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LIC New Jeevan Anand Plan

LIC New Jeevan Anand (LIC TABLE NO 815) is whole life plan with Guaranteed Returns and Protections because it is not market based plan. LIC New Jeevan Anand is an endowment and whole life policy along with Bonus facility. LIC New Jeevan Anand is a Double Death Benefit Plan, if the life insured survives till the end of the policy term. LIC New Jeevan Anand plan has average premium, high bonus rate and great features. One of the main whole life features is that the nominees get the sum assured when the policyholder dies. With this feature you will get the money twice.

LIC Jeevan Anand Policy Features

LIC New Jeevan Anand is combination of Endowment and term insurance policy i.e. Double Benefit Endowment plan, if person lives till end of Term of the policy will be given Maturity Benefit and Risk Cover will continue till 100 years or death whichever is earlier. Death Benefit amount paid to Nominee.

Accident Benefit rider is not inbuilt. We can opt for Accident Benefit Rider and Critical Illness Rider by paying small Amount of Premium.

LIC Policy no 815 there is High Bonus and High liquidity and whole life plan.

LIC Jeevan Anand Policy Parameters

AGE Min. age : 18 years

Max. age: 50 years

Policy Term Min. Term :15 years

Max. Term : 35 years

Sum Assured Min SUM ASSURED: Rs. 1,00,000/-

Max. SUM ASSURED: No Limit

Premium Paying Mode Monthly (SSS, ECS), Quarterly, Half yearly, Yearly

Jeevan Anand Plan Rebates

LIC Bima 815 Policy provides discounts.

Detailed Information about rebates is mention below.

Mode Rebate

Yearly – Table premium 2%

Half yearly – Table Premium 1%

Sum Assured Rebate

Sum Assured Rebate
From Rs. 1,00,000/- to Rs. 2,00,000/- NIL
From Rs. 2,00,000/- to Rs. 4,95,000/- For every 1,000 Rs./- Sum Assured 1.50 Rs/- rebate
From Rs. 5,00,000/- to Rs. 9,95,000/- For every 1,000 Rs./- Sum Assured 2.50 Rs/- rebate
From Rs. 10,00,000/- and above For every 1,000 Rs./- Sum Assured 3.00 Rs/- rebate

LIC New Jeevan Anand 815 Benefits

Maturity benefits and Death benefits are provided under LIC Jeevan Anand Benefits

Maturity Benefit

Sum Assured + Simple Reversionary Bonus + final additional bonus if any

Death Benefit

If the Insured person dies within the Policy Term then Nominee of the Policy will be given Death Benefit(Sum Assured on Death) + Simple Reversionary Bonus + final additional bonus if any

Sum Assured on Death means 125% of Basic sum assured (1.25 x BSA) or 10 times Annual Premium (10 x AP) whichever is higher that amount will be paid to nominee. Death benefit paid should be more than 105% of total premiums paid as on the date of death.

Benefit Example for lic new jeevan anand

An example of VINOD who is purchasing this Plan with following details.

Sum Assured: Rs.10,00,000
Policy Term: 21 Years
Policy Purchase Year: 2016
Age: 25 Years
Yearly Premium: Rs. 54086

Maturity Details

If policy holder survives the policy term ( i.e. 21 years ), Maturity will be as under.

Maturity Year Age at Maturity Maturity Amount(approx)
2037 46 2150000

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

Year Age Normal Life Cover For Life Time
2037+ 46+ 1000000

Year-wise Death Claims

If death happens during the policy term Before 21 years, 125% of Sum Assured + Bonus + Final Addition Bonus will paid to the nominee and it is indicated as Normal Life Cover. In case of accidental death, additional amount equal to sum assured is also payable to the nominee; the calculation is indicated as Accidental Life Cover. Calculation of year-wise and age-wise death benefit according to accumulated bonus and Final Addition Bonus is illustrated below.

Year Age Risk Cover Normal Risk Cover Accidental Premium Tax Saved Net Premium Amount Received
2016 25 1300000 2300000 54086 15658 38428 0
2017 26 1350000 2350000 53140 15658 37482 0
2018 27 1400000 2400000 53140 15658 37482 0
2019 28 1450000 2450000 53140 15658 37482 0
2020 29 1500000 2500000 53140 15658 37482 0
2021 30 1550000 2550000 53140 15658 37482 0
2022 31 1600000 2600000 53140 15658 37482 0
2023 32 1650000 2650000 53140 15658 37482 0
2024 33 1700000 2700000 53140 15658 37482 0
2025 34 1750000 2750000 53140 15658 37482 0
2026 35 1800000 2800000 53140 15658 37482 0
2027 36 1850000 2850000 53140 15658 37482 0
2028 37 1900000 2900000 53140 15658 37482 0
2029 38 1950000 2950000 53140 15658 37482 0
2030 39 2020000 3020000 53140 15658 37482 0
2031 40 2075000 3075000 53140 15658 37482 0
2032 41 2130000 3130000 53140 15658 37482 0
2033 42 2185000 3185000 53140 15658 37482 0
2034 43 2250000 3250000 53140 15658 37482 0
2035 44 2320000 3320000 53140 15658 37482 0
2036 45 2400000 3400000 53140 15658 37482 0
2037 46 1000000 1000000 0 0 0 2150000
2038 47 1000000 1000000 0 0 0 0
2039 48 1000000 1000000 0 0 0 0
2040 49 1000000 1000000 0 0 0 0
2041 50 1000000 1000000 0 0 0 0
2042 51 1000000 1000000 0 0 0 0
2043 52 1000000 1000000 0 0 0 0
2091 100 1000000 1000000 0 0 0 1000000

PAID TO NOMINEE

Additional Information for Jeevan Anand Policy 815

Risk Coverage:End of the Policy Term.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.

Locking period: 3 years.

Loan Facility: Available.

Income Tax Benefit – Income Tax Benefits available on Paid Life Insurance Premium U/Sec 80C and Maturity Benefit will also be tax free under section 10(10)D.

Loan:Loan is available.

Riders available: Rider Benefits are available .

Policy Revival: Policy can be revived before 2 years from date of FUP.

Suicide Clause: If insured commit suicide before 12 months he will be returned back 80% of premium what he paid.

Proposal Forms : Proposal Form no. 300 or 340 will be used under this plan.

Cooling-off Period: If a policyholder is not satisfied with the Terms and Conditions of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

Back-dating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: assignment and nominations is possible under this plan.

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