Search This Blog

Showing posts with label Life insurance corporation. Show all posts
Showing posts with label Life insurance corporation. Show all posts

Wednesday, August 31, 2022

LIC Jeevan Anand Plan

 

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

LIC Jeevan Anand
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.