Overview
LIC New Jeevan Anand is a participating, non-linked plan that combines protection and savings. It offers financial protection against death throughout the policyholder's lifetime, along with a lump sum payment at the end of the selected policy term if the policyholder survives.
The plan also addresses liquidity needs with a loan facility and provides necessary financial support to family members in case of the insured's demise.
Additionally, the plan includes a survival benefit: if the policyholder survives until the end of the policy term, a lump sum amount is paid.
LIC New Jeevan Anand Plan offers a range of benefits, including:
- Death Benefits
- Policy Loan
- Rider Benefits
- High Sum Assured Rebates
- Maturity Benefits
How to Buy LIC New Jeevan Anand Plan Online via PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the ‘Investment’ tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
Benefits of LIC New Jeevan Anand Plan
There are various benefits to buying the LIC New Jeevan Anand Plan. Let’s understand each of them in detail:
- Death Benefit: If death occurs during the first five policy years, the benefit is payable if the insured person dies before the maturity date. Before the date of commencement of risk, a refund of premium(s) paid without interest will be payable.
- Maturity Benefits: If the insured survives till the end of the policy period, and all due premiums have been paid, the Sum Assured on Maturity along with Loyalty Addition will be payable.
- Participation in Profits: If the insured has completed five years and paid all premiums, then depending upon the Corporation's experience, policies under this plan will be eligible for Loyalty Addition at the time of exit (due to death during the policy term or maturity).
- High Sum Assured Rebates: This plan offers rebates if you choose a high sum assured.
Grace Period
A grace period of 30 days shall be allowed for payment of yearly, half-yearly, or quarterly premiums, and 15 days for monthly premiums from the date of the first unpaid premium.
Loan Facility
You can avail of a loan against your LIC New Jeevan Anand Plan for a certain period at the prevailing interest rate.
Free Look Period
This plan offers a 30-day free look period to cancel the policy if you are not satisfied.
Tax Benefits
LIC New Jeevan Anand Plan offers term insurance tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 Lakhs of the total premium paid in the same financial year.
How to Buy LIC New Jeevan Anand Plan Online via LIC Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Wealth Creation'.
- Click on 'LIC New Jeevan Anand Plan'.
- Click on ‘Buy Online’ and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you to discuss quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- If the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. In such a case, either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, will be paid.
Documents Required to Buy LIC New Jeevan Anand Plan
Here is the list of documents required to buy the LIC New Jeevan Anand Plan:
- Photo ID Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
- Age Proof: Any one of the following: Passport, Aadhaar card, PAN card, Driving license.
- Address Proof: Any one of the following: Utility Bill, Passport, Voter ID, Ration Card.
- Medical Records: Medical records of the policyholder, if requested.
- Income Proof: Any one of the following: Bank Statement, last three months' salary slips (for salaried individuals).
Plan at a Glance
| What's Good |
What's Missing |
| Death Benefits |
Premium Offset |
| Maturity Benefits |
High Sum Assured Rebate |
| High Sum Assured Rebates |
Auto Cover Continuance |
| Profit Participation |
Top-up Premium |
In a Nutshell
If you are looking for a life assurance savings plan that provides death benefits to your family in case of your uncertain demise and maturity benefits, you should consider buying the LIC New Jeevan Anand Plan. If you are still confused about whether this plan is right for you, you can contact us at PolicyX.com.
For more information related to this plan, you can visit PolicyX.com, or call us at 1800-420-0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
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