What all features and benefits LIC Jeevan Anand includes?

by Viney Kumar Freelance Writer & blogger

The LIC New Jeevan Anand plan was introduced by LIC - Life Corporation of India. It was opened to the public on the 9th of October in the year 2013. The LIC New Jeevan Anand plan insurance policy is an endowment plan. LIC is an Indian insurance company with the highest market share in the insurance sector with a tremendous 70.5 % in the financial year of 2015 - 16. It is the only plan which has reached double digits with their market share percentage. The New Jeevan Anand policy by LIC is an insurance policy which provides coverage for the entire life of the person who is policy holder and survival benefits are also provided. Whether the insured dies or survives, the sum assured is given to the insured or their nominees or family, so the policy benefits in either way, death or survival which only a very few insurance policies give. If the policy holder dies before they can celebrate their 100th birthday, then the sum assured benefits are paid to their family or the nominee(s). But, if the insured amazingly is able to celebrate their 100th birthday, the sum assured will be paid to them itself which could be one of the most financially securing birthday gifts for a 100 year old for surviving for so long. If the insured dies after the completion of the policy term, even then the insurance policy will pay out a death cover.

Benefits offered LIC New Jeevan Anand

Tax Benefits

The LIC New Jeevan Anand policy offers many tax benefits and deductions to the policy holder and it becomes possible under the Income Tax Act’s sections 80 C and 10 (10 D).

Death Benefits

A death benefit is given to the family or the nominees of the policy holder after their death in case their demise was of accidental nature; this is the accidental death benefit which is a part of the basic plan. After the death of the policy bearer, their family will be paid the sum assured which is the death benefit of the LIC New Jeevan Anand insurance policy and a revisionary bonus as well. An accidental death will give the family or nominees of the policy bearer an extra benefit. The time the death benefit is paid, that is when the LIC New Jeevan Anand insurance policy will terminate. A minimum of 105 % of the total premiums are payable as on the death’s date. The policy terms suggest that the death benefit will be a 125 % of the sum assured. The LIC New Jeevan Anand policy allows a grace period for the premiums to be paid if they are not paid on time. This period lasts up to a period of 30 days within which the policy holder has to pay the premiums or the insurance policy might get terminated, making the LIC New Jeevan Anand plan lapse. This lapsed policy can also be revived. If the insured makes the payment of the premium that was due within a span of 2 years from the due date of the premium that was unpaid, the LIC New Jeevan Anand insurance policy plan can be revived. The insurance policy gets back into business after the payment of all the premiums that were due until this period.

Suicide & Death

Death - If the LIC New Jeevan Anand insurance policy is renewed after which the insured dies, then the family or the nominees of the policy holder will be given a sum of 80 % of the premiums that were paid till that period which is until the acquired surrender value is paid to the family or the nominees of the insured or date of the death.

Suicide - If the insured dies due to self - harm, that is suicide within a period of 1 year after the LIC New Jeevan Anand insurance policy had been availed, the family or the nominees of the policy bearer will be given back 80 % of the premiums that the insured had paid up until committing suicide.

Maturity Benefit

The LIC New Jeevan Anand policy also offers a maturity benefit with their plan. In the case of the survival of the policy holder through the entire term of the insurance plan, the basic sum assured amount is paid to the insured and also they are entitled to a bonus that the plan accrued or the revisionary bonus after the whole insurance policy year is completed.

Features of the plan:

Sum Assured - The sum assured is usually 10 times more than the annual premium that is being paid for the insurance policy and it is set by the insurance company itself. The minimum sum assured that policy bearer will have to choose if they want the policy to kick - start is INR 1 lakh and there is as such upper limit to what the maximum limit of the sum assured can be, so one can choose a high amount which will give higher benefits and covers.

Age - To be able to enter into the LIC New Jeevan Anand insurance plan, the person has to be a minimum of 18 years of age. And the person cannot be entered into the LIC New Jeevan Anand policy after the age of 50 years.

Premium Payment term - The policy has a premium payment term of between 15 years to 35 years.

Premium Payment frequency - The policy holder has the choice of choosing the premium mode that they want to pay the premiums in. The options are wide as you can pay the premium monthly, half - yearly as well as yearly.

Maturity Age - The LIC New Jeevan Anand policy matures after 75 years of age.

Tenure or policy term - The insurance plan has a minimum tenure of 15 years, whereas the maximum term of the insurance policy can be a good 35 years.

Get the LIC New Jeevan Anand insurance policy for you and your family, today! As you can now pay your premium online using your LIC login credentials and get the confirmation right away. To do so, first log on to LIC India website and create your profile on LIC customer portal.