Review of LIC New Jeevan Anand

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.

What are the Jeevan Anand Policy Benefits?

With this plan, Mr. Varun and his family will also be entitled to the following benefits:

1. 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.

2. 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,

3. 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.

4. 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.  

5. 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

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. 

• 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.

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