The Most reliable and popular Government Insurance Company Life Insurance Corporation of India has launched a new plan namely New Jeevan Anand Plan which is a combination of endowment and whole life policy. The policy provides insurance cover for entire life and provides high bonus facility with liquidity facility incorporated and saving points. While this policy is a new avatar of Jeevan anand plan, let’s have a look on the key features of this policy.

Basic Eligibility Conditions and key Features

  • Age of entry:   Minimum:  18 years,  Maximum:  50 years
  • Policy term:   15 and 35 years
  • Sum Ensured:  A minimum of 10,00,00 with no maximum limit.
  • Premium Paying Modes:  monthly, quarterly, half-yearly and yearly.
  • Maximum age of maturity:  75 years (nearest Birthday).

A rebate of 2% is given on yearly premium and a rebate of 1% is given on half-yearly premium.
Benefits of New Jeevan Anand LIC Policy

Death benefit: During the policy period the nominee will receive Sum assured + accrued simple reversionary bonus + final additional bonus.
In case of death after the period only the sum assured will be paid.
Maturity benefit: the policyholder will receive the basic sum assured + accrued simple reversion bonus + FAB.
Other Additional features 
  • New jeevan Anand policy offers loan facility, while risk coverage is provided till the end of period policy.
  • Accidental death and disability benefit rider are available under this scheme.
  • The scheme also provides house loan surety to the policyholder.
  • In case of suicide within one years of the date of commencement, the policyholder will be paid 80% of the premium he has paid.
  • The insurance company will pay the guaranteed surrender value to the policyholder of 30% of the total premium – 1st year’s premium. But if the policyholder surrenders before 3 years, he will not be paid any value.
Sum assured on death: Under this scheme, the Nominee will receive 125% of the basic sum assured or 10 times of the basic premium he has paid annually. Benefit paid should be higher than 105% of the total premiums paid.

For better understanding, here is an example: Suppose if mohsin had taken this policy with Rs. 10,00,00 as sum assured with 21 years policy period, while he pays annually a premium of Rs. 10,000. Then in case of his death in the middle of the policy, the nominee will receive 125% of the total sum assured, i.e. equal to Rs. 125,000 or he will get 10 times of the premium mohsin paid annually, i.e. equal to 10,00,000.Now the nominee will get the higher amount which is 1.25 lakhs.
This policy is the new version of Jeevan anand plans which is one of the most selling insurance policies. It is also a double death benefit policy, which means that the policy will be covered not only till the policy term but also till the death of the policy holder. In simple terms, whenever the policy holder dies, whether in between or after the policy period, the nominee will receive the desired amount with the former conditions.
See also  Are you protecting your financial consequences or contributing to agent’s wealth?