LIC New Jeevan Anand Plan

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Summary
 
LIC New Jeevan Anand, a guaranteed return endowment plan from LIC comes with bonus facility. On maturity, the policyholder will get Basic Sum Assured plus vested Simple Reversionary Bonus plus Final Addition Bonus.
 
 LIC-New-Jeevan-Anand-Logo
 
 
 
 
Plan No Table No: 815
UIN 512N279V01
Product Life Insurance
Sub Product Endowment Plan
Type of Returns Guaranteed
Bonus Yes
 
 
Key Features
 
> Guaranteed returns plan with bonus facility
> Life cover continues till death of the policyholder
> Option to add Accidental Death and Disability Benefit Rider
> Rebate offered if policyholder opts for high sum assured

LIC-New-Jeevan-Anand-Cover 
 
Benefits
 
Death Benefit
Sum Assured on Death + vested Simple Reversionary Bonuses + Final Additional bonus (if any) shall be paid to the nominee
  • Where, Sum Assured on Death = Higher of 125% of Basic Sum Assured or 10 times of annualised premium.
  • This death benefit shall not be less than 105% of all the premiums paid as on date of death.
 
Maturity Benefit
Sum Assured on Death + vested Simple Reversionary Bonuses + Final Additional bonus (if any) shall be payable
 
Tax Benefits on Premiums: Yes, under section 80C
 
Tax Benefits on Death Benefit: Yes, under section 10(10D)
 
Tax Benefits on Maturity Amount: Yes, under section 10(10D)
 
 
Eligibility Conditions
 
  Minimum Maximum
Sum Assured (in Rs.) 1,00,000 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
Payment modes Yearly, Half-yearly, Quarterly or Monthly (ECS only)
 
 
Sample Illustration of the Plan
 
The below illustration shows premium amounts for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000 and Policy Term (PT) of 15 years and 25 years respectively
 
Lic New Jeevan Anand Sample Premiums 
 
COMPARE OTHER PLANS WITH LIC JEEVAN ANAND >>
 
 
Riders
 
Rider Name Availability
Accidental Death Benefit -
Accidental Dismemberment Benefit -
Accidental Death & Disability Benefit Yes
Waiver of Premium -
Family Income Benefit -
Accelerated Sum Assured -
 
LIC’s Accidental Death and Disability Benefit Rider
If the policyholder adds this rider to his policy, then an amount equal to the Basic Sum Assured (subject to the maximum of Rs.50 lakh) will be paid.

The overall limit will be considered taking all existing LIC policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with LIC.
 
 
Additional Details
 
Simple Reversionary Bonus 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 Final Addition Bonus may also be payable provided the policy has run for certain minimum period. This is not guaranteed.
Surrender Benefit The policy can be surrendered for cash provided at least three full years’ premiums have been paid.
Surrender Value The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid excluding extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered
Policy Lapse Policy will lapse If the premiums are not paid within the grace period.
Revival A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the end of policy term on payment of all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the insurer.
Paid-up value If at least 3 full years’ premiums have been paid, then this policy shall continue as a paid-up policy.
The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the premiums paid bears to the total number of premiums payable i.e. Basic Sum Assured *(number of premiums paid / number of premiums payable).
This Paid-up Sum Assured along with vested simple reversionary bonuses (if any), is payable on maturity or death.
Loan Available - provided the policy has acquired a surrender value
Free Look Period 15 days from the date of receipt of the policy document
Grace Period 30 days for all modes
15 days for monthly
 
 

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