LIC New LIC Jeevan Anand plan
Details and Benefits
LIC 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 a lump sum 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.
| Criteria | Description |
|---|---|
| Introduction | LIC New Jeevan Anand is a combination of the Whole life plan and the most popular Endowment Assurance Plan. The plan provides the pre-decided Sum Assured and Bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death. |
| Age Range | 18 (completed) – 50 Yrs () (Max Premium Ceasing Age: 75) |
| Term | 15 – 35 Yrs |
| Premium Paying Term | 15 – 35 Yrs |
| Minimum Sum Assured | Rs. 1,00,000 |
| Premium Modes | Yearly, Half yearly, Quarterly, Monthly (Nach) & SSS |
| Risk Cover | On death, before the policy term ends, ‘Sum assured On Death’ + Bonus + Final Additional Bonus, if any, is given to the nominee. ‘Sum Assured On Death’ is higher of 125% of Basic Sum Assured or 10 times of annualized premium. This Death Benefit should not be less than 105% of the total premiums paid as on date of death. Incase of Lives Assures unfortunate death after the premium paying term, an amount equal to Sum Assured is paid. |
| Maturity Benefits | Sum Assured plus vested bonus is paid at the end of the premium paying term. The Risk cover continues and again on death Sum Assured is paid to the nominee. |
| Bonus & Guaranteed Addition | Available (as per Declared rates) |
| Tax Benefits | All premiums paid under this plan, are tax exempted under section 80c of the Income Tax Act as per their applicable tax slabs. All returns from LIC of India like survival benefits, maturity, and death claims are 100% Tax-free under (10D) of section 10 of the Income-tax Act, 1961 |
| Loan | Loan Available as per policy term |
| Accident & Disability Benefits | Available till Age 70. For a policy of S.A. 1,00,000, the Additional Premium will be Rs. 100 (Re 1 / 1000) payable upto age 70. |
Benefits under LIC Jeevan Anand plan
Death benefit:
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 Reversionary 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 10 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
Benefits payable at the end of Policy Term: Basic Sum Assured, along with vested Simple Reversionary 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.
Participation in Profits:
The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during the policy term, provided the policy is in full force.
Final (Additional) Bonus may also be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for certain minimum term.
Optional Benefit:
LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of an additional premium during the policy term. In case of accidental death during the policy term, the Accident Benefit Sum Assured will be payable as a lump sum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to an accident (within 180 days from the date of the accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
For more info on LIC New Jeevan Anand Plan, visit LIC of India official website.