Example Of Jeevan Anand Plan
For Example: Mr. Raj, age 25 years, takes Jeevan Anand policy for 25 years for Sum Assured Rs. 1 lakh. Now on Maturity Raj will receive Rs. 2,12,500/- (Rs. 1 lakh sum assured Plus Rs.1,12,500/- is the estimated bonus at Rs.45/- per thousand per year.)
In case, Mr. Raj, dies (After premium paying term is over) at the age of 60 years, his nominee will get additional Rs. 1 lakh equal to sum assured amount. Since Mr. Raj has already received the bonus, LIC will not pay second time bonus.
In case, Mr. Raj dies during the Premium Paying Term, his nominee will get Rs.1 Lakh (sum Assured) + Accrued bonus till Mr. Raj’s death
Product Details:
Jeevan Anand is a life insurance plan offered by LIC of India. Jeevan Anand is combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.
This is one of the plans that clearly define the meaning of “Jevan ke saath bhi, Jeevan ke baad bhi”.
Key features of Jeevan Anand
§ Limited premium payments.
§ Double accidental cover upto age 70.
§ Whole life risk cover, even after you stops paying premiums,
§ Encashment/Surrender of the policy after maturity. [New Feature added to this plan]
§ Tax Savings available as per income tax rules
Premium:
Following premiums paying modes are available under Jeevan Anand
§ Yearly
§ Half Yearly
§ Quarterly
§ Monthly
§ Salary deductions also available
Bonuses Detail Jeevan Anand:
Ø LIC of India declares Simple Revisionary Bonuses per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death,
Ø Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period.
Ø Benefits in case of survival to the end of selected term:
The Sum Assured along with the vested bonuses is payable in a lump sum on survival to the end of the term. An additional Sum Assured is payable on death thereafter.
Accident Risk cover under Jeevan Anand:
An additional Sum Assured (subject to a limit of Rs.5 lakh) is payable in a lump sum on death due to accident up to age 70 of life assured. In case of permanent disability of the life assured due to accident this additional Sum assured is payable in instalments.
Supplementary Benefits/Riders:
These are the optional benefits that can be added to your basic plan for extra protection/option. An additional premium is required to be paid for these benefits.
Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract.
Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. Any extra premium(s) paid and premium(s) towards Accident Benefit are also excluded.
Eligibility Conditions and Restrictions:
a:) Minimum Entry Age: 18 Years completed
b:) Maximum Entry Age: 65 Years
c:) Max. PPT Mat. Age: 75 years
d:) Min. Premium term: 5 yrs
e:) Max Premium term: 57 yrs
f:) Minimum Sum Assured: Rs. 1,00,000/-
g:) Maximum Sum Assured: No Limit
h:) Risk cover: Sum Assured + Bonus
i:) Loan on policy: Avaialable
j:) Housing loan : Avaialable
