LIC New Jeevan Anand is a life insurance plan. This insurance is a combination of savings and protection. In which the benefit of maturity is available at the end of the policy period and the coverage of Sum Assured for life time is available like term insurance. This insurance policy is highly beneficial for those who want to earn hefty returns while they are alive.
LIC New Jeevan Anand Plan Details
LIC New Jeevan Anand is a participating, individual and non-linked life insurance plan. It offers a combination of savings and security. This plan provides financial protection against death throughout the lifetime of the policyholder with a provision for lump sum payment at the end of the selected policy term in case of survival of the policyholder.
The policy also takes care of the requirements through its loan facility. This is one of the most conventionally available endowment plans from LIC . This is one of the best selling endowment plan by LIC. Thus it is an endowment as well as whole life insurance plan.
LIC New Jeevan Anand Plan Eligibility Criteria
| Name of Insurance: | LIC New Jeevan Anand Plan (Plan No. 915) |
| Entry Age: | Minimum:- 18 days Maximum:- 50 years |
| Coverage (Basic Sum Assured): | Minimum:- Rs.1,00,000 Maximum:- No limit (Subject to Board approval) |
| Premium Payment Mode: | Monthly, Quarterly, Half Yearly, Yearly |
| Policy Term: | Minimum: 15 Years Maximum: 35 Years |
| Maturity Age: | Maximum: 75 Years |
LIC New Jeevan Anand Plan Features
- LIC New Jeevan Anand Plan is a traditional non-linked and participating, individual whole life endowment plan.
- In case of unfortunate death of the insured, death benefit is provided to the beneficiary of the insured.
- The premium in this plan can be paid at regular intervals, such as yearly, half-yearly, quarterly or monthly etc.
- Loan facility is available to the insured under this plan. Provided at least 2 full years’ premiums have been paid.
- In this plan of LIC, disability and accidental death benefit rider is also available on payment of additional premium amount.
- Avail tax-saving benefits on the premiums paid and the claim amount (maturity and death benefit) under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
- Switching of this policy is not permitted.
LIC New Jeevan Anand Plan Benefits
Death Benefit
The following death benefits will be paid on payment of all due premiums:
In case of death during the policy term i.e. before the stipulated date of maturity, Simple Reversionary Bonuses equal to the Sum Assured and Final Additional Bonus (if any) will be paid.
In case of death of the insured, the beneficiary of the insured will receive the following Sum Assured, which is as follows:
- 125% of Basic Sum Assured
- 7 times the annualized premium
- shall not be less than 105 percent of the total premiums paid till the date of death.
The above premium rates are exclusive of taxes, extra premium and rider premium (if any).
On death after the end of the policy term i.e. from the stipulated date of maturity, the Basic Sum Assured will be payable.
Maturity Benefit
Sum Assured Final Bonus and Simple Reversionary Bonus on Maturity will be paid on survival of the Life Assured till the stipulated maturity date, provided the policy is active i.e. all future due premiums have been paid. In which the Sum Assured on maturity is equal to the Basic Sum Assured.
Participation in Profit
LIC New Jeevan Anand Plan will participate in the profits of the Company and will be eligible to receive Simple Reversionary Bonuses declared as per the experience of the Company during the policy term provided the policy is in active process.
Tex Benefits
Avail tax-saving benefits on the premiums paid and the claim amount (maturity and death benefit) under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Additional Rider Benefits
LIC Plan 915 offers the following four options for riders which can be opted for by paying an additional premium.
- LIC Accident Benefit Rider
- LIC Accidental Death & Disability Benefit Rider
- LIC New Term Assurance Rider
- LIC New Critical Illness Rider
Grace Period
A grace period of 30 days is available for quarterly, half-yearly, and annual premium payments. Same if you pay monthly premium then you get 15 days discount. If the premium is not paid before the end date of the grace period, the policy will lapse.
Surrender Benefit
In this insurance plan, an option to surrender the policy is provided at any time after the policy has been continued for two consecutive years. In such situations, the insurer pays the higher of the Special Surrender Value or a surrender value equal to the Guaranteed Surrender Value.
Revival
If the premium is not paid within the grace period, the policy lapses. LIC New Jeevan Anand plan provides an option to revive the policy but within 5 consecutive years. It means from the date of your first unpaid premium and it can be revived only before the maturity date.
Free look period
If the insured is not satisfied with the terms and conditions of the policy, it may be returned to the insurance company within 15 days from the date of receipt of the policy documents stating the reasons for objection.
The Bottom Line:
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