New Jeevan Anand Plan – UIN: 512N279VO1

New jeevan anand logoNew Jeevan Anand is a very popular LIC plan due to an exclusive feature by which it provides an extra risk cover throughout lifetime of the policyholder. On survival, the person gets the maturity amount & still stays insured with a life cover throughout the remaining life. It is purely an investment plan with good returns & life cover. 

Apart from being paid the full maturity sum at the end of the policy term, the New Jeevan Anand Plan continues to cover your life risk. Anybody who is looking for an accident insurance, New Jeevan Anand policy is going to serve your purpose, along with working as an investment plan too.

 

Plan Features

Min/Max Age at Entry  18 to 50 Years
Min/Max Policy Term  15 to 35 Years
Maximum Maturity Age  75 Years
Maximum Cover Ceasing Age  70 years
Min/Max Sum Assured  1 Lac to No Limit** (Incremental Sum Assured in multiples of 5000)
Tax Rebate  Yes, both premium payments & death/maturity under section 80(c) and 10(10d) of I.T Act
Loan Facility  Yes, after 3 years from date of policy inception, house loan surety on the basis of the Policy.
Premium Payment  Monthly ECS*, Quarterly*, Half-Yearly & Yearly

*There are no rebates in these payment modes since a 1% & 2% rebate is provided in half-yearly & yearly modes respectively.

** Depends on Income

 

Benefits of New Jeevan Anand Plan

  • On Maturity – If the policyholder survives till the end of the policy term then he/she would be eligible to claim the Maturity Benefits which are payable at the end of the maturity term.
Includes Basic Sum Assured + Vested Simple Reversionary Bonus (Depends on Company’s Experience) + FAB (Final Additional Bonus, if any)

 

  • On Death – New Jeevan Anand Plan covers the entire life of the policyholder so there will be two situations of death of the insured, death during the term of the policy and death after the term of the policy. Different benefits are received in each case.

 

Death during policy term If policyholder dies before the policy term comes to an end, then the nominee will be eligible to claim death benefit amount payable on the death of the policyholder. The Policy would close thereafter.

Includes 125% of Basic Sum Assured or 10 times Annualized Premium* (whichever is higher) + Vested Simple Reversionary Bonus (Depends on Company’s Experience) + FAB (Final Additional Bonus, if any).

 

The sum assured on death can not be less than 105% of the total premiums paid by the policyholder till the date of the death.

*Premium means amount excluding taxes, rider premiums and extra premium.

 

Death after policy term – If the person whose life is insured dies after the policy term has come to an end, then the nominee will get the Basic Sum Assured and the policy will close.

 

Accidental Death and Disability Riders

  • This is an optional benefit which can be added to the policy by paying additional premium.
  • In case of accidental death of the policyholder double of sum assured is payable (Max Rs 50 lac).
  • The maximum age for accidental death cover is 70 years.
  • In case of permanent disability after an accident, within the time period of 180 days from the precise date of accident, the policyholder would be paid the Accident sum assured in equal monthly instalments spread out over 10 years.
  • All the future premiums of the Basic and Accident Benefit Sum assured of the New Jeevan Anand Plan would be waived off.

 

Grace period & Revival Policy

Grace period – For monthly mode of premium payment a grace period of 15 days is given to make the payment. For Yearly, Half-yearly and Quarterly mode of payment a grace period of 30 days is allowed in case the policyholder has been unable to pay the premium on the due date.

Revival – If the premium is not paid on time and the grace period lapses as well without the payment being made, then the policy expires. However, the policy can be revived at any time during the policy term within a period of 2 years from the last premium paid & before maturity.

 

Surrender & Suicide Cases

Surrender – The policyholder is free to surrender the policy at any given time of the policy term. However, if you happen to surrender the policy before the completion of three years, you will not be eligible to get any sum in return. If you surrender after paying regularly for three policy years, a guaranteed surrender value which is 30% of all the premiums after the deduction of the first year’s premium will be paid.

Suicide – If the policyholder happens to commit suicide before a year from the commencement of the policy, then 80% of the premiums would be returned with the exclusion of tax and extra premiums.

 

Documents Required

  • Plan application form with a photograph
  • Residence proof
  • ID & Age proof
  • Medical reports if necessary

 



Disclaimer – Though we try our best but we do not guarantee correctness of information hence you are advised to be cautious & do thorough research before reaching to a conclusion. If you find any discrepancies you’re welcome to contact us.