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Home » Blog » Withdrawn Plans » Lic Jeevan anand Policy plan no – 149 Review

Lic Jeevan anand Policy plan no – 149 Review

April 1, 2016 By vijay kumar

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 

Lic Jeevan anand Policy plan

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Lic Jeevan anand policy was INTRODUCED ON – 1/2/2002 and WITHDRAWN ON –  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,

  1. Sum assured rebate
  2. 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.

Filed Under: Withdrawn Plans

Comments

  1. SAGUBAR SATHIK says

    March 3, 2017 at 7:48 am

    RESPECTED SIR
    MY POLICY JEEVAN ANAND TABLE AND TERM IS 149 64 12 . WHAT IS MATURITY VALUE ?

    Reply
  2. C P Balakrishnan says

    February 20, 2017 at 12:56 pm

    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

    Reply
  3. KMBABU says

    February 15, 2017 at 2:22 pm

    My sum assured amount -Rs,200000
    year of commence – 2008
    Please list my benefits

    Reply
  4. Ramesh kumar baghel says

    January 29, 2017 at 3:15 pm

    nice

    Reply
  5. PIJUS KANTI MANNA says

    January 23, 2017 at 12:25 pm

    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)

    Reply
    • PIJUS KANTI MANNA says

      January 23, 2017 at 12:31 pm

      I want to present condition my policy

      Reply
    • PIJUS KANTI MANNA says

      January 23, 2017 at 12:36 pm

      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)

      Reply
  6. RAMANJANEYULU says

    January 22, 2017 at 9:08 pm

    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.

    Reply
  7. Dinesh Singh says

    December 16, 2016 at 1:35 am

    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)

    Reply
  8. Sukhveer Jangra says

    November 3, 2016 at 1:28 pm

    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.

    Reply
  9. Amruta Rane says

    October 12, 2016 at 11:37 pm

    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

    Reply
  10. V.HARIPRASAD says

    September 20, 2016 at 7:27 pm

    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

    Reply
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