LIC New Jeevan Anand Policy details – a savings and insurance protection plan.
What is LIC New Jeevan Anand policy providing?
LIC New Jeevan Anand Policy plan is a non linked, participating, individual life insurance plan. It provides financial protection against death throughout the policyholder’s lifetime. Also, a lumpsum payment at the end of the selected policy term is provided in case of survival.
LIC New Jeevan Anand Plan also provides a loan facility.
Firstly lets look at the benefits of lic new jeevan anand policy
Provided the policy is in force.
Death Benefit:
Death occurs during the policy term
The benefit would be equal to the Sum Assured. Additionally, Simple Reversionary Bonuses and Final Additional Bonus, if any shall be payable.
Here the Sum assured would be either:
(a.) 125% of Basic Sum Assured.
(b.) or 7 times of annualized premium. Whichever is the higher one.
This benefit will not be less than 105% of total premiums paid till the date of death.
Death occurs after the policy expiry term
Basic Sum Assured shall be payable.
Maturity Benefit:
Survival on the entire policy tenure
The benefit would be equal to the Sum Assured. Along with that the Simple Reversionary Bonuses and Final Additional Bonus, if any shall be payable.
Along with the above, there are the following rider benefit in LIC New Jeevan Anand Policy:
Rider Benefit are optionally provided. These benefits come at an additional premium. LIC New Jeevan Anand Plan provides 4 Optional rider benefits.
LIC Accidental Death and Disability Benefit Rider
This Rider Benefit can be taken any time under an in-force policy within the policy term. Provided the outstanding premium paying term of the base plan as well as the rider is atleast 5 years.
Although the policy anniversary on which the age nearer birthday of the life assured is 65 years.
This benefit is valid till the end of the policy term or 70 years (nearest birthday) of the insured person, whichever is earlier.
How is the sum assured given?
Further more, in case of accidental death, the sum assured benefit will be paid in lumpsum.
Although in case of accidental disability.
The sum assured benefit will be paid in equal monthly installments for a period of 10 years. And future premiums for Accident Benefit sum assured as well as Base Policy sum assured shall be waived off.
LIC Accident Benefit Rider
This Rider Benefit in Insurance can be taken any time under an in-force policy within the policy term. Provided the outstanding premium paying term of the base plan, as well as the rider, is at least 5 years.
Although the policy anniversary on which the age nearer birthday of the life assured is 65 years.
This benefit is valid till the end of the policy term or 70 years (nearest birthday) of the insured person, whichever is earlier.
How is the sum assured given?
Further more, in case of accidental death, the sum assured benefit will be paid in lumpsum.
LIC New Term Assurance Rider
This term rider benefit in LIC can only be taken at the policy inception. The benefit cover in this rider is available during the policy term. If this rider is opted for, an amount equal to Term Assurance Rider sum assured shall be payable on death of the life assured during the policy term.
LIC Critical Illness Benefit Rider
This rider benefit in LIC can only be taken at the policy inception. The benefit cover in this rider is available during the policy term. If this rider is opted for, on first diagnosis of any one of the specified 15 Critical Illnesses covered under this rider, the critical illness sum assured shall be payable.
Rebate in Insurance
The rebate insurance provides is for sum assured 2 lacs and above. The rebate range is 1.5% to 3% of the basic sum assured. Rebate plans mode for LIC New Jeevan Anand Insurance Plan are as follows.
a. 2% for yearly premium.
b. 1% for half yearly premium.
c. None for quarterly or monthly.
Premium Structure of LIC New Jeevan Anand
The premiums can be paid regularly at yearly, half yearly, quarterly and monthly basis. With the lic new jeevan anand premium calculator. We can give you proper premium amounts based on your age and help you get the right plan.
LIC New Jeevan Anand – Grace Period, Free Look Period and Paid Up Value
Grace Period
In case of yearly/half-yearly or quarterly premiums. 30 days grace period is allowed.
For monthly premiums, it’s 15 days grace period. This is counted from the date of the first unpaid premium.
During this period, the policy shall be considered in force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the day’s grace, the policy lapses. The above grace period will also apply to rider premiums which are payable along with premium for base policy.
Free Look Up Period
If the policyholder is not satisfied with the terms and conditions. It can be returned within 15 days from the date of receipt of the policy bond stating the reasons for objections. On cancelling the policy. The amount of premium deposited is returned but after deducting the proportionate risk premium for the period on cover, expenses incurred on medical examination, special reports, if any, and stamp duty charge.
Paid-Up Value
If less than 2 years’ premiums have been paid and any subsequent premium be not duly paid all the benefits under the policy shall cease after the expiry of the grace period from the date of the first unpaid premium and nothing shall be payable.
If at least 2 years’ premiums have been paid and any subsequent premiums are not duly paid, the policy shall not be wholly void, but shall continue as a paid-up policy.
LIC New Jeevan Anand – Surrender Value, Loan Facility, Tax Benefits
Surrender Value
The policy can be surrendered at any time provided 2 full years premium have been paid. On surrender of the policy, the corporation shall pay the surrender value equal to higher of guaranteed surrender value or special surrender value.
The special surrender value is reviewable and shall be determined by the corporation from time to time subject to prior approval of IRDAI.
Guaranteed Surrender Value payable during the policy term shall be equal to the total premium paid multiplied by the guaranteed surrender value factors applicable to total premiums paid. These guaranteed surrender value factors expressed as percentages will depend on the policy term and policy year in which the policy is surrendered and are specified below:
Loan Facility
The loan can be availed under the policy provided at least 2 full years premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.
The maximum loan allowed under the policy, as a percentage of Surrender value, shall be as under:
for policies in force – up to 90%
for policies that are paid up-up to 80%
The interest rate to be charged for the policy loan and as applicable for the entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the Corporation based on the method approved by the IRDAI. Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.
Tax Benefits
The premiums paid for LIC New Jeevan Insurance Policy are exempt from taxes under Section 80C of the Income Tax Act. The maximum exemption is Rs. 1,50,000/-
For maturity and death claims, it would be tax-free.
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