The LIC Jeevan Anand Policy combines the benefits of a whole life insurance policy and an endowment policy. It provides insurance coverage throughout the life of an individual even after the plan has matured. As the term comes to an end, the policyholder will get the assured sum along with bonuses that have been accumulated. On his demise, his nominee will again be given the death benefit payout.
LIC Jeevan Anand is an Endowment cum Whole life plan. Maturity benefit is Sum Assured + Bonus and the life cover continues till death. Death benefit after policy maturity is only Sum Assured. Death benefit before policy maturity is Sum Assured + Accrued bonus. Accidental death and disability benefit is an inbuilt feature of Jeevan Anand plan. Jeevan Anand provides critical Illness benefit. In Jeevan Anand plan additional premium can be given to people with the hazardous occupation.
LIC Jeevan Anand Plan – Benefits:
The Maturity/ Death claim paid under New Jeevan plan is 100% Tax-free under Section 10 (10d) Premiums paid under New Jeevan Anand plan is eligible for the Tax rebate, as premiums paid each year is allowed for deduction from taxable income under Section 80C up to Rs.1,50,000
LIC Jeevan Anand – Policy Details
Survival Benefits: Sum Assured along with all vested bonuses payable at the end of the premium paying term (Endowment term).
Accident Benefit: The Double Accident benefit is available during the premium paying term and thereafter up to age 70. The premium for this has been built into the tabular premium rates. Maximum accident cover available under this plan will be Rs. 5 lakh (this limit excludes accident benefit taken under other plans).
Death Benefits: Sum Assured along with vested bonuses are payable on death during the premium paying term and when policy ceases. An amount equal to the Sum Assured is payable if death occurs after the premium paying term. Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with the final additional bonus if any. No Bonus is paid on death after the premium paying term.
Suitable for: Being an endowment assurance + whole life policy, this plan is apt for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder’s life or in any other way he may think most suitable at that time. Most ideal if you want to ensure Permanent family financial protection + enjoy the fruits of your savings yourself on outliving the PPT
|Eligibility Conditions And Restrictions|
|Minimum Age||18 Years Completed|
|Maximum Maturity Age||75 years|
|Policy Term||15 years to 35years|
|Minimum Sum Assured||Rs,1,00,000|
|Maximum Sum Assured||No limit|
|Premium Payment||Yearly/Halfly/Quarterly/Monthly/(Through Bank)|
|Loan||Eligible After 3years|
|Surrender||Eligible After 3 Years|