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 emotionally and financially. 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 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.
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 to the very end of the policy term can enjoy these benefits and live a comfortable life.
Maturity Benefit= Basic Sum Assured + Vested Simple Recessionary Bonuses + Final Additional Bonus
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.
Death Benefit= Sum Assured on Death + Vested Reversionary Bonus + Final Additional Bonus
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.
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-
- 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).
- Sanjay completed the LIC Period and the LIC policy is matured. The maturity sum of 12,00,000 will be paid to Sanjay.
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 entry||18 years|
|Maximum Age at entry||50 years|
|Minimum sum assured||Rs. 10,00,000|
|Maximum sum assured||No limit on the maximum basic sum assured|
|Minimum policy terms||15 years|
|Maximum policy terms||35 years|
|Maximum maturity age||75 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, or on a monthly basis (with the methods of ECS or through wages deductions) over the Policy Tenure.
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 the company’s revised terms and conditions.
Income Tax Benefits in Jeevan Anand
- 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
- As per Section 10(10D) of the Income Tax Act, 1961, 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 to the LIC’s terms and might change over time.
LIC Jeevan Anand with Example Chart
To understand the LIC Jeevan Anand Policy, an example of both maturity benefit and the death benefit is explained through a LIC New Jeevan Anand chart that will provide you with an overview of how you will be paid for the availing this policy year wise
Rahul is availing the LIC Jeevan Anand Plan for himself and paying a monthly Premium of Rs. 3614/- for the LIC Jeevan Anand policy. The following Jeevan Anand Chart shows the benefit that is provided to him for both maturity and death claims-
Maturity Claim Benefit
When calculating the maturity amount, we have to assume that Rahul never took a loan and has paid all premium on time. The following chart will show us the maturity amount for the monthly premium paid by Rahul-
|Age at Maturity||46|
|Sum Assured (A)||1000000|
|Bonus (Approx) (B)||1675000|
|Total Maturity (A+B)||2675000|
The above Jeevan Anand Chart shows Rahul who availed the policy when he was 18 for a period of 25 years. The policy maturity year is 2044 when he will be 46 years of age. When we add all the premium paid by Rahul the amount comes out to be Rs.10,84,200/- and the maturity amount is Rs 26,75,000 so the overall ROI is 146.73% which is very good and this is the reason for this policy to be one of the best selling policy of LIC. Another benefit of this policy is that the after maturity the risk covered will still be in effect meaning the risk covered amount after maturity, in this case, will be Rs. 10,00,000/-.
Death Claim Benefit
LIC Jeevan Anand Policy will provide the death benefit which will be equal to the 125% of Sum Assured + Bonus + Final Addition Bonus (FAB) is paid to the nominee and it is indicated as Normal Life Cover. In case of accidental death, an additional amount equal to the sum assured is also added to the death claim amount which is called Accidental Life Cover. The following Jeevan Anand Chart shows you the Normal Life Cover and Accidental Life Covers-
|Year||Age||Normal Life Cover (Approx)||Accidental Life Cover (Approx)|
The above calculation is approximate value and can vary year to year. The Bonus & Final Addition Bonus are subject to change and is decided by the corporation.
You can also see the same example for the premium paid for the same sum assured. The premium paid for the LIC Jeevan Anand policy is Rs. 41,874/- which is paid yearly. The following LIC Jeevan Anand Chart will show you the Normal Life Cover and Accidental Life Covers when the policy premiums are paid yearly-