Contents
- 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Lic Jeevan anand policy was INTRODUCED ON – 1/2/2002 and WITHDRAWN ON –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.
Sum assured | Rebate |
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 |
Mode rebate:
Mode | Percentage |
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.
Where,
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,
(n-d)
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
year.
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:
- 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
Example:
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.
RESPECTED SIR
MY POLICY JEEVAN ANAND TABLE AND TERM IS 149 64 12 . WHAT IS MATURITY VALUE ?
Sub : Jeevan Anand with Profits (with Accident Benefit) : 149
I had taken the above policy (Policy No. 954375121), date of commencement of the same was on 4th February, 2005. Date of last payment was 04.02.2016 and the amount was paid on time. I had taken loan against this policy and while making the payment on 04.02.2017 the said amount was deducted. I thank you very much for doing the needful on time.
Now I would like to know for how many years this policy is valid and when I will get the final amount. Now my age is 58 years.
Can I expect a reply from your end at the earliest ?
Regards
C P Balakrishnan
My sum assured amount -Rs,200000
year of commence – 2008
Please list my benefits
nice
I COMPLETE 4 YEAR
Please find the policy details and let me know the amount I get after maturity including all bonuses
sum assured:300000
Plan 149(Jeevan Anand)
Premium Paying Term- 21 years
Premium : 14000( yearly)
I want to present condition my policy
please tell me my policy jeevan anand (plan149) 4 years are complete successfully then tell me benifit in after 4 year complete in that police we pay Premium : 14000 ( yearly)
sum assured : 400000
Premium : 30349
Term : 15 years (started in 2006)
Vested Bonus as of now (2016) : 152000
What will be the total amount i will get once 15 yeras is done (i.e 2021).
Can you please explain me
Thanks in adavance,
Raman.
please tell me my policy jeevan anand (plan149) 5 years are complete successfully then tell me benifit in after 5 year complete in that police we pay Premium : 10532 (half yearly)
Sum Assured : 800000
Plan : 149 (Jeevan Anand)
Term : 75
D.O.C. : 24/10/2011
Premium : 30700 (Yearly)
Vested Bonus : 150000
Now suppose I paid the premium for 3 years .Now I want to close the policy. How much money I am going to get back. Please help me with the calculation.
please let me know following things for the policy details given below –
1. Surrender value or special surrender value whichever is applicable
2. Paid up value if I decide to top paying premiums
3. will i get maturity value at the end of PPT (25 years of which 5 years are past) or policy term (77 years)????
4. If I am going to get maturity value at then end of policy term i.e. 77 years then can it be changed???
Sum Assured : 300000
Plan : 149 (Jeevan Anand)
Term : 77 (PPT 25)
D.O.C. : 25/04/2011
Premium : 6174 (Half Yearly)
Vested Bonus : 57600
sir
This is Dr.vHari prasad.I have taken jeevan anand polocy for 16lAKHS(TOTAL 16 POLOCIES ..EACH ONE IS ONE LAKH ) AND the term is 25 years..Now you plz tell me after 16 years my polocies will mature..how much amount i am going to get till the polocy term is closed..
plz let me know