The New Jeevan Anand Plan from
LIC is a non-linked participating plan that provides an excellent combination
of protection and savings. This combination provides financial protection
against death during the policyholder's lifetime and a lump-sum payment at the
conclusion of the set policy term if the policyholder survives. This LIC Plan
also addresses liquidity requirements with its borrowing facility.
Benefits:
Death Amount:
Assuming all premiums have been
paid in full, the following death amount is payable:
Death amount, defined as the sum
of Sum Assured on Death, vested Simple Reversionary Bonuses, and Final
Additional Bonus, if any, is payable upon death within the policy period. Sum
Assured on Death is equal to the greater of 125% of the Basic Sum Assured or 10
times the annualised premium. This death amount must equal at least 105% of all
premiums paid as of the date of death.
The premiums listed above exclude
any applicable service tax, additional premium, and rider premiums.
On the policyholder's death at
any moment following the policy's term: Basic Sum Guaranteed
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| LIC Jeevan Anand |
*Image Source- LIC
Benefits payable at Policy Expiration: Basic Sum Assured, along
with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, are
payable in a lump sum upon surviving to the end of the insurance period,
assuming all premiums are paid in full.
Participation in Profits: The policy shall share in the profits of
the Corporation and shall be eligible to earn Simple Reversionary Bonuses
declared based on the experience of the Corporation during the policy term,
provided the policy is in force.
Final (Additional) Bonus may also
be declared under the plan in the year when the policy results in a death claim
during the policy term or when the survival benefit payment is due, provided
the policy has been in effect for a minimum term.
Optional Advantage:
Accidental Death and Disability
Benefit Rider In the event of accidental death within the policy term, the
Accident Benefit Sum Assured will be paid in addition to the basic plan's death
benefit. In the event of accidental permanent disability resulting from an
accident (within 180 days of the accident date), an amount equal to the
Accident Benefit Sum Assured will be paid in equal monthly instalments over a
10-year period, and future premiums for the Accident Benefit Sum Assured as
well as the portion of the Basic Sum Assured equal to the Accident Benefit Sum
Assured shall be waived.
