LIC New Jeevan Anand policy is a combination of protection and savings that offers attractive benefits to insurees. The combination plan provides financial protection against death throughout the lifetime of the policyholder with payment of lumpsum at the end of the selected policy term in case of his/her survival. The new LIC plan also takes care of liquidity needs as it also provides a loan facility to insurees. It has a number of benefits in case of a death, accidental or disability benefits. Here are the details of benefits, premiums, eligibility of the LIC's New Jeevan Anand Plan.
a. Death benefit:
i) On Death during the policy term: The insured person will get a death benefit or a Sum Assured on Death, where sum assured on death is defined as higher of 125% of basic sum assured or 10 times of annualised premium. The death benefit, as per the LIC India website will not be less than 105% of all the premiums paid as on date of death.
ii) On death of policyholder at any time after policy term: In case of a death after the policy term will get a basic Sum assured in the policy.
b. Benefits payable at maturity:
The insured person will get a basic sum assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any. The maturity benefits will be payable in lump sum on survival to the end of the policy term, provided all due premiums have been paid by the insured on time.
2. Optional Benefit: LIC's Accidental Death and Disability Benefit Rider
There is an optional benefit that can be availed by the person insured. LIC's Accidental Death and Disability Benefit Rider is available only by payment of additional premium during the policy term. According to the LIC India website, in case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. While the benefit sum assured will be paid in equal monthly installments in a period of 10 years, also the future premiums equal to sum assured will be waived.
LIC New Jeevan Anand Policy: Eligibility Conditions
a) Minimum Basic Sum Assured: Rs 1,00,000 is a minimum basic sum assured in this plan.
b) Maximum Basic Sum Assured: There is maximum basic sum assured, while the sum will paid in multiples of Rs 5,000.
c) Minimum Age at entry: The minimum age for the plan is 18 years
d) Maximum Age at entry: The maximum age for the plan is 50 years
e) Maximum Maturity Age: The maximum maturity age for the plan is 75 years
f) Minimum Policy Term: The minimum maturity age for the plan is 15 years
g) Maximum Policy Term: The maximum policy term is 35 years
2. Payment of Premiums:
The premiums of the LIC New Jeevan Anand Plan can be paid regularly at yearly, half-yearly, quarterly or monthly intervals, through ECS only or through salary deductions over the Policy Term. There will be a grace period of 30 days maximum that will allow payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.