At LIC, they understand your world and develop their insurance plans to keep your happiness untouched. The company offers so many life insurance plans to choose from. Whatever be your financial requirement, LIC has that one plan just made for you. The LIC Jeevan Anand Policy is one of their most popular endowment plans and it is the right blend of endowment and whole life insurance facility. It also comes with bonus facility. It provides risk cover to the policy-holder even after policy maturity till 100 years of his/her age. Beside this, the plan offers double accidental benefit in case of accidental death up to 70 years of age.
In the following article we will try our best to sum up a comprehensive detail of the LIC Jeevan Anand Policy along with the benefits coming with it.
LIC Jeevan Anand Policy is an endowment plus whole life plan. At the time of maturity, the insured person will get sum assured and accrued bonus but still the person will enjoy life cover for up to 100 years of age. If the policy-holder dies after policy maturity, the beneficiary will receive only sum assured as death benefit. Death benefit before policy maturity consists of sum assured and accrued bonus. Bonus applied in this plan is of simple reversionary type.
This plan also includes accidental death and disability benefit features making it more attractive. You can go for higher cover by adopting one additional rider of critical illness benefit. If your occupation falls under the ‘hazardous occupation’ category, then you may have to pay additional premium. With LIC Jeevan Anand Policy, you can enjoy sensible tax rebate as per Section 80C of Income Tax Act and on maturity as per Section 10D of IT Act.
Eligibility and Conditions:
Any person aged between 18 to 57 years can enter the LIC Jeevan Anand Policy. Minimum sum assured has to be Rs.1,00,000 and there is on upper limit for maximum sum assured. Policy term ranges between minimum 5 years to maximum 35 years. Premium payment term year is equal to the policy term. The plan gets maturity when you complete 75 years of your age. You can pay your premium through multiple payment options like monthly (ECS only), quarterly, half-yearly and yearly.
This insurance plan comes with premium calculator facility. All you have to do is to submit your age, term of policy and sum assured in a prescribed format. Then it will give you the exact premium you have to pay towards the plan. You must calculate the premium before you plan your investment as this will give you a clear idea on your financial affordability.
On Occasion of Surrender:
The LIC Jeevan Anand Policy can be surrendered for cash after completing full premium payment for 3 years. It offers guaranteed surrender value which is a percentage of total amount paid after deducting extra premiums or rider premiums if these options were chosen. The percentage depends on the policy term and policy year in which the plan was surrendered.
Policy Lapse and Revival:
In this plan, if you don’t pay policy premiums within the grace period then the policy will lapse. Grace period for all payment modes is 30 days and it is 15 days for monthly payment mode. You can revive your policy within the given time frame by paying due premiums along with the interest.
There is loan facility available against the LIC Jeevan Anand Policy provided it has reached a surrender value. If you wish you can opt for a loan after completing some years of policy term.