About LIC's New Jeevan Anand Policy
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
|Type||Participating non linked life insurance policy|
|Premium payment terms||Equal to chosen policy term|
|Policy term||Minimum 15 years and Maximum 35 years|
|Maturity benefit||Sum assured on death + Vested Reversionary bonus + Final additional bonus|
|Mode of premium payment||Yearly, Half-yearly, Quarterly, Monthly (ECS)|
|Lock-in period||15 days from the date of receipt of the policy|
|Grace period||15 days for monthly mode and 30 days for all other modes|
|Sum assured||Minimum sum assured is Rs. 1,00,000|
|Surrender value||The 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 facility||Loan can be availed only if the policy has acquired a surrender value|
|Lapse of policy||The policy will lapse if premiums are not paid in due time|
|Policy revival||A 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 entry||18 years|
|Maximum age at entry||50 years|
|Minimum sum assured||Rs. 10,00,000|
|Maximum sum assured||No limit on the maximum basic sum assured|
|Minimum policy term||15 years|
|Maximum policy term||35 years|
|Maximum maturity age||75 years|
Other Popular LIC Plans
- LIC E Term Plan
- LIC Aadhaar Stambh Plan
- LIC Anmol Jeevan II Plan
- LIC Amulya Jeevan II Plan
- LIC Jeevan Rakshak Plan
- LIC Bima Diamond Plan
- LIC Bima Shree Plan
- LIC Children Money Back Plan
- LIC Endowment Plans
- LIC Jeevan Labh Plan
- LIC Jeevan Lakshya Plan
- LIC Jeevan Pragati Plan
- LIC Jeevan Shanti Plan
- LIC Jeevan Shiromani Plan
- LIC Jeevan Tarun Plan
- LIC Jeevan Utkarsh Plan
- LIC Child Plans
- LIC Health Plans
- LIC Money Back Plans
- LIC Navjeevan Plan
- LIC Pension/Annuity Plan
- LIC Term Insurance Plans
- LIC Limited Premium Endowment Plan
- LIC New Bima Bachat Plan
- LIC New Endowment Plan
- LIC New Endowment Plus Plan
- LIC's New Jeevan Akshay VI Plan
- LIC New Jeevan Anand Plan
- LIC New Jeevan Nidhi Plan
- LIC New Money Back Plan 20 years
- LIC New Money Back Plan 25 Years
- LIC Pradhan mantri vaya vandana Yojana
- LIC Single Premium Endowment Plan