Car Insured - Yes, Phone Insured - Yes, What About Your Life ? Save Rs 4000/M & Get Life Cover + Maturity Benefit of Rs. 39 Lac + Tax Benefit.
LIC New Jeevan Anand is a participating non-linked plan providing a combination of both protection and savings. The plan offers 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.
It also takes care of liquidity needs with the loan facility. The plan is there to provide the needful financial support to the family members in case of the demise of the insured.
Moreover, the plan also comes with the survival benefit wherein if the policyholder survives till the end of the policy term, the plan will give a lump sum amount as a survival benefit.
Sum assured on death payable to the nominee is defined as the higher of:
**This death benefit shall not be less than 105% of total premiums paid upto date of death.
|Yearly mode||2% of Tabular Premium|
|Half-yearly mode||1% of Tabular premium|
|Quarterly, Monthly mode & Salary Deduction||NIL|
High Sum Assured Rebate on Premium:
|Basic Sum Assured (B.S.A)||Rebate|
|INR 1 Lakh to 1.95 Lakhs||Nil|
|INR 2 Lakhs to 4.95 Lakhs||1.50% of B.S.A.|
|INR 5 Lakhs to 5.95 Lakhs||2.50% of B.S.A.|
|10, 00,000 and above||3% of B.S.A.|
|Entry age of policyholder (last birthday)||18 year||50 year|
|Age at maturity (last birthday)||-||75 year|
|Sum assured (in Rs.)||Rs. 1 lakh||No Limit|
|Premium payment mode||Yearly, Half-yearly, Quarterly, Monthly|
|Policy term (in years)||15||35|
To understand the working of LIC New Jeevan Anand, let us take the example of Mr Arora. Mr Arora bought LIC New Jeevan Anand Plan and selected the sum assured of INR 10 Lakhs and the policy term of 20 years.
Now, as per the selected sum assured and policy tenure, LIC will determine the premium of the plan. Under this plan, the insured has to pay premiums for the entire duration of the policy term.
If Mr Arora dies during the policy tenure, the company will pay him the Death Benefit which will be equal to the sum assured on Death+Vested Bonus (till the date of death)+Any Final Additional Bonus.
The Sum Assured on Death will be higher than 125% of the Basic Sum Assured or 10 times the annual premiums paid subject to a minimum of 105% of total premiums paid till death.
In case of survival of the insured till the end of the plan, a maturity benefit would be provided to the insured person.
Maturity benefit=Sum assured+bonus (amount received throughout the policy term)+any final addition bonus (if declared).
However, if Mr Arora dies (even after the policy term), the nominee will get an additional sum assured amount as the death benefit.
The plan offers four different types of riders that will help you to enhance your protection. However, out of four, you may select up to three riders from the following options:
Take a look at the below table showcasing the premium rates payable by a healthy, non-tobacco user male for a chosen sum assured of INR 20 Lakhs for different combinations of age and policy terms.
|Age (in years)||Policy Term (in years)|
Below-mentioned are some of the important documents that one needs in order to buy the LIC New Jeevan Anand Plan.
Under this plan, the rate of the bonus is not fixed. It completely varies according to the performance of the insurance company and paid only if the insurance company makes any benefit in the financial year.
The plan offers simple reversionary bonuses for every year the policy is in force. At the time of death during the policy's tenure or on maturity, a Final Bonus might also be paid in addition to the vested bonuses.
The plan comes out with two different premium rebates. The first one is a high Sum Assured rebate that provides a rebate of 1.50% to 3% if the Sum Assured is Rs. 2 lakhs and above. The second rebate offered is for paying the premium in annual or half-yearly mode. The annual mode rebate is 2% of the tabular premium while for half-yearly mode the rebate is 1%.
Yes, policyholders are liable to take a loan under the plan if they have paid at least the first 3 years' premiums, and the plan has acquired a Surrender Value.
Yes, the New Jeevan Anand plan can be dated back within the same financial year with charges applicable at the plan term ends as per conditions applied.
The key features of LIC New Jeevan Anand Policy:
Jeevan Anand (Plan 149) is one of the most popular insurance plans from the one and only public sector insurer – Life Insurance Corporation of India.
LIC New Jeevan Anand policy maturity amount is calculated by using the formula mentioned below.
Basic Sum Assured + Accrued Bonuses
In case the life insured survives the entire tenure of the policy then a basic sum assured amount along with the accrued bonus or simple reversionary bonus is paid to the insured as maturity benefit after the completion of the whole policy year.
Yes, you can avail of the New Jeevan Anand plan by the Life Insurance Corporation of India, anytime you wish.
Yes, the LIC New Jeevan Anand plan can be easily dated backward within the same financial year with charges applicable at the plan term-end as per conditions applied.
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Last updated on Aug, 2022