LIC New Jeevan Anand Plan 815
LIC has introduced New Jeevan Anand plan for individuals seeking investments along with life cover. The plan takes care of the policy purchaser’s fund, multiplying it into an attractive amount upon the completion of the policy tenure, and if during the plan duration, the Life Assured suffers a premature demise then the beneficiary would be provided instant monetary support in the form of death benefits. Moreover, the Life Assured can take care of immediate fiscal needs through the feature of loan availability. Hence, New Jeevan Anand policy guarantees a money wise tension free life.
Upon the maturity of the LIC Plan 815, the Life Assured would be provided the Basic Amount Guaranteed, accompanied by consigned Simple Reversionary Pluses and any applicable Final Added Bonus in a single lump amount. To receive such huge benefits the Life Assured would have to fund all the premiums in a timely manner.
Demise in the Course of Policy Tenure: If the Life Assured suffers a premature demise and expires in the course of the policy tenure then the chosen beneficiary would receive high value death benefits to take care of all the monetary needs under the New Jeevan Anand Plan. The value of death benefit would comprise the Amount Guaranteed on Death together with consigned Simple Reversionary Pluses and any applicable Final Added Bonus in a single lump amount. Here “Amount Guaranteed on Death” is termed as an amount larger than 125 percent of the Basic Amount Guaranteed or 10 X annualized premium. In all the cases the death benefit would remain greater than or equivalent to 105 percent of entire premiums funded with respect to the demise date.
The above mentioned premiums are exclusive of service duty, added premium and any provisional premiums.
Demise after the completion of policy tenure: The beneficiary would be delivered Basic Amount Guaranteed.
Bonus (Loyalty Additions):
From time to time the LIC Corporation would reward its policy members in the form of bonuses for showing continuous loyalty. These bonuses are called Simple Revisionary Bonus and the rate would be set according to the Corporation’s fiscal performance of that time. A policy member could benefit from the Loyalty Additions only if his/her plan is in fully active condition.
The policy could also enjoy Final (Added) Bonus at the time of a death claim in the course of policy tenure or at the time of payment of survival benefit. The Life Assured would be eligible for Final Bonus only if the plan is fully active and has completed a specific minimum tenure required as per LIC term.
LIC’s Accidental Death and Disability Rider: The Life Assured could add further security to his/her life cover with the aid of this rider. To enjoy the benefit of this rider with Jeevan Anand policy, the Life Assured would have to pay an added premium amount in the course of the plan tenure. The benefits of this rider are as mentioned below.
Accidental demise in the course of policy tenure: If the Life Assured undergoes an accidental demise then apart from the authorized death benefits, the beneficiary would also be provided a big value Accidental Benefit Amount Guaranteed.
Permanent disability in the course of the policy tenure: If the policy holder suffers permanent disability inside 180 day period from the accidental date then he/she would be provided a sum equivalent to Accidental Benefit Amount Guaranteed on a monthly basis for 10 year duration. The upcoming premiums for Accidental Benefit Amount Guaranteed would be waived for the policy member and he/she would not have to pay any further amount for the segment of Basic Amount Guaranteed that is equivalent to Accidental Benefit Amount Guaranteed.
According to section 80C of tax rules the plan offers an annual income tax benefit on premium values up to 1 lakh INR. The Maturity Benefit is also tax free under the 10(10)D clause of tax rules in New LIC Jeevan Anand.
If the plan has been active for certain duration and has acquired a minimum surrender value then the Life Assured could apply for a loan against the plan to take care of the short term financial needs. Nearest LIC branch could be contacted for further enquiry.
The Life Assured could surrender the LIC plan in exchange for cash amount if he/she has paid regular premiums for a minimum of 3 years. The Definite Surrender price in the course of plan tenure would be a ratio of overall premiums funded (net of service levy) exclusive of added premiums and any opted rider premiums. This ratio would be dependent on the plan tenure and year of policy surrendered.
- Smallest Basic Amount Guaranteed: 1 lakh INR
- Highest Basic Amount Guaranteed: Limitless
(The Basic Amount Guaranteed would be multiples of 5 thousand INR)
- Lowest Eligibility Age : >=18 years
- Highest Eligibility Age: <=50 years
- Highest age of Maturity: 75 years (oncoming birthday)
- Lowest Policy Tenure: 15 years
- Highest Policy Tenure: 35 years
Plan Eligibility for LIC’s Accidental Death and Disability Benefit Rider
- Lowest Accident Benefit Amount Guaranteed: 1 lakh INR
- Highest Accident Benefit Amount Guaranteed: The beneficiary would be provided a figure equivalent to the Basic Amount Guaranteed inside the Basic Policy subjected to highest cover of 50 lakh INR. This cover would include entire protection amounts taking into consideration the policy holder’s entire active plans both in individual category and in the group category comprising plans having intrinsic accident benefit available through Life Insurance Corporation of India along with Accident Benefit Amount Guaranteed in the latest plan.
(The Accident Benefit Amount Guaranteed would be multiples of 5 thousand INR)
- Lowest Eligibility Age: 18 years (complete)
- Highest Eligibility Age: The protection could be chosen any time during policy anniversary in the course of the plan tenure but prior to the plan anniversary that witnesses the policy holder attaining the age of 70 years.
- Highest Age for Protection Concluding: Till the closing of plan tenure or 70 years (oncoming birthday) of the candidate (whatever comes before).
The premiums could be funded on a monthly, 3 monthly, 6 monthly or 12 monthly interim. A grace duration of 15 days is allowed for monthly payments and one calendar month is allowed for other modes of payment in LIC Table 815.
The Jeevan Anand Plan would acquire a lapse condition if the Life Assured fails to pay the payment within the allocated time. To revive it back and enjoy the various benefits the policy holder would have to file a written application to the Corporation within two year duration from the policy lapse date. The policy holder would also have to remunerate entire interim premiums added with altering interest rates conferring to company’s revised terms and conditions.