LIC’s New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
New Jeevan Anand – UIN 512N279V01
New Jeevan Anand (Plan-815) Endowment
Premium Payment Mode – Yly, Hly, Qly, Mly(ECS or SSS)
Mode and High S.A. Rebates
Yearly mode – 2% of Tabular Premium
Half-yearly mode – 1% of Tabular premium
Quarterly & Monthly – NIL
High Sum Assured Rebate
Basic Sum Assured (B.S.A) Rebate (Rs.)
1,00,000 to 1,95,000 – Nil
2,00,000 to 4,95,000 – 1.50 ‰ B.S.A.
5,00,000 to 9,95,000 – 2.50 ‰ B.S.A.
10,00,000 and above – 3.00 ‰ B.S.A.
Policy Term 15 years to 35 Years
Premium Paying Term 15 years to 35 Years
Minimum Entry Age 18 years (completed)
Maximum Entry Age 50 years (nearest birthday)
Maximum Maturity Age 75 years (nearest birthday)
Minimum Basic Sum Assured 1,00,000
Maximum Basic Sum AssuredNo upper limit
Optional Rider LIC’s Accidental Death and Disability Benefit Rider, LIC’s New Term Assurance Rider
New Jeevan Anand Policy Benefits
On Death New Jeevan Anand Life Insurance Plan:
Provided all due premiums have been paid, the following death benefit shall be paid:
On Death during the policy term: Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death. The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
On death of policyholder at any time after policy term: Basic Sum Assured
On Maturity New Jeevan Anand Life Insurance Plan:
“Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any.
The policy can be surrendered provided at least three full years’ premiums have been paid
Loan can be availed under the policy after payment of premiums for atleast 3 full years.
The amount of Service Tax payable as per the prevailing rates shall be payable by the policyholder on premiums payable under the policy, which shall be collected separately over and above in addition to the premiums payable by the policyholder
Illustrations with Example
To understand New Jeevan Anand Plan, Lets take an example of a person who is purchasing New Jeevan Anand Plan with following details.
Plan: New Jeevan Anand
Sum Assured: Rs. 5,00,000
Policy Term: 20 Years
Premium Paying Term: 18 Years
Policy Purchase Year: 2015
Age: 28 Years
|Annual Premium 29,084
Base PremiumEndowment (27,832)
*Tax on Base Premium 1,252
|Half Yearly Premium 14,697
Base PremiumEndowment (14,064)
*Tax on Base Premium 633
|Quarterly Premium 7,426
Base PremiumEndowment (7,106)
*Tax on Base Premium 320
|Monthly Premium 2,476
Base PremiumEndowment (2,369)
*Tax on Base Premium 107