What is the LIC New Jeevan Anand Plan and how does it work?
LIC New Jeevan Anand is a assurance plan to build a corpus that will cover your financial needs. Over the term of the contract, you will be covered by insurance, which will meet your security needs.
|Launch Date||Table Number||Product Type||Bonus||UIN|
|9th October 2013||815||Endowment||Yes||512N279V01|
The Sum Assured+Bonus Amounts earned during the policy term+any Final Addition Bonus if declared will be the Maturity Value. If the insured passes away during the policy period, the Death Benefit will be paid to the nominee and will consist of the Amount Assured on Death+Vested Bonus up to the date of death+any Final Addition Bonus.
The Death Sum Assured must be greater than 125 percent of the Basic Sum Assured or 10 times the annual premiums charged, with a minimum of 105 percent of total premiums paid before death.
We will explain the working of Jeevan Anand with an example: Suppose Aniket is 35 years old who buys a Jeevan Anand policy of Rs. 1 lakh (Sum Assured) for 25 years (Term). His annual premium would be Rs. 4,535
Scenario 1: Aniket dies in the policy’s 15th year.
The Sum Assured of Rs. 1 lakh, as well as any accrued bonuses up to the date of death, would be compensated in this situation, and the plan would be terminated. LIC announces a bonus every year. Every year, the LIC Jeevan Anand Bonus rates are announced.
Scenario 2: Aniket lasts until the policy’s expiration date.
In this scenario, Aniket will receive the Rs. 1 lakh Amount Assured as well as the cumulative bonus before maturity, and the risk covered under the scheme would continue. When Aniket dies, the Amount Assured of Rs. 1 lakh will be paid to his nominee once more.
To calculate the total amount, use the LIC Jeevan Anand Maturity Calculator below.
The following are the plan’s advantages:
- The Sum Assured and any accrued bonuses are compensated until the plan term ends and the insured is still
- Death Benefit – The death benefit is calculated based on the following factors:
If the insured dies during the insurance period, the Amount Assured and accumulated bonuses are paid out.
The Sum Assured is charged if the insured dies after the plan term has ended and the Maturity Benefit has already been paid.
LIC New Jeevan Anand Policy Benefits
Maturity Benefit-At maturity, the policyholder receives the Basic Amount Assured plus any accrued incentives plus any final bonus.
LIC-Rider-The Accidental Death and Disability Benefit Rider from LIC is now available in the new Jeevan Anand package. Accidental injuries and disablements are covered by this rider. An extra rider amount guaranteed is charged with the death insurance in the event of the insured’s accidental death.
Death Benefit-If the insured dies during the coverage period, the amount guaranteed on death, as well as any vested reversionary bonuses and a final added bonus, is compensated. The death benefit is either 125 percent of the death benefit you selected or 10 times the annual premium, whichever is greater. Furthermore, the death payment will not be less than 105 percent of the premiums charged.
A Final Bonus- can be paid in addition to the maturity or death payment.
LIC New Jeevan Anand Returns is a tax-free investment.
LIC New Jeevan Anand Premium Rates Sample
Here are some examples of premium rates for the LIC New Jeevan Anand Plan at various ages and for various policy terms. The Amount Assured is estimated to be in the range of Rs.5 lakhs.
|Age||Term 15 years||Term 25 years||Term 35 years|
The LIC New Jeevan Anand Plan’s main features
- There is an optional rider benefit that you can choose for a wider scope of coverage
- Premiums are payable throughout the term of the policy
- You will get premium discounts, which will lower the premium rate.
- The loan can be taken under the plan if the plan acquires a Surrender Value.
|Sum Assured (in Rs.)||1,00,000||No Limit|
|Policy Term (in years)||15||35|
|Premium Payment Term (in years)||5||57|
|Entry Age of Policyholder (last birthday)||18 years||50 years|
|Age at Maturity (last birthday)||–||75|
|Payment modes||Yearly, Half-yearly, Quarterly, Monthly|
LIC Jeevan Anand Plan eligibility requirements and other limitations
The Impact of LIC’s New Jeevan Anand Plan on Taxes Premiums – The premiums charged for the plan are tax-free under
Section 80C of the Internal Revenue Code. The maximum amount of tax relief available is Rs.1.5 lakh. To qualify for this discount, the premium must be limited to 10% of the Amount Assured chosen.
Maturity Claim-In order to receive a claim on the policy’s maturity, the individual insured must apply a discharge form along with the original certificate of policy issued by LIC in the policyholder’s favor. For an NEFT move to the maturity level, the policyholder must provide bank account information.
Death Claim – Death claims issued under the scheme are tax-free under Section 10 of the Internal Revenue Code (10D). There is no upper limit on death claim exemptions.
Surrendering, paying off the policy, or canceling it
Paid-up Value – If the policyholder has paid the first three years’ premiums but has not paid future premiums, the policy is considered to paid-up.[(Number of premiums paid/Number of premiums payable)*Sum
Assured+Accumulated Bonus) Surrender Value *Surrender Value Factor is a measure of how much someone is willing to give up.
Free-look Period – The policyholder has 15 days to revoke the policy after it is released. The free-look era is the name given to this period.
LIC’s Latest Jeevan Anand Plan has a variety of exclusions.
- Just 80% of the premium charged is refunded if the insured commits suicide within the first year of the
- If a suicide occurs within 12 months of the scheme being revived, the Surrender Value or more than 80% of the premium charged will be paid.
The LIC can be obtained in some ways. Jeevan Anand’s New Plan The contract is an offline plan, meaning it can only be purchased by company intermediaries such as agents or brokers. The package can also be obtained by going to one of the company’s locations or contacting the company’s executives.
- Application Form
- Medical History
- Tax Details
- Adhaar Card, PAN Card
- A photo in passport size
- Evidence of Identity Proof of Address
- Proof of Age
What is the procedure for making a maturity or surrender claim?
- The claim discharge form must be filled out and signed by the
- Send it to the insurer, along with the original policy papers, to claim the maturity value.
- NEFT Mandate Form and evidence of age if age was not previously
*To obtain the surrender value, the policyholder must notify the company in writing.
What is the procedure for filing a death claim?
In the event of a death lawsuit, the nominee must complete the claim discharge form and send it to the company along with the following documents:
- Documentation of the original policy
- NEFT Mandate Form for the direct settlement of a claim into the bank account of the candidate
- The nominee’s name acts as evidence of title.
- Death certificate as evidence of death
- Before death, medical attention was received.
- If your age was not mentioned in the policy, you must provide proof of your age.
- In the event of unnatural or accidental death, police inquest reports, newspaper clippings documenting the accident, a copy of the driver’s license for road accidents, a post-mortem report, and other documentation may be needed.
LIC’s New Jeevan Anand Plan FAQs
1.) Is it possible to go back in time with the insurance policy?
Yeah, but only within the same financial year, with charges due at the end of the plan year, according to the terms.
2.)What is the amount of incentive that has been announced under the plan?
The bonus rate isn’t set in stone. It varies depending on the insurer’s results.
3.)Are there any riders included in the plan?
Yeah, the package provides an optional Accidental Death and Disability Benefit Rider that can be bought for a minimum Sum Assured of Rs.1 lakh and a maximum Sum Assured of Rs.1 crore by people aged 18 to 70.
4.) Is there a loan option in the plan?
Yeah, policyholders who have paid at least the first three years’ premiums and the plan has acquired a Surrender Value are liable for a loan under the plan.