LIC Jeevan Anand Policy with Riders Significantly Enhances Life Protection

Life Insurance is an assurance for a trouble-free lifestyle of the policyholder and the family when an unforeseen event occurs and leads to financial instability. It is the Sum Assured and its corresponding terms and conditions (as per the particular plan), which provide the family with the financial support in bad times. LIC Jeevan Anand plan combines the benefits of savings and protection, which is available as a non-linked participating plan. To be precise, a comprehensive financial protection is offered to the family of the policyholder, in case he dies. Additionally, a provision of the lump-sum payment at the end of the policy term is also there if the policyholder survives.

Fixed Benefits

With all premiums paid, the policyholder avails the following benefits:

Death during Policy Term: Amount to be paid to the family of the policyholder includes the Sum Assured after death, including Simple Reversionary bonus as well as the Final Additional bonus. Sum Assured on death refers to 125% of the basic sum assured. An Alternative of 10 times the annual premium is also there. Nevertheless, death benefit must be equivalent to 105% of the payments done as premium.

Note: The aforementioned premium does not include service tax, rider premium, or any additional premium.

Benefits after Policy Terms end: Amount to be paid to the family of the policyholder includes the Sum Assured post death, including Simple Reversionary bonus as well as Final Additional bonus as the lump-sum, in case of survival of the policyholder after policy terms end. Nevertheless, all premiums must have been paid.

Recommended Benefits

Life insurance Corporation of India offers multiple riders for additional benefits, including Accidental Death and Disability Rider with additional premium payment. If the policyholder dies in an accident during the policy term, a lump sum payment in the name of Accident Benefit Sum Assured is done in addition to death benefits as per the basic plan.

                On the contrary, if the policyholder suffers from a permanent disability within 6 months of an accident, the person receives an amount numerically equal to Accident Benefit Sum Assured each month over a period of 10 years. The additional benefits of the best life insurance policy from LIC include the prospective premiums for Accident Benefit Sum Assured as well as the Basic Sum Assured.

Terms and Condition for Eligibility

·         Rs. 1 lakh as the minimum basic sum assured

·         Unlimited maximum basic sum assured

(Note: Multiples of Rs. 5000)

·         Minimum age of entry: 18 years.

·         Maximum age of entry: 50 years.

·         Policy Maturity age: 75 years.

·         Policy Term (min): 15 years.

·         Policy Term (max): 35 years.

Rider for Accidental Death or Disability

·         Accident Benefit Sum Assured (min): Rs. 1 lakh.

·         Accident Benefit Sum Assured (max.): Basic Sum as per the Basic Plan with Rs. 50 lakh (max.) varying across all policies in the name of the life assured (both individual and group plans) along with accidental benefits from LIC as well as any other considered proposition.

(Note: Multiples of Rs. 5000)

·         Minimum age of entry: 18 years.

·         Maximum age of entry: Less than 70 years at a nearest policy anniversary.