Life insurance policies
are tricky. There are fraud companies waiting out there to simply rob you off
your money. So, while choosing a life insurance, you must be extremely
cautious. Reviewing the policies is a good option.
LIC
Jeevan Anand Policy is one of the
traditional life insurance plans. This program covers the entire life of the
insured. Not just for the period of the policy term. It even earns benefits
during the policy term.
Overview of LIC Jeevan
Anand Policy Plan
LIC
Jeevan Anand Policy provides you with a lot of additional benefits. An
overview of the plan is required for people to understand the policy better at
one glance.
Parameters
|
Minimum
|
Maximum
|
Policy Term (in
years)
|
5
|
57
|
Age of Policy Holder
During Entry (last birthday)
|
18 years
|
65 years
|
Age at the Time of
Maturity (last birthday)
|
–
|
75 years
|
Sum Assured
|
1,00,000
|
No Limit
|
Premium Payment Term
(in years)
|
5
|
57
|
Payment Modes
|
Yearly, Half-Yearly,
Quarterly, Monthly
|
|
Single Premium
|
NA
|
NA
|
Features and Benefits of
LIC Jeevan Anand Policy
The
features of LIC Jeevan Anand Policy are quite alluring. These features make it
a good choice for an insurance plan.
·
This
plan is not only an endowment policy. Instead, it is a whole life plan which
also includes endowment. An endowment-cum-whole life plan.
·
On
maturity or earlier death, this policy pays Simple Reversionary Bonus.
·
People
with occupations which are hazardous to health can apply for this policy with
added premiums.
·
An
additional rider of Critical Illness Benefit is available with this plan. This
provides Optional higher cover.
·
The
Jeevan Anand policy also gives large sum assured rebate.
Along
the many features of this policy, LIC Jeevan Anand also provides the following
benefits to the policy holders.
·
Maturity Benefit: This policy pays the
maturity benefit to the policyholders. If the insured is alive when the policy
expires, he receives the Sum Assured as well as any bonuses that might have
accumulated.
·
Death Benefit: This is a tricky
business. It depends on the year of the insured’s death.
o
If
the death occurs within the policy term, the Sum Assured and all bonuses
accumulated are paid.
o
However,
if the death occurs beyond the plan term, only the Sum Assured is paid. Because
by then the Maturity Benefit would already have been paid.
·
Tax Benefit: The premiums paid and
the claims received – both death and maturity – are exempted from tax under
Sections 80c and 10(10D) respectively.
Some Beneficial
Inclusions
The
most beneficial inclusion in this insurance plan is the Critical Illness Rider.
This rider provides you with a higher coverage for your insurance.
However,
you do not get the rider benefits unless you are diagnosed with any of the
critical illnesses listed in the plan, during the plan period.
Quick Facts About the
Insurance Policy
·
The
Jeevan Anand Policy does not allow switching between plans. Once you have
selected this plan, you have to continue with this insurance policy for the
chosen period.
·
In
case your policy has lapsed, do not worry. You can still revive your lapsed
policy if you revive it within two years of the policy’s lapse.
·
Loans
are also allowed under the Jeevan Anand Policy.
·
In
the case of death because of any accident before the age of 70, this plan pays
additional cover.
Why Buy LIC Jeevan
Anand Policy?
LIC
Jeevan Anand Policy is a great
life insurance policy. Keeping in mind the additional benefits and riders
that come with it, it would be a good choice of insurance for any person.
However,
this plan has been discontinued on 30th September 2013. As such, you
can resort to this particular plan now. But you sure can go in for the newer
and better version of this program – The LIC New Jeevan Anand Plan Policy.
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