Save Rs135 per dayand get Rs1733600: LIC Jeevan Anand

£12,000.00

Pay Rs 12000 for 3 Months.

Save Rs.135 per day (4000/ month) for 20 yrs (Calculate with your age), and get a bulk amount of Rs.1733600 at Age:40 (Calculate with your age). Pay Rs 12000 for 3 Months.

Save Rs.135 per day for 20 yrs (Calculate with your age), and get a bulk amount of Rs.1733600 at Age:40 (Calculate with your age). Pay Rs 12000 for 3 Months.

Jeevan Anand Policy help in creating a savings corpus while at the same time providing insurance coverage. LIC New Jeevan Anand is one such endowment policy which provides you with a combination of insurance and risk-free returns under the same plan. Let’s understand the plan in details –

Overview of LIC New Jeevan Anand Plan

LIC’s New Jeevan Anand is a participating endowment assurance plan which creates a corpus for your financial needs. The plan also promises insurance coverage during the tenure which takes care of your protection needs.

Key features of LIC New Jeevan Anand Plan

Here are some of the salient features of LIC’s New Jeevan Anand policy which you should know –

  1. Being a participating plan, Jeevan Anand earns simple reversionary bonuses throughout the term of the policy. Moreover, on maturity or death, a final additional bonus might also be paid
  2. There is an optional rider benefit which you can choose for a wider scope of coverage
  3. Premiums are payable throughout the term of the policy
  4. You get premium discounts which reduce the premium rate
  5. Loans are available under the plan which provides you liquidity if you need funds

Benefits offered by LIC New Jeevan Anand Plan

Here are the benefits available under LIC New Jeevan Anand policy –

  1. Maturity benefit
    If the chosen term of the plan comes to an end and the insured is alive, a maturity benefit is paid. This benefit is the sum assured paid along with the vested reversionary bonuses and any final additional bonus.
  1. Death benefit
    In case of death of the insured during the coverage period, the sum assured on death is paid along with the vested reversionary bonuses and a final additional bonus. The sum assured on death is either 125% of the sum assured you chose or 10 times the annual premium, whichever is higher. Moreover, the death benefit would not be below 105% of total premiums paid.
  1. Bonus
    The plan participates in the profits earned by LIC in a financial year. When LIC declares a bonus, such reversionary bonuses are added to the sum assured of the policy. Furthermore, a final additional bonus is also paid with the maturity or death benefit.
  1. Rider
    LIC New Jeevan Anand plan offers LIC’s Accidental Death and Disability Benefit Rider. This rider covers instances of accidental deaths and disablements. In case of accidental death of the insured, an additional rider sum assured is paid with the death benefit. If, on the other hand, the insured becomes disabled in an accident, the rider sum assured is paid in monthly installments for the next 10 years and the subsequent premiums are also waived off.
  1. Premium discounts
    You can avail of two types of premium discounts under the policy. The first discount is the modal discount which is allowed if you pay premiums annually or half-yearly. The discount for annual premium is 2% and for half-yearly premiums is 1%. The second discount is for choosing higher coverage levels. The discount rates under this category depend on the sum assured that you choose. They are as follows –
Amount of sum assured The applicable rate of discount
INR 200,000 to INR 495,000 1.50% of the sum assured
INR 500,000 to INR 995,000 2.50% of the sum assured
INR 10,00,000 and above 3% of the sum assured

Eligibility criteria for LIC New Jeevan Anand Plan

Age at entry 18 years to 50 years
Maximum age at maturity 75 years
Term of the plan 15 years to 35 years
Sum assured Minimum – INR 1 lakh

Maximum – no limit

Premium paying term Equal to the policy term
Premium amount Depends on age, the sum assured and term

Sample premium rates of LIC New Jeevan Anand Plan

Here are the sample premium rates which are payable for buying LIC New Jeevan Anand Plan at different ages and for different policy terms. The sum assured is taken to be INR 5 lakhs and the premiums are assumed to be paid annually.

Age of the insured Term 15 years Term 25 years Term 35 years
20 years INR 26,235 INR 9207 INR 2176
30 years INR 27,901 INR 10,408 INR 3327
40 years INR 30,718 INR 12,686 INR 5679

Other LIC New Jeevan Anand policy details

  1. Paid-up value
    If you have paid the premiums for at least the first three years of the policy, the policy acquires a paid-up value. If the future premiums are waived off, you would not lose out on the plan benefits. In that case, the policy would continue at a reduced paid-up value. The sum assured would be reduced and would be calculated as follows –Paid-up sum assured = (number of premiums paid / number of premiums payable) * sum assured

    This sum assured would be used to calculate the maturity and death benefits. Moreover, the bonuses which vested before the policy became paid-up would also be paid.

  1. Surrender value
    If the policy has acquired a paid-up value, you can surrender the plan and avail the surrender value if you do not want to continue with the coverage. The surrender value will be higher of the guaranteed surrender value or special surrender value. The guaranteed surrender value would be calculated as the aggregate surrender value of premiums paid and bonuses earned. The special surrender value, on the other hand, would depend on LIC and would be determined from time to time.
  1. Revival
    You can revive a lapsed policy provided the revival is done within 2 years from the date of lapse. To revive, the outstanding premiums would have to be paid along with a proof of insurability.
  1. Loan
    Loans are available only if the first three years’ premiums have been paid. The quantum of the loan depends on the surrender value acquired by the plan.

Tax implications of LIC New Jeevan Anand Plan

The premiums paid towards buying LIC New Jeevan Anand policy would be considered as a tax-free deduction under Section 80C of the Income Tax Act. You can claim a maximum deduction of INR 1.5 lakhs on the premiums paid.

The benefit received from the policy would also be tax-free in your hands. Section 10 (10D) of the Income Tax Act allows the full amount of benefit to be exempted from tax.

How to buy LIC New Jeevan Anand Plan?

You can buy the policy through our website we will issue insurance for you at the earliest possible time.

However, if you wish to buy any other endowment plan, you can do so from LICBuxar.com itself. The process of buying online from LICBuxar.com is easy and hassle-free. You would just have to provide your details like your age, gender, income, the sum assured, etc. and you would be shown a list of endowment plans. You can compare the available plans and then buy the best endowment policy for your needs. Premiums would have to be paid online and the policy would be issued quickly.

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