LIC Endowment Plans Info : LIC New Jeevan Anand - InsuranceRise

Sunday, 10 January 2016

LIC Endowment Plans Info : LIC New 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 Endowment Plans Info : LIC New Jeevan Anand

Key Highlights of Jeevan Anand


  • This is a combination of endowment assurance and whole life plan.
  • Offers a pre-decided sum assured at the end of a stipulated term.
  • Risk coverage continues to death. The plan offers financial security against death in case the life insured dies.
  • Offers a lump sum amount at the end of the policy term in case the life insured survives.
  • This plan is suitable for people of all ages and social groups who hope to protect their families from a financial risk in their absence.
  • Jeevan Anand is a with-profit life insurance policy.
  • Nominees will get the sum assured when the policy-holder dies.
  • The policy can be bought for a minimum period of 5 years and a maximum period of 57 years.

Benefits of Jeevan Anand

The policy comes with a host of benefits which include:

Death benefits: The sum assured along with the allotted bonus is payable on death in a lump sum in case of death during the selected term.

Survival benefits: The sum assured along with the vested bonus is payable in a lump sum on survival till the end of the term. Besides, an additional sum assured is also payable on death afterward.

Accident Benefit: An extra sum assured subject to Rs.5,00,000 is payable as a lump sum on death caused by the accident up to age 70 of the life insured. In case of permanent disability of the life insured due to accident, the lump sum amount will be paid in installments.

Extra Benefits: The policy offers optimal benefits which you can add to the basic plan for getting extra protection by paying additional premiums.

Surrender Value: The policy offers surrender value on earlier termination of the policy.

Guaranteed Surrender Value: The policy also offers guaranteed surrender value of 30% of the basic premiums paid excluding the first year’s premium if you surrender the policy after 3 years or more. Besides, as per its policy, LIC will pay a special surrender value, either equal to or more than the guaranteed surrender value. However, the Corporation’s surrender value may change depending on various factors such as economic environment and many other factors.

Eligibility:


  • The eligibility criteria for Jeevan Anand include:
  • Minimum entry age required to buy this policy is 18 years.
  • Maximum entry age is 65 years.

    1. Eligibility Conditions and Other Restriction :
    For Basic plan
    a) Minimum Basic Sum Assured : Rs. 100,000
    b) Maximum Basic Sum Assured : No Limit
    (The Basic Sum Assured shall be in multiples of Rs. 5000/-)
    c) Minimum Age at entry : 18 years (completed)
    d) Maximum Age at entry : 50 years (nearest birthday)
    e) Maximum Maturity Age : 75 years (nearest birthday)
    f) Minimum Policy Term : 15 years
    g) Maximum Policy Term : 35 years
    For LIC’s Accidental Death and Disability Benefit Rider
    a) Minimum Accident Benefit Sum Assured : Rs. 100,000
    b) Maximum Accident Benefit Sum Assured :
    An amount equal to the Basic Sum assured under the Basic Plan subject to the maximum of Rs.50 lakh overall limit taking all existing policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
    (The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
    c) Minimum Age at entry : 18 years (completed)
    d) Maximum Age at entry : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
    e) Maximum cover ceasing age : 70 years (nearest birthday) or till the end of the Policy
    Term, whichever is earlier.
    2. Payment of Premiums:
    Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (through ECS only or through salary deductions) over the Policy Term.
    However, a grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.

Premiums

You can buy this policy by paying affordable premiums on yearly, half-yearly, quarterly and monthly basis. You can opt for salary deductions for the chosen term of the policy or till before your death.

Bonus offered

This is a with-profit plan and offers a simple revisionary bonus at the end of each financial year on each thousand sum insured. This is a part of the guaranteed benefits offered under this plan. The bonus is given as per selected term or till death if it occurs in advance. Final and the additional bonus will be paid if the policy has run for a stipulated period.

How to get a Jeevan Anand policy

You can buy this policy by contacting any branch/representative of Life Insurance Corporation of India, provided you fall within the age group of 18 to 65 years.

Policy Document 
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