LIC Jeevan Anand is an endowment cum whole life policy along with Bonus facility. This is a Double Death Benefit Plan if the life insured survives till the end of the policy term. This plan has average premium, high bonus rate and great liquidity features.
In this plan, the Life Insured receives the Sum Assured + Bonus as Maturity Benefit but the life cover chosen continues till his death. Again an additional Sum Assured is paid whenever the Life Insured dies. Thus this plan is both an endowment plan and a whole life plan.
However, if the life insured dies before the completion of premium paying term, i.e. within the policy tenure, the entire Sum Assured along with accrued Bonus is paid to the nominee and the policy would terminate.
There is also an additional Accidental Death and Disability Benefit is payable till 70 years of age of the life insured.
Key Features of LIC Jeevan Anand Plan
§ This plan is an endowment cum whole life plan
§ Maturity Benefit is Sum Assured + accrued 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
§ Simple Reversionary Bonus is payable on maturity or earlier death.
§ Accidental Death and Disability Benefit is an inbuilt feature in this plan
§ Optional higher cover through 1 additional rider of Critical Illness Benefit.
§ This plan can be provided to people with hazardous occupation with additional premium.
§ Large Sum Assured rebate is also provided.
Benefits you get from LIC Jeevan Anand Plan
Death Benefit – In case of death of the Life Insured
· Before the end of the Policy Term, the Sum Assured + accrued Bonus is paid
· After the Policy Term, Sum Assured is paid as Death Benefit whenever the Life Insured dies.
Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Bonus + Final Addition Bonus
Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
Eligibility conditions and other restrictions in LIC Jeevan Anand Plan
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Minimum
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Maximum
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|
Sum Assured (in Rs.)
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1,00,000
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No Limit
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|
Policy Term (in years)
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5
|
57
|
|
Premium Payment Term (in years)
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5
|
57
|
|
Entry Age of Policyholder
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18
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65
|
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Age at Maturity
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-
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75
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Single Premium (in Rs.)
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NA
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NA
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|
Payment modes
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Yearly, Half-yearly, Quarterly, Monthly and SSS
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Sample illustration of premium of LIC Jeevan Anand Plan
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000and Policy Term = 25 years respectively.
Additional Features and Benefits of LIC Jeevan Anand Plan
Riders – There are 2 In Built Riders available:
· Accidental Death Benefit Rider- an additional Sum Assured is paid if death is due to accident till 70 years of age
· Accidental Disability Benefit rider- additional Sum assured is payable in instalments
There is 1 additional Rider available:
· Critical Illness Rider
You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions.
You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
There is Special Surrender Value that is available under this plan.
You want a loan against your policy – Loan facility is available under this policy
Endowment Plans from Other insurance companies
Aegon Religare Endowment Plan
Bajaj Allianz Invest Gain Plan
Tata AIA Maha Guarantee Plan
Other Endowment Insurance Plans from LIC
LIC Jeevan Amrit
LIC New Janaraksha Plan
LIC Endowment Assurance
LIC Endowment Assurance (Limited payment)
LIC Jeevan Mitra
~ By Deepak Yohannan
