LIC New Jeevan Anand – Whole Life Plan

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LIC New Jeevan Anand Plan is a whole life non-linked insurance plan by LIC of India that provides a good mixture of safety and financial savings. This blend offers financial protection from death all over the lifetime of the insurance policy holder with the arrangement of payment of lump sum at the end of the chosen policy time period in case of his / her surviving. This scheme also takes care of liquidity requirements by way of its policy loan facility.

Jeevan Anand Death Benefits:

Death benefit : If all due premiums have already been paid, the following death benefit shall be paid to the policy holder:

On Death while in the policy term: Death benefit, described as total of Sum Assured on Death and accumulated simple reversionary bonuses as well as Final Additional bonus, if there are any, shall be payable. In which, Sum Assured on Death is explained as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This amount shall not be less than 105% of all the premiums paid as on date of death.

The premiums described above don’t include service tax, additional premium and rider premiums, if there are any.

On death of insurance policy holder any time after policy maturity: Basic Sum Assured shall be payable to nominee.

New Jeevan Anand Features

  • LIC New Jeevan Anand is Great blend of Endowment & Whole Life plan
  • Perfect for Normal Savings & Life long Cover
  • Can easily be aligned correctly with your family goals with its wide option of time period.
  • Life insurance cover to the extent of 1.25 times of Sum Assured as well as Bonus additionally Final Additional Bonus (as applicable) for the term chosen. Afterwards whole life insurance cover for the amount equal to sum assured.
  • Maturity: At the end of the premium term, full Sum Assured in addition accumulated bonus and Final Additional Bonus (as applicable) will be paid to the policy holder.
  • Optional Benefit: LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider.
  • Premium paid are Tax Exempted u/s 80 C & the Maturity amount is Tax Free u/s 10 (10) (D).

Eligibility Conditions

Particulars Min Max
Age   18 50
Policy Term 15 Yrs 35 Yrs
Sum Assured Rs. 1 Lakh No Limit
Premium Mode Yly, Hly, Qly,
Mly, SSS
whole life insurance plan Jeevan Anand

Benefit illustration

Illustration specially prepared for Mr. Ganesh  (age 24 years)
Benefits Illustration LIC Endowment Plan 
Sum Assured Rs. 8,50,000
Term 25 years
Premium Mr Ganesh’s Monthly premium under this policy is Rs. 3,204. In 25 years he will pay a total of Rs. 9,45,072.
Jeevan Anand Maturity Benefits:
Policy Year Guaranteed  Bonus Total
25 8,50,000 14,23,750 22,73,750
Life cover In this policy his life cover will start at Rs. 11,04,150. By virtue of bonus getting added every year, his risk cover will grow to Rs. 24,86,250 when his age will be 49. Thereafter a cover of Rs.8,50,000 will continue for lifetime
Liquidity He has an option to surrender the policy & receive the cash value after payment of premiums for 3 years. Alternately, he can even avail of loan on this policy once the policy has acquired cash value.
Tax Saving Mr Ganesh can save a tax of Rs. 11,465 under Sec.80 CCE, against every premium paid

imp-note

Whole life insurance plan by LIC

Important Note:

  • Income Tax: Sec. 80C Limit Available: 1,50,000. Tax Savings on premiums will be @ 30.90 % u/s 80C
    Projections: Bonus: Last declared reversionary bonus has been considered for the purpose of projected Riskcover and Returns. Terminal Bonus: Last declared terminal bonus of their respective Age and Returns shown are at the end of the specific year.
  • The above mentioned illustration is depending on specific presumptions which are likely to change based on Government/Corporation’s policies.
  • The figures shown are in Indian Rupees.
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4 COMMENTS

  1. Hi, im 37 yrs,suggest me regards BEST PENSION lic plan which premium is like to b RECURRENT DEPOSITS ECS PREMIUMS type yearly (maximum premium 50000/yearly) wt my-self life time pension benefits /after my life > SPOUSE-LIFE LONG PENSION BENEFITS… cl me. ( I STRICTLY HATE/AGGRESSIVE AND AGGRESSIVE ONCE AGAIN ON THOSE WHO R GIVES WRONG/HIDE ADVISE FOR DER SELFISHNESS BENEFITS COMMISSION )

  2. I am 4o year old & working as teacher in government school i want pension plan as well as health protection & tax benefit, which policy is good for me ,

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