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Life New Jeevan Anand Plan is a plan which is very beneficial. It is a traditional participating plan for endowment. It is a plan in which you can receive the bonus. It is an insurance plan plus a traditional saving plan. The death benefit is also paid if the insured person dies after the completion of the policy term. This plan was launched on October 9, 2013. The basic sum assured for this plan is one lakh. It could even be more than this.
There is also LIC's Accidental Death and Disability Benefit Rider available as an option which could be claimed by payment of some extra premium during the policy term. In the case of accidental death during the term of the policy, Accidental Benefit Sum Assured will be paid as a lump sum amount along with the benefit of death under the basic plan. In case an accident takes place and a permanent disability arises due to the accident (within 180 days from the date of accident), an amount which is equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments over a period of 10 years. Future premiums which are there for the Accident Benefit Sum Assured as well as the premiums for the part of Basic Sum Assured which is equivalent to Accident Benefit Sum Assured under the policy will not be claimed.
The Policyholder can enrol for this policy from the age of 18 years till the age of 50. Person above 50 years of age cannot take this policy. The Maturity age of this policy is up to 75 year.Policy Term:
The policy term will be of 15 years and can go on for 35 years. So the premium payment will also be for the time duration same as the policy term.Premium Payment Term:
Payment of premium can be annual, half-yearly, quarterly or even monthly.
A grace period of thirty days is given to pay the premium which is due. In the case of policyholder delays the payment of premium then the policy can lapse. However, the policyholder is allowed to pay within the period of two years from the date of the first unpaid premium. He has the option to revive the closed LIC New Jeevan Anand Plan by paying all the premiums which are due within the given time.Cancellation:
The insured person has an option of free cancellation under which he can cancel his plan within fifteen days of its commencement, provided that no claims have been made yet for it.Surrender Value Benefits:
As the three years of the policy gets completed, the policy becomes eligible to offer surrender value benefits. There is another benefit of acquiring the loan which the policyholder can take against the policy.
What happens if-Policyholder commits suicide:
In case the policyholder commits suicide within twelve months from the beginning date of the policy than eighty percent of the premium which is paid till date is given back to the nominee.
If after the plan renewal the policyholder dies then higher of eighty percent premiums paid till the date of death of the holder or the acquired surrender value will be paid.
The documents required to be insured under this insurance plan are subject to the sum assured amount quoted and the premiums which are paid for it. Some of the documents which are required for the policy are the application form which should be correctly filled, the address and the age proof on whose name the policy is going to be made. Other than this other KYC documents such as PAN card, Adhaar card, and Tax details are also to be given. One needs to submit the medical history and if there is any problem the reports of the diagnosis should also be submitted.
Besides Indian citizens, the LIC New Jeevan Anand Policy is also available for NRI’s and they can avail the policy whenever they wish to become insured. As per the laws of India, the Non-Resident Indians are eligible to buy an insurance plan from Indian Insurance companies.To get insured:
An individual is eligible if he/she submits all the required documents along with fully filled application form. The LIC will do the verification and after the verification is complete, a confirmation will be sent to the person involved within 15 to 20 days. Under section 45 of Insurance Act, 1938 company has the right to surrender the insurance plan if the company finds the given information to be deceptive or unreliable.
To get a claim on the death of the policyholder, the person who is entitled as nominee is required to show the claim form along with the original policy documents which are issued by the LIC on the name of the person insured. In addition to this, the nominee is required to submit all the other details such as bank account, medical treatment details and death certificate.In the case of Maturity:
To get the claim on the maturity of policy the person insured is required to submit a discharge form along with the original certificate of policy which is given by LIC in the favor of policyholder with it. The policyholder has to provide the bank details for the transfer of money into his account.In the case of Surrender:
Even if one has to surrender the policy then also a discharge form attached with prior documents issued by LIC and all other certificates are to be submitted. Bank details are also to be given to get the surrender value in the account of the policyholder.