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About LIC's New Jeevan Anand Policy

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LIC’s New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

Key Features of LIC's New Jeevan Anand

TypeParticipating non linked life insurance policy
Plan basisIndividual
Premium payment termsEqual to chosen policy term
Policy termMinimum 15 years and Maximum 35 years
Maturity benefitSum assured on death + Vested Reversionary bonus + Final additional bonus
Mode of premium paymentYearly, Half-yearly, Quarterly, Monthly (ECS)
Lock-in period15 days from the date of receipt of the policy
Grace period15 days for monthly mode and 30 days for all other modes
Sum assuredMinimum sum assured is Rs. 1,00,000
Surrender valueThe policy can be surrendered for cash given that the premium has been paid for three whole years. The surrender value to be paid will be a percentage of the total premiums paid.
Loan facilityLoan can be availed only if the policy has acquired a surrender value
Lapse of policyThe policy will lapse if premiums are not paid in due time
Policy revivalA lapsed policy can be revived within two years from the date of first unpaid premium

Benefits and Advantages of LIC's New Jeevan Anand

Listed below are the important benefits and advantages of LIC’s New Jeevan Anand policy.

  • The policy offers the double benefit of financial protection in case of death of the policyholder and savings.
  • Death benefit- Sum assured on death along with reversionary bonus and final additional bonus(if any) will be paid as death benefit to the nominee in case of unfortunate death of the policyholder.
  • Maturity benefit- The plan qualifies for Maturity benefit which will be paid at the end of policy term considering all the premiums have been paid in full. Sum assured along with reversionary bonus and final additional bonus will be paid as maturity benefit.
  • Convenience- The plan can be purchased online with no hassles.
  • Flexibility-The plan offers the flexibility of paying premiums monthly, quarterly, biannually or annually depending on what the customer is comfortable with.

How does the Plan Work?

Let’s consider the example of Mr. Arjun, a 26 year old professional who opts for LIC’s New Jeevan Anand plan with a sum assured of Rs. 5,00,000 for a policy term of 21 years. Let’s assume Arjun will be paying an yearly premium of Rs. 27, 454.In case Arjun survives the policy, he will get a maturity benefit of Rs.11,02,000. If Mr. Arjun passes away before the termination of the policy, his nominee will receive 125% of the sum assured along with various bonuses.

Eligibility Criteria for LIC's New Jeevan Anand

Minimum age at entry18 years
Maximum age at entry50 years
Minimum sum assuredRs. 10,00,000
Maximum sum assuredNo limit on the maximum basic sum assured
Minimum policy term15 years
Maximum policy term35 years
Maximum maturity age75 years
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