Jeevan Anand is a life insurance policy offered by Life Insurance Corporation of India. The policy is a combination of endowment assurance and whole life plans. Jeevan Anand offers financial security against death throughout the lifetime of the life insured along with the provision of payment of a lump sum at the end of the nominated tenure in case of his survival. The main selling point of this policy is that it provides risk coverage even after the end of the policy term.
Eligibility Criteria of LIC Jeevan Anand
Key features
Other features
- The policy can be surrendered for cash given that the premium has been paid for three whole years. The surrender value to be paid will be a percentage of the total premiums paid.
- Loan can be availed with this policy
- A lapsed policy can be reviewed within two years from the date of the first unpaid premium
Benefits and Advantages of LIC’s New Jeevan Anand
Listed below are the important benefits and advantages of LIC’s New Jeevan Anand policy.
The policy offers the double benefit of financial protection in case of death of the policyholder and savings.
- Death benefit- Sum assured on death along with reversionary bonus and final additional bonus(if any) will be paid as death benefit to the nominee in case of unfortunate death of the policyholder.
- Maturity benefit- The plan qualifies for Maturity benefit which will be paid at the end of policy term considering all the premiums have been paid in full. Sum assured along with reversionary bonus and final additional bonus will be paid as maturity benefit.
- Convenience- The plan can be purchased online with no hassles.
- Flexibility-The plan offers the flexibility of paying premiums monthly, quarterly, biannually or annually depending on what the customer is comfortable with.
How does the Plan Work?
Let’s consider the example of Mr. Kashyap, a 25 year old professional who opts for LIC’s New Jeevan Anand plan with a sum assured of Rs. 5,00,000 for a policy term of 21 years. Let’s assume Kashyap will be paying an yearly premium of Rs. 27, 454.In case Arjun survives the policy, he will get a maturity benefit of Rs.11,02,000. If Mr. Kashyap passes away before the termination of the policy, his nominee will receive 125% of the sum assured along with various bonuses.
Riders
The plan offers riders in the form of LIC’s Accidental Death and Disability benefit rider. One can avail this optional rider by paying additional premium during the policy term. Accident benefit sum assured benefit will be paid in case of death due to accident during the policy term. In case of permanent disability due to the accident, an amount equal to the Accident benefit sum assured will be paid but in monthly installments.
