LIC New Jeevan Anand is an endowment cum whole life policy along with Bonus facility. LIC Jeevan Anand policy is a Double Death Benefit Plan, if the life insured survives until the end of the policy term. LIC New Jeevan Anand plan takes average premium with high bonus rate and great features. One of the main features is that the nominees get the sum assured when the policyholder dies. By this feature, you will get the money twice.
LIC Jeevan Anand Policy Features and Review
- LIC New Jeevan Anand is a combination of Endowment plus Whole life policy i.e. Double Benefit Endowment plan
- In LIC Jeevan Anand Plan if a person lives till the end of Term of the policy, Maturity Benefit and Risk Cover will continue until 100 years or death whichever is earlier. Death Benefit will be 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 Jeevan Anand provides High Bonus and High liquidity with saving point.
LIC New Jeevan Anand 815 Benefits
Maturity benefits and Death benefits are Provided under LIC Jeevan Anand Benefits
- Maturity Benefit isSum Assured + Simple Reversionary Bonus + FAB(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 + FAB(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 the nominee. Death benefit paid should be more than 105% of total premiums paid as on the date of death.
Additional Information about Jeevan Anand Policy
Risk Coverage: Till end of Term of the Policy.
Date of Commencement of Risk: In the 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 Reduction: Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns
Housing Loan Surety: Under LIC Jeevan Anand Plan Housing Loan Security is available.
Riders available: Rider Benefits are available under this LIC Jeevan Anand benefits.
Policy Revival: Policy can be revived for 2 years from the date of First Unpaid Premium (FUP).
Suicide Clause: If insured commit suicide before 12 months he will be returned 80% of premium what he paid.
Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.
GST TAX: 1ST Year 4.5% GST, after 1st year 2.25% GST tax is applicable under this Jeevan Anand 815.
Back-dating interest: The policies can be dated back within the same financial year.
Assignments/Nominations: assignment and nominations are possible under this plan
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