LIC Jeevan Anand

New Jeevan Anand (Table No: 815) is one in every of the foremost sold endowment plans of LIC, that provides Risk cowl even once maturity for lifespan. Accidental Death and benefit Rider makes this set up additional useful because it provides additional quantity capable basic total assured just in case of death. this text provides comprehensive details of the policy and varied advantages related to New Jeevan Anand set up with facilitate of example.

Maturity & Life Cover (Death Claim) of Jeevan Anand

Maturity Benefits

On completion of Premium Paying term, LIC Jeevan Anand Provides Maturity which is equal to Basic Sum Assured + Simple Revisionary Bonus + Final Addition Bonus (FAB), if Any. LIC declares Simple Revesionary Bonus or simply Bonus for each policy year during policy term. Year-wise declared bonus for New Jeevan Anand has been given in Table-1.

Lifetime Risk Cover After Maturity

New Jeevan Anand has special feature which provides lifetime risk cover after maturity without any further premiums. In simple words, after completion of premium paying term, policyholder receives maturity as explained above and premium payment stops, but life cover equals to Basic Sum Assured still remains for life time.

Life Cover (Death Claim)

In case of death during the policy term, death claim will be 125% of Basic Sum assured + Accumulated Simple Reversionary Bonus + Final Addition Bonus, provided all due premium till the time of death are paid and policy is in force. Year-wise death claim has been explained in the example section in the later part of this page.

Table-1. New Jeevan Anand Bonus details ( per 1000 of Sum Assured)
Updated On: 31-08-2019
Year15 Years Term16 to 20 Years Term21 to 35 Years Term
2018-19414549
2017-18414549
2016-17414549
2015-16414549
2014-15414549
2013-14404448

To know how total bonus is calculated, please click here.

 

 

Calculate Premium


Type Of Plan Age Term Insurence Amount Mode Service Tax Premium Amount Total Premium Amount
 

Plan Parameters

Age of Entry18 to 50 years
Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly (ECS Only)
Policy Term15 to 35 Years
Basic Sum Assured100000 and above ( in multiple of 5000)
Policy Revivalwithin 2 year
Premium Mode Rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly
LoanAfter 3 years
SurrenderAfter 3 years of full premium payment
 

Surrender, Loan and Paid-up value in New Jeevan Anand

Policy Surrender in Jeevan Anand

Policy surrender is the most important feature that a customer should know before buying a policy. Surrender means, pre-mature closure of the purchased policy and receiving surrender value. LIC New Jeevan Anand Policy becomes eligible for surrender value, if all due premiums of first 3 years have been paid. For calculating and understanding surrender value, please go to Jeevan Anand Surrender Value Calculator.

Loan Facility in New Jeevan Anand

In LIC Jeevan Anand, a policy holder can avail loan after successfully paying all due premiums for first 3 policy years, in another words, a loan can be availed only if the policy has attained a surrender value. Generally, maximum loan available is 90% of surrender value. Please use Jeevan Anand Loan value calculator to know more about it.

Paid-up Feature of New Jeevan Anand

Once a New Jeevan Anand policy has completed minimum 3 years with all due premiums paid and policyholder chooses to stop paying further premiums, it automatically becomes eligible for paid-up option. In case of paid-up, benefits of the policy (Maturity and Death claims) reduced by factor of total number of premiums paid/ total number of premium to be paid. Go to Jeevan Anand Paid-up value calculator to know more about it.

Grace Period, Lapse and Revival in New Jeevan Anand

There is a grace period of 30 days for Yearly, Half-yearly & Quarterly modes and 15 days for monthly mode from due date of premium payment. For example, if yearly premium is due on 10th June, then policyholder has time till 10th July to deposit premium without policy being lapsed.

If premium is not deposited before due date including grace period, then policy lapses. A lapsed policy can be revived by paying due premiums along with late fee within 2 years from first unpaid premium.

Cooling-off Period in New Jeevan Anand

Cooling-off means, a policyholder can return the purchased policy(s) within 15 days from receipt of policy document(s), if he is not satisfies with Terms & conditions of the policy(s). On cooling-off request, policy is cancelled and paid premium is returned after deduction of proportionate premium, medical test cost, clerical charges etc.

Optional Riders with New Jeevan Anand

Following riders are available with New Jeevan Anand on payment of additional premium.

  • Accidental Death and Disability Benefit Rider
  • Term Rider

Tax Benefits

Paid premium under New Jeevan Anand is exempted under section 80c and received maturity or death claim is tax free under section 10(10D) of Income Tax act.

Jeevan Anand (815) Policy with Example

To Illustrate the benefits of New Jeevan Anand, Lets take an example of a person who is purchasing New Jeevan Anand Plan with following details.

Sum Assured (Rs.)5,00,000
Age (Years)25
Policy Term(Years)25
Purchase Year2017
Yearly Premium (Rs.)21,472
Total Paid Premium (Approx)(Rs.)5,36,800

(To know premium and benefits as per your details, please use Premium Calculator and Maturity Calculator for this plan.)

 
 

After taking policy as above details, there are two possible cases are, either policy holder survives 25 years policy term or death happens before 25 years.

Case:1 (Maturity Details)

If policy holder survives the policy term (25 years), Maturity will be as under.

Maturity Year2042
Age at Maturity50
Sum Assured (A)500000
Bonus (Approx) (B)837500
Total Maturity (A+B)1337500

Normal Risk Cover continues even after maturity. Following table provides details of year-wise risk cover.

YearAgeNormal Life Cover
2042+50+500000

Case:2 (Death Claim Details)

If death happens during the policy term ( Before 25 years ), 125% of Sum Assured + Bonus + Final Addition Bonus(FAB) is paid to nominee and it is indicated as Normal Life Cover. In case of accidental death, additional amount equal to sum assured is also added death claim amount, the calculation is indicated as Accidental Life Cover. Calculation of year-wise and age-wise death benefits according to accumulated bonus and FAB is illustrated below.

YearAgePremium DepositedNormal Life Cover (Approx)Accidental Life Cover (Approx)Return
20172521,4726,25,00011,25,000
20182642,9446,55,62511,55,625
20192764,4166,86,25011,86,250
20202885,8887,16,87512,16,875
2021291,07,3607,47,50012,47,500
2022301,28,8327,78,12512,78,125
2023311,50,3048,08,75013,08,750
2024321,71,7768,39,37513,39,375
2025331,93,2488,70,00013,70,000
2026342,14,7209,00,62514,00,625
2027352,36,1929,31,25014,31,250
2028362,57,6649,61,87514,61,875
2029372,79,1369,92,50014,92,500
2030383,00,60810,23,12515,23,125
2031393,22,08010,53,75015,53,750
2032403,43,55211,03,12516,03,125
2033413,65,02411,36,87516,36,875
2034423,86,49611,73,75016,73,750
2035434,07,96812,10,62517,10,625
2036444,29,44012,63,12517,63,125
2037454,50,91213,00,00018,00,000
2038464,72,38413,61,87518,61,875
2039474,93,85614,36,25019,36,250
2040485,15,32815,16,87520,16,875
2041495,36,80015,78,75020,78,750
20425013,37,500

Features of the plan written on this web page based on personal understanding and solely for explanation purpose only. In the example part, the Bonus rate has been taken as Rs. 49 per thousand of sum assured which is as per last declared and FAB rate as Rs. 450 per thousand of sum assured. for More details, please refer to LIC Website and in case of any query please write your comment below.

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