LIC Jeevan Anand Features, Benefits and Eligibility

Death is unpredictable. It can get you in the most unpredictable moments of your life and the death of an earning member makes the whole family suffer both emotional and economic loss. While the personal loss could not be lessened, the economic loss could be cared for by taking the right financial steps. Now, you can safeguard the interest of your entire family while securing your own financial future with the help of LIC’s New Jeevan Anand Plan. While you could not deal with the unpredictability of life, you could at least be armored to face all its hidden challenges. This great non-linked plan offers an appealing combination of life protection and savings. With right investments, you could secure your family members against much economic hardships and present them with a secure future. If you are lucky and are able to enjoy a long mortal life then by investing in this policy you are also able to secure your own financial future along with your close ones.

LIC New Jeevan Anand is an innovative plan that comes into effect right after the first policy payment. The policy provides fiscal protection against death throughout the lifetime of the policyholder. Besides, if the policyholder survives then he/she is awarded complete lump sum payment at the completion of the selected policy term. Moreover, with an additional monthly payment, you can also secure your family against accidental death and disability.

LIC Jeevan Anand Policy

So, make an intelligent decision and step forward to embrace a secured future. With the help of LIC Table 815 plan, you would always be ready to face all the challenges of life and experience a safe and secured financial future.

Jeevan Anand Maturity Benefits

LIC re-launched Table 149 as New Jeevan Anand Table 815, which comes with a host of maturity benefits and is designed to suit the changing economic conditions of the end period. The Maturity Benefits provided by this insurance plan differs according to the plan chosen. They primarily include Basic Sum Assured along with vested Simple Recessionary Bonuses and Final Additional Bonus if any. Any policyholder who has paid all the premium amounts till the very end of the policy term can enjoy these benefits and live a comfortable old life.

To avail the manifold maturity benefits of LIC Table 815, the policyholder is advised to pay all the premium amounts on time.

Death Benefit in Jeevan Anand

LIC’s New Jeevan Anand provides a single lump sum amount payable to the beneficiary on behalf of the deceased Jeevan Anand policyholder. The death benefit could also be termed as survivor benefit as it is basically meant for the survivor of the annuitant. The policy provides an opportunity for the policyholder to financially secure his/her family in the case of an untimely demise. To benefit from the scheme the policyholder would have to pay all the premiums on time. The death benefits come into effect right after the first premium payment.

The basic death benefits include:

On Death during the Policy Term: If the policyholder suffers an untimely demise then his beneficiary would get a lump sum beneficiary amount also known as a death benefit. The death benefit would include “Sum Assured on Death” along with vested Simple Reversionary Bonus. Final Additional bonus, if any would be paid along with the Sum Assured on Death. Here “Sum Assured on Death” would be a percentage higher than 125% of Basic Sum Assured or would be equal to 10 times of annualized premium. The death benefit would be in excess of 105% of all the premiums paid as on date of demise.

Service tax, extra premium and rider premiums (if any) would not be counted in the above-mentioned premiums.

On the death of policyholder at any time after policy term: If the policyholder suffers an untimely demise after the completion of the policy period then his/her beneficiary would get the Basic Sum Assured.

On the demise of the policyholder at any time after policy tenure: If the policyholder undergoes an untimely demise after the conclusion of the plan tenure then the beneficiary would receive the Basic Amount Guaranteed.

For Example:-

Sanjay wants to opt for LIC Jeevan Anand policy. The term period for the policy is 20 years and the assured sum is of 6,00,000 after the completion of the policy. So, Sanjay has to pay an amount of 30,000 annually.

After the policy comes into effect, there could be two scenarios-

  1. Sanjay unfortunately demises. The LIC plan comes into play and the nominee of the policy after the death of Sanjay(policyholder) will get more than  125% of the sum assured (i.e. 125% of 6,00,000=7,50,000+Added Bonus).
  2. Sanjay completed the LIC Period and the LIC policy is matured. The maturity sum of 12,00,000 will be paid to Sanjay.

Optional Benefits

LIC’s New Jeevan Anand policy provides optional benefits in the form of accidental death and disability benefit to aid the policyholder along with his/her beneficiary. This is an optional rider.

LIC’s Accidental Death and Disability Benefit Rider: Any policyholder of this scheme could benefit from the LIC’s Accidental Death and Disability Benefit Rider by paying an additional premium in the course of the policy term. This plan is specifically designed for people who work in accident-prone zones. This rider provides two kinds of benefits

Death due to Accident: If the policyholder suffers an accidental death during the course of the policy period then his/her beneficiary would be provided Accident Benefit Sum Assured as a lump amount along with the death benefit under the basic plan.

Permanent Disability due to Accident: If the policyholder suffers a permanent disability due to an accident then an amount equal to the Accident Benefit Sum Assured would be paid in equal monthly installments spread over a 10 year period. Moreover, the future premiums for Accident Benefit Sum Assured along with premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy shall be waived. However, the policyholder would have to claim his disability within a 180 day period from the date of the accident to avail this rider.

Jeevan Anand Bonus

LIC’s New Jeevan Anand policy provides the bonus to the policyholders in the form of participation in profits. LIC believes its policyholders to be members of its family and is happy to share its profits from time to time in the form of additional benefits. These bonuses come under two categories- Simple Reversionary Bonuses and Final (Additional) bonus.

Simple Reversionary Bonuses: Under the declaration of LIC’s Jeevan Anand, the policy would participate in the profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during the policy term provided the policy is in full force. Hence, the policyholders could look forward to bonuses while enjoying the security of life.

Final (Additional) Bonus: This is a final onetime lump sum bonus that may be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run the specified minimum period.

Eligibility Criteria for LIC Jeevan Anand

Minimum Age at entry18 years
Maximum Age at entry50 years
Minimum sum assuredRs. 10,00,000
Maximum sum assuredNo limit on the maximum basic sum assured
Minimum policy terms15 years
Maximum policy terms35 years
Maximum maturity age75 years

Payment of Premiums

The company provides convenient options for premium payments. The policyholder could pay his/her premiums on a twelve-monthly basis, six monthly bases, trimestral basis or on a monthly basis (with the methods of ECS or through wages deductions) over the Policy Tenure.

Revival:

The LIC Table 815 policy is subjected to lapse if the premiums are not paid in a timely manner. However, the company provides a facility of revival so that the policyholders could once again benefit from this double benefit plan. The life assured could revive the policy within a 24 month period from the date of the first unpaid premium. However, he/she would have to pay all the interim premiums along with interest rates that are liable to change conferring to company’s revised terms and conditions.

Income Tax Benefits in Jeevan Anand

  1. Tax benefit-Under section- 80Cof the Income Tax Act, 1961, the life insurance premiums that you pay during any financial year are exempted from your taxable
  2. As per Section 10(10D) of the Income Tax Act1961, any sum received under a Life Insurance Policy, including the sum allocated by way of bonus on such policy is exempt from tax whether received from India or any Foreign Company.

Loan Against Jeevan Anand

The new Jeevan Anand holder can avail the facility of loan against the plan after the policy has attained a specific surrender amount. This loan policy is subjected under the LIC’s terms and might change over time.