LIC’s New Jeevan Anand Plan Table 815

Posted on 02 12, 2016 by pfadmin

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Key Benefits & Highlights of LIC’s New Jeevan Anand Policy

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“LIC’s New Jeevan Anand Insurance Plan is a mixture of Whole Life and Endowment Policy. This policy gives two main futures, One is end of the policy term one full sum Assured and bonus will be paid.
Another main future is once all the premiums are paid the risk cover will continuous full sum assured up to the life span of policy holder.”

Policy Main Specification:

Age at Entry (Last Birthday): 18 Years

Maximum Age at Entry (Last Birthday): 50 Years

Maximum Maturity Age (Last Birthday) : 75 Year

Policy Term (PPT): 15 – 35 years

Minimum Sum Assured: 1,00,000

Maximum Sum Assured: No bound (based on income Limit)

Variable options to pay Premium (Paying Mode): Yearly, Half-yearly, Quarterly, Monthly (by bank ECS)

Maximum Accidental Death and Disability Benefit Rider

Minimum Accident Benefit Sum Assured (SA): 100,000/-

Maximum Accident Benefit Sum Assured (SA): Sum of equal to the Basic Sum assured (SA) below this Plan is subject to the maximum of Rupees. 50 lakh including all existing insurance policies of the policy holder (Life Assured) below this plan for one person.

Minimum Age at entry for Accidental and disability benefit rider: 18 years (completed)

Maximum Age up to 70 (last birthday) – The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-

Key Features of LIC’s New Jeevan Anand Policy

  • LIC;s New Jeevan Anand Policy is a Traditional Whole life Endowment Plan
  • Premiums has to be paid to the full policy chosen period (years)
  • Policy continued existence till the period of the policy and the final maturity benefit will b paid to the policyholder, risk cover will continues.
  • Policy basic sum assured will be paid to the nominee (if the policy holder die after the policy period)
  • If the life insured person may die within the period of policy year, the death and other benefits will be paid to the nominee.
  • Policy other additional coverage shall be opt with additional premium as per the conditions

Benefits of LIC’s New Jeevan Anand Plan

  • Bonus: Policy holder can be eligible for LIC’s declared bonus and also Final Additional Bonus.
  • Maturity Benefit: The Basic Sum Assured and declared bonuses, final additional bonus will be paid to the policy holder
  • Death Benefit: Life Insured(policy holder) die within the period year, LIC will provide the full basic Sum Assured on Death and added Bonuses shall be payable to the nominee.
    • Sum Assured on Death is defined as higher of 125 % of Basic Sum Assured (SA) (or) 10 times of annualized premium.
    • Subject to a minimum of 105% of the total premiums paid as on date of death
  • Additional Rider Benefit is available: LIC’s Accidental Death and Disability Benefit Rider
  • Surrendered Value : The policy eligible to surrender at least three full year premiums are paid by the policy holder.
  • Loan : Three full policy year premiums has to paid to eligible for the Loan
  • Mode and High S.A. Rebates:
  • Mode Rebate:
    • Yearly mode – 2% of Tabular Premium
    • Half-yearly mode – 1% of Tabular premium
    • Quarterly & Monthly mode – NIL
    • High Sum Assured Rebate discount offered to the policy holder. For choosing yearly and half yearly premium modes.
  • Income Tax Benefit: Policy Premium paid under this plan is eligible for TAX under section 80c. and Maturity under this plan is tax free under sec 10 (10D).

Sample Premium Detail with Rates

Sample premium rates declared below in table (excluding service tax) per Rs. 1000/- Basic Sum Assured (SA):

  Year of Policy Term
Age  15  25  35 
20 79.05 44.30 29.95
30 82.45 46.75 32.30
40 88.20 51.40 37.10
50 97.70 59.65  

LIC’s New Jeevan Anand Policy Details and KYC

Under the policy Grace Period: 30 days will be allowed to premium pay. Policyholder if fails to pay the premium within the policy grace period, automatically the policy will be get lapsed. And there is a option to be revived the policy within the period of two years from the date of the first unpaid policy premiums.

Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt, provided any claim happen LIC will not be paid.

Exclusions: Suicide committed within one year (12 months) of policy period from the date of commencement of risk, LIC will not pay any claim under this policy except for to the extent of 80% of the premiums paid excluding any taxes, extra premium and rider premiums, if any, provided the policy is in force.

Documents Required: Proposal Form 300 shall be filled under this plan with exact medical history, and also other proof of documents are required to completed the policy, like address proof and other Know your customer (KYC) documents. Additionally Medical test may required based on the sum assured also the age of the person wants to take the policy.

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