LIC New Jeevan Anand
LIC’s New Jeevan Anand Plan is a Non-linked, Participating, Individual, Life Assurance plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
Death Benefit-
Provided all due premiums have been paid, the following death benefit shall be paid
On Death during the policy term i.e. before the stipulated Date of Maturity:
Death benefit, equal to “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable; where, “Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of total premiums paid up to date of death.
The premium mentioned above exclude taxes, extra premium and rider premium(s), if any.
On death after expiry of the policy term i.e. from the stipulated Date of Maturity:
Basic Sum Assured shall be payable.
Benefits payable at the end of Policy Term -
On Life Assured surviving to the stipulated Date of Maturity, provided the policy is in-force, i.e. all due premiums have been paid “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable; where “Sum Assured on Maturity” is equal to Basic Sum Assured.
Participation in Profits-
The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses de cleared as per the experience of the Corporation during policy term provided the policy is in- force.
Final Additional Bonus may also be declared under the policy in the year when the policy results into a claim by death during the policy term or due for the maturity benefit provided the policy is in force. Final Additional Bonus shall not be payable under paid-up policies.
The actual allocation to policyholders, out of the surplus emerging from the actuarial investigation, shall be as approved by Central Government in accordance with provisions in this regard under LIC Act, 1956.
Eligibility Conditions and Other Restriction-
Date of commencement of risk under the plan-
Risk will commence immediately on acceptance of the risk
Available Riders-
The following four optional riders are available under this plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. Therefore, a maximum of three riders can be availed under a policy. Riders available in Jeevan Anand-
- Accidental Death and Disability Benefit Rider
- Accident Benefit Rider
- New Term Assurance Rider
- New Critical Illness Benefit Rider
Payment of Premiums-
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (through NACH only) or through salary deductions over the Policy Term.
Grace Period -
A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of First unpaid premium. During this period, the policy shall be considered in-force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.
The above grace period will also apply to rider premiums which are payable along with premium for base policy.
Rebates -
Mode Rebate:
High Sum Assured Rebate on Premium-
Revival-
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 5 consecutive years from the date of first unpaid premium but before the end of policy term, as the case may be.
The revival shall be effected on payment of all the arrears of premium(s) together with interest (compounding half yearly) at such rate as may be fixed by the Corporation from time to time and on satisfaction of Continued Insurability of the Life Assured on the basis of information, documents and reports that are already available and any additional information in this regard if and as may be required in accordance with the Underwriting Policy of the Corporation at the time of revival, being furnished by the Policyholder/Life Assured/Proposer.
The Corporation reserves the right to accept at original terms, accept at modified at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved, accepted and revival receipt is issued by the Corporation.
Revival of rider(s), if opted for, will be considered along with revival of the basic policy and not in isolation.
Policy Loan -
Loan can be availed under the policy provided at least two full years’ premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.
The maximum loan allowed under the policy, as a percentage of Surrender Value, shall be as under-
- For in-force policies – up to 90%
- For paid-up policies – up to 80%
The interest rate to be charged for policy loan and as applicable for entire term of the loan shall be determined at periodic intervals. The applicable interest rate shall be as declared by the Corporation based on the method approved by the IRDAI.
Any loan outstanding along with interest shall be recovered from the claim proceeds at the time of exit.
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