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Posted on 02 12, 2016 by pfadmin
Key Benefits & Highlights of LIC’s New Jeevan Anand Policy
“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.
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
Benefits of LIC’s New Jeevan Anand Plan
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|
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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