LIC New Jeevan Anand Plan

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LIC New Jeevan Anand Plan- Table no 815

 

LIC New Jeevan Anand is a non-linked guaranteed return plan with bonus facility. In this plan, the premium needs to be paid for the entire policy tenure. The Basic Sum Assured along with vested Simple Reversionary Bonus + Final Addition Bonus would be paid to the policyholder on survival till the end of the policy term. The life coverage continues till the end of his life.

 

 

Key Features of LIC New Jeevan Anand Plan

 

§  Endowment cum whole life plan

§  Life Cover continues till death

§  Simple Reversionary Bonus is payable on maturity or earlier death

§  Optional Rider - Accidental Death and Disability Benefit Rider

§  Large Sum Assured rebate is also provided

 

Compare this Plan with other Endowment Plans Click Here


Benefits you get from LIC New Jeevan Anand Plan

 

Death Benefit – In case of death of the Life Insured,

Before the end of the Policy Term, the Sum Assured on Death + accrued Simple Reversionary Bonus + Final Addition Bonus are paid to the nominee as Death Benefit and the policy is terminated

The Sum Assured on Death has been defined as higher of 125% of Basic Sum Assured or 10 times the Annualized Premium

After the Policy Term, only the Basic Sum Assured is paid as Death Benefit whenever the Life Insured dies and the policy gets terminated thereafter

 

Maturity Benefit – On survival till the end of the Policy Tenure, the Policyholder gets the BasicSum Assured + accrued Simple Reversionary Bonus + Final Addition Bonus as Maturity Benefit and the policy continues to provide Life Coverage to the Insured for the rest of his life.

 

Income Tax Benefit – Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.

 

 

Eligibility conditions and other restrictions in LIC New Jeevan Anand Plan

 

 

Minimum

Maximum

Sum Assured (in Rs.)

1,00,000 in multiples of 5000

No Limit

Policy Term (in years)

15

35

Premium Payment Term (in years)

Equal to Policy Term

Equal to Policy Term

Entry Age of Policyholder

18

50

Age at Maturity

-

75

Single Premium (in Rs.)

NA

NA

Payment modes

Yearly, Half-yearly, Quarterly and Monthly

 

 

Sample illustration of premium of LIC New Jeevan Anand Plan

 

Illustration across Age for same Sum Assured of Rs 1 Lakh:

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000 and Policy Term of 15 years and 25 years respectively.

LIC New Jeevan Anand Sample Premium Illustration 

 

Additional Features and Benefits of LIC New JeevanAnand Plan

 

Riders – There is 1 additional Rider available:

Accidental Death and Disability Benefit Rider

LIC Accidental Death and Disability Benefit Rider is available by payment of additional premium during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

 

Bonus:

There are 2 types of Bonuses are available in this plan:

Simple Reversionary Bonus - is declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan.

 

Bonuses will be added during the selected term or till death, if it occurs earlier. Simple Reversionary Bonus accrues during the premium paying term and is paid 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.

 

Final Addition Bonus may also be payable provided the policy has run for certain minimum period.

 

 

 

What happens if?

 

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.

The policy can however be revived within 2 years from the due date of the first unpaid premium.

 

You want to surrender the policy –There is a Guaranteed Surrender Value after 3 policy years after the policy accrues Cash Value. The Surrender Benefit is according to the table.

 

You want a loan against your policy – Loan facility is available under this policy

 Compare New Jeevan Anand with Other Endowment Plans. Click Here.

 

Other Endowment Plans from Life Insurance Corporation of India

 

LIC Single Premium Endowment Plan

LIC New Endowment Plan

 

 

Some Endowment Plans from other insurance companies

 

 

HDFC Life Super Savings Plan

Max Life Life Gain Premier Plan
 

 

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC New Jeevan Anand Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC New Jeevan Anand Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

dear sir , i want to take a policy in LIC , new jeevan anand for 2 lacs . please provide the half yearly, & yearly premium.

