Last updated on September 1st, 2019 at 10:08 pm
The New Jeevan Anand Policy by LIC is a non-linked participating life insurance policy. The plan offers dual benefits of savings and protection. The policy ensures financial security against policyholder’s demise during the policy term and a lump sum maturity benefit post the term of the policy in case of the policyholder’s survival.
LIC Jeevan Anand Plan also ensures the liquidity of the policyholder by offering a loan facility.
Benefits of LIC Jeevan Anand Policy
Provided all the premiums are duly paid, the following are the death benefits that shall be paid:
In event of death during the term of the policy:
Death benefit equal to the Sum Assured on Death along with vested Simple Reversionary Bonus and Final Additional bonuses (if any) is payable to the beneficiary.
The ‘Sum Assured on Death’ here is the higher amongst the 125 per cent of the Sum Assured or annualized premium multiplied by 10. This death benefit of LIC Jeevan Anand Plan should not be any lesser than 105 per cent of the total amount of premiums paid till the date of death.
The above-mentioned premiums do not include service tax, additional premium and premiums paid for riders (if any).
In case of policyholder’s demise at after the term of the life insurance policy, the Basic Sum Assured is paid to the nominee or the beneficiary.
Maturity benefit is payable by the end of the policy term. This sum is equal to the sum of Basic Sum Assured and vested Simple Reversionary Bonus along with Final Additional Bonuses (if any). The maturity benefit is payable as a lump sum in the policyholder survives the entire term of the policy; all the premiums of the policy have been duly paid.
Participation in Profits
LIC Jeevan Anand Policy is a life insurance plan that participates in the corporation’s profits and entitles the policyholder to get Simple Reversionary Bonus as declared by the Corporation on the basis of its experience during the term of the policy; provided all the premiums of the Jeevan Anand Plan have been duly paid and the policy is completely n force.
Final Additional Bonuses
Final Additional Bonus might also be paid out under this life insurance plan during the year in which the death claim for the policyholder has been made or the payment of the survival benefit is due against the policy; provided this life insurance plan is in complete force and also a certain years of the policy term have been completed.
The Accidental Death and Disability Ride by LIC is a rider available with the LIC Jeevan Anand life insurance plan as an optional benefit by paying certain amount of additional premiums during the term of the policy.
In the unfortunate event of policyholder’s death due to an accident during the term of the policy, the Sum Assured under the Accident Benefit Rider will be paid to the beneficiary as a lump sum in addition to the basic death benefit of this life insurance policy.
In event of a permanent disability arising out of an accident (within 180 days), then an amount equal to the Sum Assured under Accidental Benefit rider will be payable in equal monthly payments spread over a term of 10 years. Also the future premiums for both Basic Sum Assured and Accidental Benefit Sum Assured shall be waived off.