- 1 Lic Jeevan Anand Policy Review
- 1.1 Introduction about Lic Jeevan anand Policy plan no – 149
- 1.2 Lic Jeevan anand policy Conditions
- 1.3 Lic Jeevan anand Policy Survival Benefits
- 1.4 Lic Jeevan anand Policy Maturity claims
- 1.5 Lic Jeevan anand Policy Death claims
- 1.6 Riders Available in Lic Jeevan anand Policy
- 1.7 Additional Information about Lic Jeevan anand Policy
- 1.8 Lic Jeevan anand Policy Benefit illustration
Lic Jeevan Anand Policy Review
Plan No – 149
Introduction about Lic Jeevan anand Policy plan no – 149
Lic Jeevan anand policy was INTRODUCED ON – 1/2/2002 and WITHDRAWN ON –
Lic Jeevan anand plan is the combination of both Endowment and Whole life policy.
In Lic Jeevan anand policy, sum assured and bonus will be given to the life assured as Maturity benefit and Life cover chosen will be continued till the death of the life insured. i.e., Whenever the life assured dies the nominee will get additional sum assured.
If in case the death of life assured occurs during the PPT (Premium Paying Term), the nominee will be paid with sum assured along with accrued bonus and the policy will be closed.
Lic Jeevan anand policy Conditions
AGE AT ENTRY: Minimum: 18 years completed
Maximum: 65 years
POLICY TERM: Not defined
(because plan is the combination of whole life policy)
PREMIUM PAYING TERM(PPT) : 5 years to 57 years
MODE OF PAYMENTS: All mode of payments are allowed except single
(Yearly, Half yearly, Quarterly,SSS and Monthly)
MAXIMUM AGE AT THE END OF PPT: 75 years
SUM ASSURED: Minimum: 1,00,000
Maximum: No limit
Lic Jeevan anand Policy Rebates
The Rebates are of 2 types,
- Sum assured rebate
- Mode rebate
Sum assured rebate:
Sum assured rebates are high under Lic Jeevan anand plan.
|Up to 2.95 lakh||Nil|
|3 lakh to 4.95 lakh||RS 1/- per 1000 Sum assured|
|5 lakh to 9.95 lakh||RS 1.50 lakh per 1000 Sum assured|
|10 lakh and above||RS 1.75 lakh per 1000 Sum assured|
|Yearly mode||3% of tabular premium|
|Half-yearly mode||1.5% of tabular premium|
|Quarterly, Monthly and SSS||Nil|
Lic Jeevan anand Policy Survival Benefits
If life insured survives till the end of PPT and provided all premiums for PPT (Premium Paying Term) have been fully paid, then
Survival benefit = Sum assured + vested bonus + final additional bonus
Since Jeevan anand is the combination of whole life policy, policy contract will not come to end. Death cover for an amount equal to Sum assured will continue till the death of life assured occurs.
If premiums have not been paid for less than 6 months, then
Survival benefit = full sum assured + ( Bonus – outstanding premiums )
After paying at least 3 full year premiums and if premiums have not been paid for more than 6 months at the end of PPT, then
Survival benefit = Paid up value (i.e., PUSA(Paid Up Sum Assured) + vested bonus)
Lic Jeevan anand Policy Maturity claims
Under Lic Jeevan anand policy,
Maturity claims are not payable for this whole life cover.
At the end of specified Premium Paying Term, Lic Jeevan anand policy provides Sum assured + bonus to the life assured.
Lic Jeevan anand Policy Death claims
If death of life assured occurs during the grace period, then
Death claim = sum assured + vested bonus – outstanding premiums
If policy is in Paid up condition, then
Death claim = paid up value + vested bonus
If death of life assured occurs on & after the completion of PPT ( Premium Paying Term ), then Nominee will be paid with an amount equal to sum assured or paid up value.
Riders Available in Lic Jeevan anand Policy
DAB & EPDB Cover:
DAB and EPDB is an inbuilt rider available in Lic Jeevan anand policy during PPT and then up to age 70. Under this plan maximum DAB & EPDB cover will be Rs. 5 lakhs.
Under Jeevan anand plan, an additional sum assured is paid up to age 70, if death of life assured occurs due to accident.
If permanent disability of life insured occurs due to accident, then this additional sum assured will be paid to him in instalments.
GUARANTEED SURRENDER VALUE:
Under Lic Jeevan anand plan, policy can be surrendered for cash after paying at least 3 full years premiums.
GSV = 30%(total amount of premiums paid) – premium for the first year and all extra premium.
GSV is not payable after expiry of PPT.
PAID UP VALUE:
After paying at least 3 full years premiums, policy will acquire paid up value
Paid up value = PUSA + vested bonus.
PUSA (Paid Up Sum Assured) = no. of years premiums paid x sum assured
total no. of premiums payable i.e. PPT
SPECIAL SURRENDER VALUE:
SSV during the Premium Paying Term:
For endowment assurance,
SSV = paid up value x factor 1
For deferred whole life component,
SSV = PUSA x V x Factor 2
where n = premium paying term in years
d = duration elapsed from commencement date to surrender date, nearest half
SSV on and after PPT:
SSV = PUSA x factor 3 .
SSV factors will depend upon policy duration as on date of surrender & PPT.
Additional Information about Lic Jeevan anand Policy
- Loan facility is available under Lic jeevan anand policy.
- Loan is granted if policy acquires paid up value with in the surrendered value of policy during PPT.
REVIVAL OF POLICY:
Under Lic Jeevan anand plan, during the premium paying term and within a period of 5 years from the date of First Unpaid Premium (FUP), the lapsed policy may be revived
Lic Jeevan anand Policy Benefit illustration
Mr. Paul 25 years, chosen jeevan anand policy for 20 years with Sum assured of 1 lakh. He has to pay annual premium of Rs.5,490/- on maturity, Mr. Paul will get Rs.1,98,000/-
(Sum assured + Bonus as per 2005 rates i.e. Rs.43 per thousand per annum which became 43 x 100 x 20 = 86,000/-).
Even after the premium paying term is over, risk cover continues till the death of Mr. Paul.
But if, Mr. Paul dies at the age of 65 years his nominee will get an additional amount equal to the Sum assured i. e. Rs.1 Lakh in cash
If Mr. Paul dies during premium paying term his nominee will receive Rs. 1 Lakh + Bonus.