In the LIC Jeevan Anand Plan, there are eligibility requirements and other limitations.
|Sum Assured(in Rs.)||1,00,000||No. Limit|
|Policy Term(in years)||5||57|
|Premium Payment Term(in years)||5||57|
|Entry Age of Policyholder(last birthday)||18 years||65 years|
|Age at Maturity(last birthday)||–||75|
|Payment modes||Yearly, half- Yearly, Quarterly, monthly|
The Benefits of the Plan
- The LIC Jeevan Anand scheme is a conventional whole-life endowment.
- The package allows the insurer to pay their premiums.
- The policyholder receives the reward on maturity if he or she lives until the end of the plan term, and the plan remains in.
- This package has a built-in Accident Death and Disability.
- Optional higher coverage via one additional Critical Illness Benefit.
- It can be offered with an extra premium and a large Sum Assured refund to people who work in hazardous environments.
- The maximum amount of Premiums Paid exemption available is: ₹5 lakh.
- There is no maximum claim number, and the whole claim will be tax free in Claim Amount.
Example of Premium of LIC Jeevan Anand Plan
It is for a safe male (non-smoker) who selects an Amount Assured of ₹1,000,000 and a Policy Term of 25 years.
When you don’t pay your Jeevan Anand premiums, what happens?
1.) Grace Period-If the remaining premium is not charged by the due date, a grace period is granted.
For annual, half-yearly, or quarterly premium payment plans, this time is equal to 30 days. A 15-day grace period is allowable.
2.) Paid-up Value-The Basic Sum Assured under the scheme will be reduced to a sum known as the Paid-up Sum Assured, which will have the same ratio to the Basic Sum Assured as the premiums paid to the total number of premiums payable,
i.e. (number of premiums charged / number of premiums payable) is the Basic Amount Assured.
3.) Surrender Value-After deducting the first year’s premium, the insurance provider will pay a fixed surrender value of at least 30% of all premiums charged if the policy is surrendered after two years. If you will choose the paid-up method, the amount invested plus the interest earned will be paid out on the maturity date.
4.) Revival-A lapsed policy may be restored after a period of two years from the date of the first unpaid premium but before the expiration of the policy term by paying all premium arrears plus interest.
5.) Cancellation– The insured individual has the option of canceling his plan for free within fifteen days of its start date, provided that no claims have been filed.
Frequently asked questions on – LIC Jeevan Anand
1.) Is it possible for me to avoid Jeevan Anand’s policy?
If two full years of premiums have been charged, the policy can be surrendered at any time. After deducting the first year’s premium, the insurance provider will pay a fixed surrender value of at least 30% of all premiums charged if the policy is surrendered after two years.
2.) How does a candidate go about filing a death claim?
The nominee must submit the claim form along with other required documentation such as the original policy, proof of death, and proof of title, among others, in order to file a death claim.
3.) Is it possible to borrow money against my Jeevan Anand policy?
Yes, this LIC insurance scheme provides loan benefits, allowing the policyholder to take out a loan against the policy.
4.) If I add the Critical Illness Rider to my Jeevan Anand policy but don’t get sick, will the rider benefits kick in when I die or reach maturity?
No, not at all. Rider incentives are conditional on the outcome of the event for which the rider has been selected. You will not receive any extra rider benefits on death or maturity if you are not diagnosed with any of the illnesses protected by the rider during the plan’s term.