LIC New Jeevan Anand
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Jeevan Anand is a popular insurance plan offered by the Life Insurance Corporation of India (LIC). It provides a combination of protection and savings and is designed to meet the financial needs of policyholders. The plan offers a high level of coverage at a relatively low premium, making it an affordable option for those looking for insurance protection. Under the Jeevan Anand plan, policyholders can choose the amount of coverage they want and the policy term. The premium for this plan is paid for the entire policy term, and the policyholder is entitled to receive the sum assured upon death during the policy term, as well as bonuses accumulated over the years. In addition, the policyholder can also choose to receive the maturity benefit at the end of the policy term.
Death Benefit: In case of the policyholder’s death during the policy term, the nominee will receive the sum assured along with reversionary bonuses and terminal bonuses, if any.
Maturity Benefit: If the policyholder survives the policy term, they will receive the sum assured along with bonuses, if any.
Participation in Profits: LIC New Jeevan Anand 915 is a participating plan, which means policyholders can participate in the profits of the company and receive bonuses, if declared.
Loan Facility: Policyholders can avail a loan against their policy after it has acquired a surrender value.
Premium Payment Options: Policyholders can choose from a range of premium payment options, including annual, half-yearly, quarterly, or monthly payments.
Tax Benefits: Policyholders can avail tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
Flexibility: Policyholders can choose the amount of coverage they want and the policy term, and they have the option to make partial withdrawals from their policy if needed.
Conditions:
| Minimum | Maximum | |
| Basic Sum Assured | ₹ 1 Lac | No Limit |
| (The Basic Sum Assured shall be in multiples of Rs 5000/-) | ||
| Entry Age in years | 18 years | 50 years |
| Maturity Age in Years | – | 75 |
| Policy Term in Years | 15 | 35 |
| Payment Modes | Yearly / Half yearly / Quarterly / Monthly / Monthly(ECS) and through salary deducations(SSS) | |
Sum Assured shall be available in multiples of ₹ 5,000/-
- LIC Accident Benefit Rider
- LIC – Accidental Death & Disability Benefit Rider
- LIC New Term Assurance Rider
- LIC New Critical Illness Rider
Grace Period:
For the payment of quarterly, half-yearly, or annual premiums, a grace period of 30 days is permitted, and for the payment of monthly premiums, a grace period of 15 days is permitted from the date of the first unpaid premium. As per the policy’s terms and conditions, the policy shall be deemed active at this time with risk coverage in place. If the premium is not paid before the grace period expires, the insurance also expires.
Revival:
The insurance expires if the policyholder does not pay the premium during the grace period. Before the policy term expires, five consecutive years from the date of the first unpaid premium can be used to reinstate a lapsed plan.
Free Look Period:
If the life assured is not happy with the policy’s terms and conditions, they may return it to the insurance provider within 15 days of the date they received the policy documents, along with a written explanation of their objections.
Surrender:
As long as two full years’ worth of premiums have been paid, the plan may be surrendered at any time. When a policy is surrendered, the company must pay the higher of SSV (Special Surrender Value) or GSV as the surrender value (Guaranteed Surrender Value).
Rebates on Sum Assured:
| Basic Sum Assured | Rebates (in Rs.) |
| 1 lac to 1,95,000 | Nil |
| 2 lacs to 4,95,000 | 1.50 % to Basic Sum Assured |
| 5 lacs and 9,95,000 | 2.50% to Basic Sum Assured |
| Above 10 lacs | 3,00 % to Basic Sum Assured |
Paid-up Policy:
All earnings from this plan will end after the grace period from the first delinquent premium date has expired if fewer than two years’ worth of premiums have been paid and additional premium is not fully paid. Additionally, no amount will be payable.
