LIC Jeevan Anand
LIC’s New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
LIC Jeevan Anand is one of the most popular plan in the hsitory of Insurance in India. LIC of India launched this wonder ful plan in the year 2002. This plan was a great hit and now also people ask for Jeevan Anand before buying any insurance plan.
Basic conditions of LIC Jeevan Anand plan :
- Premium Payment Mode: Monthly(ECS), Quarterly, Half yearly & Yearly,
- Term : 15 to 35 years
- Minimum Entry Age : 18 Year Completed
- Maximum Entry Age : 50 Year (Nearest Birthday)
- Maximum Maturity Age : 75 Year
- Minimum Sum Assured : 1,00,000
- Maximum Sum Assured : NO LIMIT (Depending upon Income)
- Maximum Accidental Death and Disability Benefit Rider up to age 70.
LIC Jeevan Anand plan Benefits :
On Death :
Provided all due premiums have been paid, the following death benefit shall be paid:
• On Death during the policy term:
Death benefit, defined as sum of Sum Assured on Death and vested Simple Revisionary Bonuses and Final Additional bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of 125% of Basic Sum Assured or 7 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death. The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
• On death of policyholder at any time after policy term: Basic Sum Assured
On Survival :
Basic Sum Assured, along with vested Simple Revisionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
Loan benefits under LIC Jeevan Anand policy :
Policy loan is available after completing 2 years, beginning of 3rd year.
LIC Jeevan Anand plan & Income Tax Benefits :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).