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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

LIC Jeevan Anand Policy Benefits

Death Benefit

i. In the event of the demise of the policyholder during the tenure of the LIC ‘New Jeevan Anand’ plan, the death benefits will comprise:

• Death Benefit Amount
• Accumulated Policy Bonuses
• LIC-stated Final Bonus

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 the greater of :

• 125% Basic Sum Assured
• 10x 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 disbursed upon the completion of the 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 becomes eligible for a loan after two years of complete premium payments, once the policy has acquired a surrender value.

Profit Participation

LIC New Jeevan Anand policy shares in the profits of LIC and accrues Simple Reversionary Bonuses and Final Additional Bonus, which enhance the policy’s benefits and are determined based on the company’s experience. The insured receives Simple Reversionary Bonus as a component of the Death Benefit or as part of the Maturity benefit.

Income Tax Benefit

The premiums paid for purchasing LIC New Jeevan Anand policy Key features of LIC Jeevan Anand Policy are eligible for tax-free deduction under Section 80C of the Income Tax Act. An individual can claim a maximum deduction of INR 1.5 lakhs on these premiums. Furthermore, as per Section 10 (10D) of the Income Tax Act, all benefits received, including death and maturity benefits, are also exempt from tax.

Life Cover

i. Life cover during the policy term: In the event of the policyholder’s death during the policy term, the nominee will receive the Sum Assured on Death along with any vested bonuses and final bonuses that have been declared.

ii. Life cover after the policy term: If the policyholder passes away after the policy term has ended, the nominee will receive the Basic Sum Assured.

Additional Benefits of LIC Jeevan Anand Plan

Riders

i. Accidental death and disability rider benefit

In the event of an accidental death or disability, the accidental death and disability rider benefit provides additional protection. In addition to the death benefit provided by the base plan, the beneficiary of the policy will receive a lump sum amount equal to the sum assured of the accidental rider benefit in the event that the insured person dies in an accident. Similarly, the accidental rider benefit sum assured will be distributed monthly for ten years to the insured person in the event that the insured person becomes disabled as a result of an accident. In addition, any and all premiums that have already been paid or will soon be due will be waived.

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