LIC Jeevan Anand Plan

LIC Jeevan Anand Plan

LIC Jeevan Anand is a non-linked participating endowment plan that offers the dual benefit of savings and protection. The advantage of investing in this plan is that, even after the policy terminates, the life coverage continues till the death of the policy holder. A combination of whole life and endowment plan, LIC Jeevan Anand offers Income tax benefits.

Salient Features

• Entry Age of the policy holder has to be minimum 18 years and maximum 50 years.
• Maximum maturity age is 75 years.
• Minimum and maximum policy terms are 15 years and 35 years respectively.
• You have to pay the premiums for the entire policy tenure
• If the policy holder survives till the completion of the policy term, the maturity benefit is paid out.
• It is whole life insurance plan.
• If the policy holder dies before the completion of the policy term, the sum assured is paid out to the nominee as the death benefit.
• The minimum sum assured offered by the plan is Rs. 1,00,000/-
• Rebate is provided on opting for higher sum assured.
• Accidental death and disability benefits are the inbuilt rider of this plan.
• For additional protection you can buy Critical Illness rider.
• Premium paying term is equal to policy term.
• Premium paying frequencies include monthly, quarterly, half-yearly, and yearly.
• In case the policy holder commits suicide within 12 months from the commencement of the policy, 80% of the premiums will be paid back to the nominee.
• Accrued bonuses are paid out along with the sum assured. 

Death and Maturity Benefits

• Death Benefit: In case of the policy holder’s death, the death benefit is paid out. The death benefit is higher of :

1)    125% of the basic sum assured
2)    10 times the annualized premium
3)    105% of the total premium paid till the insured event. 

• Maturity Benefit: If the policyholder survives the entire policy term, the sum assured is paid out as the maturity benefit. 

• Bonuses: Accrued bonuses are also paid out additionally with the sum assured. The bonuses include simple reversionary bonus and terminal bonuses (if any). 

LIC Policy Type	Endowment cum Whole Life Policy
Sum Assured	Minimum – 1,00,000           Maximum – No Limit
Entry Age	Minimum Age – 18 Years Maximum Age – 65 Years
Age at Policy Maturity	75 years
Policy Term	Minimum– 5 Years Maximum– 57 Years
Modes of Premium Payment	Yearly, Half-yearly, Quarterly or Monthly, SSS mode
Tax Benefit	Premium exempt under section 80C, Maturity proceeds under section 10(10D)
Policy Revival	Allowed within a period of 2 years
Grace Period	30 days for all modes 15 days for monthly
Riders	Premium Waiver Benefit Rider
Loan Facility	Available after 3 years

  

**This plan has been withdrawn. However, LIC has launched a revised version of this plan- LIC New Jeevan Anand. Almost all features and benefits of the older version are still available in the newer one, except for the maximum entry age and policy term. The maximum entry age has been reduced to 50 years from 65 years and the policy term under this plan is now 15 years (minimum) - 35 years (maximum).