LIC New Jeevan Anand Plan Review | Features, Benefits

LIC New Jeevan Anand Policy Review

LIC New Jeevan Anand is an endowment cum whole life policy along with Bonus facility. LIC Jeevan Anand policy is a Double Death Benefit Plan, if the life insured survives until the end of the policy term. LIC New Jeevan Anand plan takes average premium with high bonus rate and great features. One of the main features is that the nominees get the sum assured when the policyholder dies. By this feature, you will get the money twice.

LIC Jeevan Anand Policy Features and Review

1. LIC released “New Jeevan Anand (T815)” by little modifications of old Jeevan Anand policy (T149) as per new guidelines of IRDA (Insurance Regulator and Development Authority).
2. In Lic Jeevan Anand Policy Service tax is added which is 3.09%.
3. LIC New Jeevan Anand is a combination of Endowment plus Whole life policy i.e. Double Benefit Endowment plan.
4. In LIC Jeevan Anand Plan if a person lives till the end of Term of the policy,  Maturity Benefit and Risk Cover will continue until 100 years or death whichever is earlier. Death Benefit will be paid to Nominee.
5. Accident Benefit rider is not inbuilt. We can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount of Premium.
6. LIC Policy Jeevan Anand provides High Bonus and High liquidity with saving point.

Lic New Jeevan Anand Plan Parameters

LIC Jeevan Anand Premium Calculator

LIC Jeevan Anand Premium Calculator calculates your Premium based on Sum assured by giving some details such as Name, Age, Date of Birth, Sum Assured, Policy term, etc.

LIC Jeevan Anand Maturity Calculator

LIC Jeevan Anand Calculator Provides you with the details of Maturity Benefits and death benefits along with whole life benefits and additional bonuses(if any). You can calculate your Premium in LIC Jeevan Anand Maturity amount calculator by giving some details such as Name, Age, Date of Birth, Sum Assured, Policy term, etc.

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Jeevan Anand Policy Lic Rebates

LIC Jeevan Anand Policy provides discounts based on the Sum Assured chosen by Policyholder. Detailed Information about rebates is tabulated below

Mode Rebate

              Yearly              – Table Premium 2%

              Half yearly     – Table Premium 1%

Sum Assured Rebate

LIC New Jeevan Anand 815 Benefits

Maturity benefits and Death benefits are Provided under LIC Jeevan Anand Benefits

• Maturity Benefit is Sum Assured +  Simple Reversionary Bonus + FAB(final additional bonus) if any.

• Death Benefit

  If the Insured person dies within the Policy Term, then Nominee of the Policy will be given  Death Benefit(Sum Assured on Death) + Simple Reversionary Bonus + FAB(final additional bonus) if any.

Sum Assured on Death means 125% of Basic Sum Assured (1.25 x BSA) or 10 times Annual Premium (10 x AP) whichever is higher that amount will be paid to the nominee.  Death benefit paid should be more than 105% of total premiums paid as on the date of death.

Jeevan Anand LIC Policy Details with Example

Additional Information about Jeevan Anand Policy

Risk Coverage: Till end of Term of the Policy.

Date of Commencement of Risk: In the case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.

Locking period: 3 years.

Loan Facility: Available.

Income Tax Reduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns. For information about Tax on Insurance Policies refer www.taxqueries.in.

Housing Loan Surety: Under LIC Jeevan Anand Plan Housing Loan Security is available.

Riders available: Rider Benefits are available under this LIC Jeevan Anand benefits.

Policy Revival: Policy can be revived for 2 years from the date of First Unpaid Premium (FUP).

Suicide Clause: If insured commit suicide before 12 months he will be returned 80% of premium what he paid.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.

Service Tax: 3.09% service tax is applicable under this Jeevan Anand 815.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Back-dating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: assignment and nominations are possible under this plan.

 Example

For more details, please go through the given below official link.

Click here for Lic New Anand Plan

Related Lic Endowment Plans

LIC New Endowment Plan

LIC Jeevan Rakshak Plan

LIC Single Premium Endowment Plan

LIC Limited Premium Endowment Policy

LIC Jeevan Sangam Policy

LIC Jeevan Lakshya Policy