Review of LIC New Jeevan Anand

financial stability after the life assured's death and the lump sum savings at the time of maturity.

Key Features of LIC New Jeevan Anand 715

• The plan provides combined benefits of protection and savings.

• Death and maturity benefits are payable in a lump sum or in installments.

• 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 of your life insurance against unfavourable circumstances.

• The policy offers rebates on premiums and high sum assured amounts.

Note: The latest and current plan is LIC New Jeevan Anand 715. The earlier plans were LIC Jeevan Anand plan 915, LIC Jeevan Anand 815 and LIC Jeevan Anand 149 plan which have been withdrawn by LIC.

Learn about how LIC New Jeevan Anand plan changed Mr. Varun’s life

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 715 (Earlier LIC New Jeevan Anand 915). After doing his research, he agreed to buy this LIC plan and is fully satisfied with everything that the plan is offering.

The LIC New 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.

What are the LIC Jeevan Anand Benefits?

With this LIC 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 Basic Sum Assured

  • 7 times the annualised premium

  • The death benefit can also not be less than 105% of total premiums paid by the policyholder.

Note: The Final Additional Bonus and simple reversionary bonuses are added to this amount as it is a participating policy.

• 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 New Jeevan Anand policy by LIC offers exemptions to the policyholders under Sections 80C and 10 (10D) of the Income Tax Act for premiums and claims.

• Availability of Riders for Enhanced Protection
  A maximum of three additional riders can be added to the LIC New Jeevan Anand policy. The policyholder needs to choose either LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. The other 2 available riders are LIC’s New Term Assurance Rider, and LIC’s Critical Illness Health Rider.

• 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:

Additional LIC Jeevan Anand Policy Details

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.

• Free Look Period
  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 for an in-force policy.

• 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.

Is Jeevan Anand a Good Policy?

Yes, LIC New Jeevan Anand is a good policy for people looking for a combination of protection and savings. Mr. Varun and other customers who have opted for LIC’s New Jeevan Anand policy are happy with the offered benefits of the plan. The best part of the plan is its affordability which makes it easier for everybody to buy this comprehensive plan and secure the lives of their loved ones. LIC offers this plan with dual benefits of long-term savings and risk protection.

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