LIC New Jeevan Anand|Features,Tax Benefits & Riders|Coverfox (2024)

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If an individual is searching for an endowment plan which offers the advantages for an entire life policy, then LIC Jeevan Anand is one of the best possible options to choose from. The new LIC Jeevan Anand policy offers a special bonus facility. It is a kind of Double Death Benefit Plan which guarantees the agreed sum assured if an insured person survives till the very end of the maturity period. This arrangement includes a high reward rate, a normal premium and even more phenomenal liquidity features.

The LIC New Jeevan Anand is a participating life insurance policy which offers a double benefit of protecting as well as the savings. This plan offers financial protection in case of the death of the insured individual and also offers lumpsum amount in the case of the survival of the individual at the end of the policy term. It is considered to be one of the most popular endowment plans from the Life Insurance Corporation of India.

The Key Features of LIC New Jeevan Anand plans are as follows:

• The LIC Jeevan Anand is a traditional participating whole life endowment policy plan.

• LIC's Accidental Death and Disability Benefit Rider is available by making the payment of a nominal premium amount.

• The LIC New Jeevan Anand Plan offers tax exemption on the amount of premium paid under Section 80C and the claim amounts i.e. Death or Maturity Benefit under Section 10(10D) of the Income Tax Act, 1961.

• Premiums paid towards this plan are eligible for tax deductions as per Section 80C and Section 10(10D) of the Income Tax Act, 1961.
• Rider available
• Lump sum payout in case of survival

• Death Benefit - In case of death of the policyholder, the sum assured on death and vested Simple reversionary bonuses and final additional bonus, if any, will be paid to the family. The 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.

• Survival Benefit - Provided all premiums have been paid and the policy is still in force, the basic sum assured, along with vested simple reversionary bonuses and final additional bonus, if any, will be paid to the policyholder as a lump sum amount.

• Participation in Profits - This is a participating non-linked endowment plan as it participates in the profits of the company. In case the company declares profits, the policyholder will be entitled to receive simple reversionary bonuses provided the policy is in force.

• The LIC policy offers a double benefit in terms of financial protection in the case of the death of a policyholder as well as the benefits of savings on survival.

• The Death benefit- In case of death of the insured during the policy term, the Sum that is assured on the death along with the reversionary bonus and the final additional bonus (if any) would be paid as a death benefit to the nominee.

• On death of policyholder at any time after policy term, only the agreed Basic Sum Assured is paid.

• The Maturity benefit- The LIC Jeevan Anand plan qualifies for the Maturity benefit that would be paid out at the time of the end of the policy term by considering all the premiums which have been paid fully. The Sum assured along with the reversionary bonus and the final additional bonus, if any would be paid as the maturity benefit.

• The flexibility of operation- This plan offers individuals the flexibility of paying the premiums either monthly, quarterly, biannually or annually

The Eligibility Criteria for the LIC's New Jeevan Anand policy are as follows-

LIC’s Accidental Death and Disability Benefit Rider

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Sample Premium Rates

Sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured

Additional Policy Details

Revival - A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the end of policy term on payment of all the arrears of premium together with interest.

Rider Options - LIC's Accidental Death and Disability Benefit Rider is available by payment of additional premium during the policy term. In case of accidental death during the policy term, accidental benefit sum assured will be payable as lump sum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the accident benefit sum assured will be paid in equal monthly installments spread over 10 years. In addition, any future premiums for accident benefit sum assured as well as premiums for the portion of basic sum assured which is equal to accident benefit sum assured under the policy, will be waived.

Paid-up Value - If the premium has been paid for at least three years followed by non-payment of premium, the policy will acquire a paid-up value. The basic sum assured under the policy shall be reduced to such a sum, called paid-up sum assured and shall bear the same ratio to the basic sum assured as the premiums paid bears to the total number of premiums payable i.e. Basic Sum Assured *(number of premiums paid / number of premiums payable).

Surrender 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. The surrender value of any vested simple reversionary bonuses, if any, is equal to vested bonuses multiplied by the surrender value factor applicable to vested bonuses.

The documents that are necessary to be insured under the insurance plan are all subject to the sum assured amount that is chosen and the premiums that are paid for it. Below mentioned are some of the primary documents that are required for an individual to get insured under the plan:

• Completely filled Application form/Proposal form with accurate information
• Age Proof
• Address Proof
• Medical History
• KYC documents such as Aadhaar Card, PAN Card, Tax Details, etc.
• Medical Diagnosis Reports as needed

Claim on death - The entitled nominee must present the claims form and the original policy documents as given by LIC. Additionally, the nominee must be required to provide all the details and the applicable documents, such as the bank account details, the death certificate, the medical treatment details before death, etc.

Claims on maturity - the individual insurance holder has to provide a filled claim form that is attached to the original policy documents, in the name of a policyholder. Additionally, the individual policyholder has to give bank account details for NEFT transfer of the maturity amount.

Surrender claims - The insurance holder has to give the filled claim form that is attached along with the original policy document, in the name of a policyholder, along with the bank details for the NEFT transfer of the surrender benefits as applicable.

Grace Period: A grace period of 30 days is given for the purpose of the payment of the due premiums. If the individual fails to pay the premium during the grace period also, then the policy will lapse. But, the insurance holder is given an opportunity to revive his policy within a tenure of 2 years beginning from the due date of the first unpaid premium.

Surrender Benefit or Policy Termination: On the completion of the 3 policy years, the policy can be surrendered. Even, the insurance plan offers loan advantages where the insurance holder can get a loan against the policy.

Policy Exclusions

Suicide:

• If the Life Assured (whether sane or insane) commits suicide at any time within 12 months from the date of commencement of risk, LIC will not entertain any claim under this policy except to the extent of 80% of the premiums paid.

• If the Life Assured (whether sane or insane) commits suicide within 12 months from date of revival, an amount which is higher of 80% of the premiums paid till the date of death or the surrender value, provided the policy is inforce, will be paid to the nominee.