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LIC's Jeevan Anand policy plan relaunched
Features and Benefits of New Jeevan Anand Policy Plan
Minimum and Maximum entry age: Entry age to invest in the policy can be in between 18 yrs-50 yrs. However, at the maturity of the policy, age of the policyholder should not exceed 75years.
Policy term: Policyholder can subscribe in the new Jeevan Anand life insurance plan for a minimum and maximum tenure of 15 years and 35 years respectively.
Sum Assured: While minimum basic cover or Sum Assured for the policy is Rs. 1Lakh there is no cap on the maximum amount.
Benefits
Death Benefit: In case of death of the insured during the policy term, death benefit will be provided as Sum Assured on Death together with Simple Reversionary Bonuses and Final Additional bonus, if any. Sum Assured on Death will be greater than 125% of Basic Sum Assured value or 10 times the annualized premium. The offered death benefit shall not be lower than 105% of the total premiums paid as on the date of death of the insured. Note: Premium is not inclusive of extra premium, rider premium or service tax.
Maturity Benefit: At the maturity of the policy, the insured is entitled to receive Basic Sum Assured together with vested simple reversionary bonus and final additional bonus if any as a lump sum payment.
Optional Benefit with Disability and accidental benefit rider: By paying extra premium for the available rider options, insured becomes entitled to additional sum assured value in the unfortunate event of becoming permanently disabled due to an accident (within a time of 3 months from accident date) or meeting death on account of an accident.
Other benefits:
Liquidity: Jeevan Anand policy plan takes care of the liquidity needs of the policyholder by allowing the facility of loan on the policy. However, for the policyholder to be eligible for loan facility, policy must have acquired a surrender value.
How is the new Jeevan Anand Plan different from the earlier version?
In the earlier plan, on death of the insured before the policy term, nominee of the policy is entitled to receive Sum Assured plus Reversionary Bonus. While in case of death of the insured after the policy maturity term, he shall receive only additional Sum Assured value. However, in the relaunched edition of the Jeevan Anand insurance plan, nominee of the policy in case of death of the insured during the policy term, shall be entitled to receive death benefit as 'Sum Assured on Death' together with Simple Reversionary Bonuses and Final Additional bonus, if any. Criteria for minimum value of ' Sum Assured on Death' has been specified earlier.
Further, while the earlier version of LIC's Jeevan Anand included critical illness rider option, the new plan includes only 2 basic riders for accidental death and disability.
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