Plan : LIC Jeevan Anand (815)
LIC Jeevan Anand Explained
LIC Jeevan anand is a combination plan that has benefits of endowment plan and a life long plan. A policy term maturity is paid to the policy holder when the policy term ends and still another claim is paid to the nominee whenever the policyholder dies.
Earlier this plan was being sold with a table number 149. New Jeevan Anand plan has recently been introduced in place of LIC Jeevan Anand table number 149. Now the plan table number is 814. Old Jeevan ANand policy was one of the best selling products of LIC of India.
People also consider Jeevan anand as a pension plan because the family is again paid a lump-sum amount at the death of the policyholder. e.g. lic jeevan anand 5 lakh policy (lic jeevan anand 21 years plan) will have a maturity claim at the end of the policy term in 21 years and another claim of 5 lakh will be paid to the family at the time of the death of the policy holder.
Jeevan anand is a unique one of its kind plan that has maturity benefits at the end of the policy term and even after the maturity benefits have been payed, the policy cover continues. The insurance cover in this policy remains in force till the person is live. Jeevan Anand is a whole life policy.
LIC Jeevan Anand Policy details with example
Jeevan Anand 5 Lakh Policy:
Age: 30 years, Term: 25 years, D.A.B.: INR 500000, Death Sum Assured: INR 625000, Basic Sum Assured: INR 500000
Premium: Yearly : 22158
Jeevan Anand Policy Returns: Life Insurance or Sum Assured: 500000, Bonus: 612500, FAB (Final accrued bonus): 225000
Total Approximate Return at Maturity Time: 1337500 + Life time Rs.500000 risk cover (even after the policy term ends).
Plan: Jeevan Anand (815)
Jeevan Anand Policy explained in simple words
The policy holder gets a assured sum on maturity of the policy.
The policy cover continues for life long (till the policy holder is 100 years old) even after the maturity claim has been taken.
See plan brochure and details at LIC of India site
Jeevan Anand Video
Jeevan Anand Plan Details
New Jeevan Anand (815) 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 lump sum at the end of the selected policy term in case of his or her survival.
Maximum Accidental Death and Disability Benefit Rider up to age 70.
Jeevan Anand 815 Plan Benefits
On Death: Provided all due premiums have been paid, the following death benefit shall be paid:
• On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Revisionary Bonuses and Final Additional bonus, if any, shall be payable.
Where, Sum Assured on Death is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
• On death of policyholder at any time after policy term: Basic Sum Assured
On Survival: Basic Sum Assured, along with vested Simple Revisionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
Surrendered Value: The policy can be surrendered for cash provided at least three full years premiums have been paid.
The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered.
Income Tax Benefit: Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.
Income Tax Benefit: • Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).
Proposal Form: Form No. 300 shall be used under this plan. Download the form here form-300-2-2018
If you are in Gurgaon, get in touch with us to understand LIC Jeevan Anand Policy in simple language and see how it can be of tremendous use to you.
Jeevan Anand Benefits
Yes, loan is available on the Jeevan Anand policy
Yes, revival of Jeevan Anand policy is possible within 2 years from last premium paid date i.e. If you started a policy in 2000, paid premiums in 2001 and 2002 and due to some reason could not pay the premium for the years 2003 and 2004, the policy can be revived in 2004 with all benefits.
Yes, the policy can be surrendered after 3 years of policy. The surrender value of the policy is different for different policies and it mainly depends on how far the maturity date is.
Is Jeevan Anand a money back policy
No, Jeevan anand is not a money back policy. The returns are paid in one installment at the end of the policy term. There is no in-between payments
Which is better Jeevan Anand or Jeevan Labh
Jeevan anand is a whole life policy where a Labh is a limited period endowment policy. If you consider all returns and life cover, Jeevan Labh is a better policy.
Can a policy holder convert Jeevan anad plan to pension plan?
Yes, the maturity at the end of the policy term can be converted to a pension. The maturity can be taken in 10 or 15 equal annual installments.
What are Jeevan Anand benefits after maturity
The life cover continues even after the policy term ends