Buy LIC Jeevan Anand Policy Online

LIC Jeevan Anand Policy Terms and Conditions

Minimum Age	18 Years Completed
Maximum Age	50years
Maximum Maturity Age	75 years
Policy Term	15 years to 35years
Minimum Sum Assured	Rs,1,00,000
Maximum Sum Assured	No limit
Premium Payment	Yearly / Half yearly / Quarterly / Monthly (ECS)
Loan	Eligible after 2 years
Surrender	Eligible After 2 Years
On Maturity	Sum Assured + Bonus + Final Bonus is payable
On Death before Maturity	125% of Sum Assured + Bonus is payable
On Death after Maturity	Sum Assured is payable

How does Jeevan Anand Plan work for you

LIC Jeevan Anand Policy Benefits

Death Benefit

i. If the policy holder of the LIC ‘New Jeevan Anand’ plan expires during the plan duration, the death benefits will include:

• Sum Assured on death
• Any vested bonuses
• The Final Bonus as declared by LIC

ii. If the policy holder expires after the plan duration, then a Basic Sum Assured is paid to the beneficiary in addition to the maturity benefit that has already been paid.

The Sum Assured on Death is higher of the following:

• 125% of the Basic Sum Assured
• 10 times the annual premium

Maturity Benefit

Considering all the premiums have been paid in full the Maturity benefit will include the Sum assured along with reversionary bonus and final additional bonus will be paid at the end of policy term

Surrender Value

If the policy is surrendered after at least three years and all the premiums are paid promptly, guaranteed surrender value can be availed. Guaranteed surrender value is calculated through the total of all the premiums paid till that date.

Loan

A policyholder is eligible for a loan if 2 years the full premium amount is paid, followed by the policy acquiring a surrender value

Profit Participation

LIC New Jeevan Anand participates in the profits of LIC and the policy accumulates Simple Reversionary Bonuses and Final Additional Bonus which enhance the benefits and is declared based on the experience of the company. Simple Reversionary Bonus is offered to the insured in case of a Death Benefit or as a part of the Maturity benefit.

Income Tax Benefit

The premiums paid towards buying buying LIC New Jeevan Anand policy Key features of LIC Jeevan Anand Policy is considered as a tax-free deduction under Section 80C of the Income Tax Act. One can claim a maximum deduction of INR 1.5 lakhs on this amount. The section 10 (10D) of the Income Tax Act allows us to put all the benefits received including death and maturity benefits

Life Cover

i. Life cover during the policy term: If the death of policyholder occurs during the policy term, the nominee will receive the Sum Assured on Death plus vested bonuses and final bonuses declared.

ii. Life cover after the policy term: if the death of the policy holder occurs after the policy term, then the nominee will receive the Basic Sum assured.

Additional Benefits of LIC Jeevan Anand Plan

Riders

i. Accidental death and disability rider benefit

With the accidental death and disability rider benefit, in case of accidental demise of the insured person, an accidental rider benefit sum assured is payable as a lump-sum amount to the beneficiary of the policy along with the death benefit under the base plan. Similarly, in the case of accidental disability, the accidental rider benefit sum assured is paid in equal monthly instalments for 10 years. Furthermore, all premiums paid or future premium payments are waived off.

Bonus

i. Final Addition Bonus
This is a bonus which is paid at the time of maturity or death.

ii. Simple Reversionary Bonus
If you decide to exit from the policy during the policy period by surrendering it, then a certain portion of such accrued bonus will be payable to you

Frequently Asked Questions