Lic Jeevan anand Plan- Plans, Benefits, Review Online
LIC Jeevan Anand Plan is new and is a non-linked plan providing appreciating plan of savings and protection. The financial protection combination against death for the policyholder for lifetime and the lump sum payment at the policy term selected end period in case of survival is attractive. This plan offers liquidity through loan facility.
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LIC Jeevan Anand policy fact
Jeevan Anand LIC policy is an endowment plan combined with whole life policy and is coming in association with bonus features. It offers double death benefit in case the life insured survives up to the policy term end. This plan has high bonus rate, average premium and best liquidity features.
The life insured in this plan gets sum assured and the maturity benefit as bonus, but the life cover pursues until his or her death. An additional assured sum is paid in case the life insured dies. In this way this plan is really beneficial.
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However, in case the life insured dies prior to the premium paying term completion i.e. within the tenure of the policy, the entire Sum Assured in association with the accrued Bonus is given to the nominee and the policy gets terminated.An additional disability benefit and accidental death benefit is payable up to 70 years of age for the life insured.
Features Of Jeevan Anand LIC in one glance
- LIC Jeevan Anand plan is an endowment plus a plan for whole life
- Death benefit is the sum assured only after policy maturity
- Death benefit is accrued bonus and sum assured if it happens prior to policy maturity
- Accrued bonus + sum assured is the maturity benefit and till death there is life cover
- Disability benefit and accidental death are inbuilt features of this plan
- Simple reversionary bonus will be paid on earlier death or on maturity
- Optional higher cover will be given through additional rider of crucial sickness benefit
- People working in hazardous occupations can avail this plan Lic Jeevan Anand with additional premium
- Rebate of large sum assured is provided
LIC Jeevan Anand Benefits
- Death benefit is available in case the life insured dies prior to the policy term end. It will be sum assured and the accrued bonus.
- Sum assured will be paid once the policy term ends if the life insured survives till then and as the life insured dies the death benefit will be paid at that time
- Maturity benefit is available after the policy matures and the insured gets sum assured, the bonus accrued and the final addition bonus.
- Tax benefit is available under section 80 C for the premium paid under this policy and the maturity proceeds will also a tax exemption under section 10D.
Eligibility conditions for Jeevan Anand
The sum assured is Rs. 1, 00,000 for 5 years as policy term. The policy holder entry age is 18 – 65 yrs and the maturity age is 75. The payment modes are quarterly, monthly, half yearly, yearly and SSS.
Jeevan Anand Lic Policy details with example- Sample illustration
A healthy male for Rs 100000 sum assured and 25 yrs policy term.
Riders – There will be 2 in built Riders:
Rider 1 – Accidental Death Benefit where Sum Assured is paid as additional in case the death is an accident till 70 years of age
Rider 2- Accidental Disability Benefit where the Sum assured additional is payable in installments.
1 more additional Rider is available: Critical Illness Rider
Important Points about LIC Jeevan Anand
- In case the policyholder stops paying the premium after the policy has completed 3 years, it receives a paid up value for a diminished sum assured, but you can have the policy as eligible for regular additions in the future.
- You can surrender the policy after 3 years of the policy when it is active. There is a surrender value such that it is 30% of the paid premiums amount or the premium of 1st
- In case death occurs during the policy term, the death benefit is available that is the sum assured in association with the bonuses. The death benefit, however is not less that 105% of your paid premiums on the date of death.
LIC Jeevan Anand as one of the best Lic insurance plans has the feature of availing loan against this policy without any hassle.