ans: No, the LIC Jeevan Anand premiums paid as they are eligible for deduction under Section 80C, while both Death and Maturity Benefits qualify for exemption under Section 10(10D).
Q: How to calculate bonus in LIC New Jeevan Anand?
Ans: To calculate the bonus in the LIC New Jeevan Anand policy, multiply the bonus rate by the Sum Assured. For example, if the bonus is ₹45 per ₹1,000 and your Sum Assured is ₹10,00,000, the yearly bonus is ₹45,000. Online tools like the LIC Jeevan Anand calculator are helpful in estimating your total maturity benefit.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark ˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in