Jeevan Anand Policy Table-149
Jeevan Anand Policy Table-149 is the combination of Endowment Assurance and a Whole Life plan.
The risk cover will continue even after maturity, which means Zindagi Ke Saath Bhi Zindagi Ke Bad Bhi, Jeevan Anand Policy Table 149 provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.
Example of Jeevan Anand Policy Table-149
For Example, Mr. Pankaj, age 25 years, takes Jeevan Anand’s policy for 25 years for a Sum Assured of Rs. 1 lakh. Now on Maturity Pankaj will receive Rs. 2,12,500/- (Rs. 1 lakh sum assured Plus Rs.1,12,500/- is the estimated Bonus at Rs.45/- per thousand per year.)
In case Mr. Pankaj dies ( After the premium paying term is over) at the age of 60 years, his nominee will get additional Rs. One lakh equal to the Sum assured amount. Since Mr. Pankaj has already received the Bonus, LIC will not pay a second-time bonus.
In case Mr. Pankaj dies during the Premium Paying Term, his nominee will get Rs.1 Lakh (Sum Assured) + Accrued Bonus till Mr. Pankaj’s death.
Key Features of Jeevan Anand Policy Table-149
1. Jeevan Anand is the combination of Whole Life and Endowment Assurance plan.
2. Even after the Premium Paying Term (PPT) is over, risk cover continues till the death of the policyholder.
3. Accident Benefit is available during the premium paying term and thereafter up to age 70.
4. Limited premium payments.
5. Double accidental cover up to age 70.
6. Tax Savings
Modes of Premium Payment
You can pay the premium yearly, half-yearly, quarterly, monthly, or through salary deductions, as opted by you throughout the selected term of the policy or till earlier death.
Jeevan Anand Plan Premiums are limited. You only pay till the selected term of years or until death if it occurs during the term period. This policy not only makes provisions for the family of the life assured in the event of early death but also assures a lump sum at the desired age. The lump-sum can be reinvested to provide an annuity during the remainder of the policyholder’s life or in any other way considered suitable at that time.
Jeevan Anand is a with-profit insurance plan and participates in the profits of the Corporation’s life insurance business. You will get the profit in the form of Bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once the Bonus is declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for a certain minimum period.
Sum Assured along with all vested bonuses payable at the end of the term to the policyholder. (Endowment term)
Sum Assured along with vested bonuses are payable on death during the premium paying term. An amount equal to the Sum Assured is payable if death occurs after the premium paying term. Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with final Additional Bonus if any. No Bonus is paid on death after the premium paying term.
Double Accident Benefit is available during the premium paying term and thereafter up to age 70. The maximum Accident Cover available under this plan will be Rs 5 lakh (this limit excludes accident benefits taken under other plans).
In case of permanent disability of the life assured due to accident, this additional Sum assured is payable in installments.
Eligibility Conditions and Restrictions
a:) Minimum Entry Age: 18 Years completed
b:) Maximum Entry Age: 65 Years
c:) Max. PPT Mat. Age: 75 years
d:) Min. Premium term: 5 yrs
e:) Max Premium term: 57 yrs
f:) Minimum Sum Assured: Rs. 1,00,000/-
g:) Maximum Sum Assured: No Limit
h:) Risk cover: Sum Assured + Bonus
i:) Loan on policy: Available
j:) Housing loan: Available
Surrender Value of Jeevan Anand Policy Table-149
Buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract.
Guaranteed Surrender Value
The policy may be surrendered after it has been in force for three years or more. The guaranteed surrender value is 30% of the basic premiums paid, excluding the first year’s premium. Any extra premium(s) paid, and premium(s) towards Accident Benefit are also excluded.