By Ravinder Jangra on Sep 25, 2014 Reply

Click on the below link to calculate premium for LIC Jeevan Anand

http://www.licindia.in/premium_calculator.htm
 

Replied By Manoj Aswani (MIC Staff) on Sep 26, 2014 Reply

Sir,
I wanted to take a policy in LIC, New Jeevan anand for 05 lac policy (21 years)
Please provide details
a] Premium to pay upto maturity
b] Maturity amount receivable
c] Insurance Covered

By Bipul Nath on Sep 03, 2014 Reply

You can visit this page and calculate the premium
http://www.licindia.in/premium_calculator.htm

If you wish to buy the policy then kindly share your contact details and we will arrange a call regarding the same

Send us an email at contact@myinsuranceclub.com

 

Replied By Manoj Aswani (MIC Staff) on Sep 05, 2014 Reply

Hi,
Reg. LIC NEW JEEVAN ANAND PLAN - 185 :
I am a 25 yrs old Female.
Could you plz suggest how much would be the monthly premium for a Sum Assured of 1000000 for a period of 10 yrs.

By Madhusree Podder on Aug 28, 2014 Reply

The minimum term is 15 years in this plan

PLAN:0815 New Jeevan Anand
TERM:15
AGE:25
SumAssured:1000000
Yearly: 75939
Half Yearly: 38372
Quarterly: 19388
Monthly: 6463

PLAN:0815 New Jeevan Anand
TERM:15
AGE:25
SumAssured:500000
Yearly: 38220
Half Yearly: 19311
Quarterly: 9756
Monthly: 3252

Service Tax is not shown in the calculation.
Premium Shown Above is Indicative and not Exact

Replied By Manoj Aswani (MIC Staff) on Aug 28, 2014 Reply

Dear sir,
in LIC NEW JEEVAN ANAND PLAN - 185
"Maturity Benefit – On survival till the end of the Policy Tenure, the Policyholder gets the BasicSum Assured + accrued Simple Reversionary Bonus + Final Addition Bonus as Maturity Benefit and the policy continues to provide Life Coverage to the Insured for the rest of his life."
AND
"Death Benefit – In case of death of the Life Insured,
Before the end of the Policy Term, the Sum Assured on Death + accrued Simple Reversionary Bonus + Final Addition Bonus are paid to the nominee as Death Benefit and the policy is terminated
The Sum Assured on Death has been defined as higher of 125% of Basic Sum Assured or 10 times the Annualized Premium
After the Policy Term, only the Basic Sum Assured is paid as Death Benefit whenever the Life Insured dies and the policy gets terminated thereafter"
So my quation is - Is sum assured and basic sum assured are different things??
Whats d meaning of Simple Reversionary Bonus ..hows it calculated ?? and
Whats d meanig of Final Addition Bonus ...hows it calculated ??

By Pritesh Bhavsar on Feb 28, 2014 Reply

Hi Deepak, I'm 27 years old now .Could you please advise me, if I buy this New Jeevan Anand plan for 21 years, Sum Assured of Rs 6,50,000, current bonus rate is 48, then how much monthly premium I have to pay and approx how much I can expect on maturity.

By Md Masood Ahmed on Feb 25, 2014 Reply

You will need to pay Rs.2893 + Service Tax as monthly premium

For complete details of amount you can expect on maturity, ask for a sample illustration at the time of buying.

For Sum Assured:650000, Term:21 yrs, Age:27

Yearly: 33983
Half Yearly: 17173
Quarterly: 8678
Monthly: 2893

Service tax is not included in above quote
 

Replied By Manoj Aswani (MIC Staff) on Feb 26, 2014 Reply

Thanks Manoj. May I know, what is the percentage of service tax? Could you please also suggest me for the investment purpose. I want to invest every month between 2k-3k for short term purpose of next 2-3 years.

Replied By Md Masood Ahmed on Feb 27, 2014 Reply

The prevailing service tax rate (currently 12.36% of the premium)

If your goal is pure investment, then you should first look at banking products such as Fixed deposits, PPF, equity products, mutual funds. Kindly consult a certified financial planner before investing.

Replied By Manoj Aswani (MIC Staff) on Feb 28, 2014

it would be better if the term is short.

By Rumpa Dey on Jan 20, 2014 Reply

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