LIC New Jeevan Anand Plan-Table No. 815
It is a perfect blend of endowment assurance as well as whole life plans. That is one gets a twin benefit of financial protection against death as well as provision of lump sum payment at the end of the specified term in case of survival of policy holder.
USP of the New Jeevan Anand Policy is its Payment of the sum assured, on maturity as well as on the death of the policyholder. Another icing on the cake is the additional accident benefit . Hence it is an interesting insurance-cum-investment plan that gives payment of the sum assured on survival of the term as well as to policy holder’s nominee in case of death.
New Jeevan anand Premium Frequency- Yearly, Half yearly, quarterly or monthly as desired.
Endowment assurance plans means that assured needs to pay yearly premium which is calculated basis age of policy holder at the time of entry and the term of the policy. The sum assured would become payable under two circumstances either after a specified number of years or on the demise of policy holder whichever occurs first.
On the other hand in whole life plans Premiums are paid throughout the life time of life assured . This can be with profits or without profits ( A “with profit” policy is eligible for various bonuses declared by company every year, while a “without profits” policy does not have this feature )
Guaranteed LIC Jeevan anand Surrender Value- You can surrender the policy after it is in force for 3 years or more. Its value is calculated basis the policy term as well as the policy year in which one surrenders the policy.
Key Features-LIC New Jeevan Anand Plan details
- It is a combination of endowment cum whole life plan
- Continuation of life cover till death and maturity Benefit is Sum Assured + accrued Bonus
- One’s nominee gets only sum assured as death benefit after maturity of policy
- Before maturity of policy death benefit is equal to Sum Assured + accrued Bonus + final amount.
- Accidental Death and Disability Benefit is available as an additional rider under this plan
- Option of higher cover by adding Critical Illness Benefit rider.
New LIC Jeevan Anand Benefits
Death Benefit – In case of death of the Life Insured one’s nominee gets the maximum of 125 percent of Basic Sum Assured or ten times of premium paid in a year. One is also eligible to get accrued Bonus as well as final bonus amount.
Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + accrued Bonus + Final Addition Bonus
Income Tax Benefit – One enjoys tax benefits under section 80 C and exemption of maturity proceeds under section 10(10D)
Modifications and ammendments in comparison to table no 149 are as follows
- In case of death of policy holder nominee will get maximum of 125 percent of Basic Sum Assured or ten times of premium paid in a year.
- Maximum entry age has been reduced from 65 yrs to 50 yrs now
- Max & min policy term of 35 & 15 yrs.
- One also gets rebate of 2 percent and 1 percent in case of annual and semi annual premium.
- Loan amount(%) has been modified depending upon the policy
- Bonus payable amounts and gross surrender value percentage has been modified
- Accidental benefit which was earlier inbuilt in the plan has now become a Rider
- Policy revival period has been modified from 5yrs to 2 yrs from the date on which premiums were not paid
- Taxes if any will be paid by policy holder which earlier corporation was bearing
LIC Jeevan Anand Premium Illustration and example
Suppose Mr Sharma aged 30 years wants to buy New Jeevan Anand policy-table no 815 for 15,25 & 35 years with sum assured of Rs 10 lacs.
He is required to pay annual premium of Rs 82,450, 46,750 and 32,300.
Old LIC Jeevan Anand Plan Illustration
If Mr Sharma survives the term he will receive sum assured, bonus as per latest bonus rates declared by LIC as well as final additional bonus under this plan.
Jeevan anand returns-Amount he will get is 10,00,000(sum assured) + 8,60,000(43*1000*20)(Bonus) + 70,000(70*1000).
The USP of this plan is risk cover remains in force as long as Mr Sharma is alive however if he dies after the premium payment term is over the nominee chosen by him will receive Rs 10 lacs.
Also on demise of life insured during the premium paying term the nominee declared by him will receive Rs 10 lacs as well as bonus declared by LIC.
Over and above the benefits given above one’s nominee will also get an amount of Rs 1 lacs on accidental death of life assured.
Benefit payable on death after the selected term. If the death occurs due to accident up to age 70 an additional Rs. 1,00,000/- will also be paid.
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