LIC’s New Jeevan Anand Plan

Death Benefit

In case of death of the life assured before the end of the stipulated policy term, the sum of Sum Assured on Death, vested Simple Reversionary Bonuses and Final Additional Bonus is payable, provided the policy is in-force. Sum Assured on Death is higher of 10 times of annualized premium or 125% of the Basic Sum Assured. The death benefit is not less than 105% of the total premiums paid as on the date of death.
 

In case of death of the life assured after the end of the stipulated policy term, the Basic Sum Assured is payable, provided the policy is in-force.

Maturity Benefit

In case of survival of the life assured till the end of the policy term, the basic sum assured along with vested Simple Reversionary Bonuses and Final Additional Bonus is payable, provided the policy is in-force.

Bonus

Simple Reversionary Bonuses is declared annually at the end of each financial year. When declared, it becomes a part of the guaranteed benefits of the plan. This bonus is added from the date of commencement of the policy until death or completion of the policy term, whichever occurs earlier. Final Additional Bonus may also be declared on death or maturity during the term of the policy, provided the policy is active for certain minimum term.

Loan Benefit

Loan amount can be availed, provided all the premiums have been paid for at least 3 full policy years.

Surrender Value

Surrender value can be acquired at any time, provided all the due premiums for at least 3 full policy years have been paid. The guaranteed surrender value is a percentage of the total premiums paid. The surrender value of vested simple reversionary bonuses is also payable. The Special Surrender Value is payable, when it is favorable to the policyholder. The Special Surrender Value is the discounted value of the sum of Paid-up Sum Assured and vested simple reversionary bonuses.

Tax Benefit

This policy provides tax benefits as specified under the Income Tax Act, subject to change in tax laws.

LIC’s Accidental Death and Disability Benefit Rider can be opted under this plan, on payment of additional rider premium.

Let’s understand the plan with the help of below illustration.
 

Mr. Raman at 30 years, wants to buy a plan that provides both savings and protection. He opts to buy LIC’s New Jeevan Anand with the policy term of 35 years, pays the annual premium of Rs 3,165 with the basic sum assured of Rs 1 Lac.
 

Scenario A: Raman Survives through the Policy Term

If Mr. Raman survives till the end of the policy term, Rs 1 Lac plus vested Simple Reversionary Bonuses and Final Additional Bonus is payable. The maturity benefit can be used to achieve your financial goals.
 

Scenario B: Raman dies during the Policy Term

In the event of demise of Mr. Raman during any policy year, Rs 1 Lac along with vested Simple Reversionary Bonuses and Final Additional Bonus is payable. This death benefit ensures the financial security for his family.
 

Benefit Illustration

Note: The non-guaranteed benefits as illustrated above are calculated at Projected Investment Rate of Return of 4% per annum (Scenario 1) and 8% p.a. (Scenario 2) respectively.