LIC Jeevan Anand Policy Online Review

LIC’s Jeevan Anand policy offers an appealing combination of savings and protection. It is a policy which includes whole life endowment, and it comes with a wide range of advantages. The prime one being the fact, that, this whole life endorsement plan continues to provide coverage for the insured until his death, even if that event is beyond the maturity of the plan. This makes this policy a great mix of both a whole life plan and an endowment plan.

In this review, we will look at the features and benefits that make this policy so popular amongst the Indian population.

Features - LIC Jeevan Anand Policy

Now, we look at a few key features of Jeevan Anand Policy:

·         This plan is a whole life cum endowment plan.

·         Has the regular premium payment option?

·         The maturity benefit is sum assured, and the life cover continues on till death, irrespective of maturity period.

·         In case of death, the promised amount is paid to his/her entitled nominee.

·         Clauses of “accidental death” and “disability benefit” are built into the plan.

·         Large sum assured rebate is also available

Benefits

Listed below are a few advantages of LIC Jeevan Anand Policy:

·         The policy offers two-fold benefits- financial protection in the scenario of the death of the policyholder, and, savings.

·         The policy offers both accrued simple revisionary bonus and absolute additional bonus.

·         Death Benefits- The sum assured of death along with the two bonuses (accrued simple revisionary bonus and final additional bonus) will be paid as a death benefit in the event of the policy holder’s death. This payment will be made to a pre-specified nominee.

·         Maturity Benefits- Given that all the premiums have been fully paid, the policyholder is granted a maturity benefit. This maturity benefit covers both the assured sum and a few final additional bonuses.

·         LIC Jeevan Anand is a flexible policy. You may pay your premiums annually, monthly, quarterly, or bi-laterally, it is totally up to you. Although, yearly and half yearly premium payments have the additional advantage of being discounted.

·         This plan also has rider benefits- additional- LIC’s Disability Benefit and Accidental Death rider.

·         The plan can be purchased online conveniently, with no hassles.

·         The premiums paid towards LIC Jeevan Anand policy also qualify for tax benefits. Tax benefits can be claimed under Section 80C of the Income Tax Act. The exemption limit is set at 1.5 lakhs.

·         The maturity and death claims are also tax free, under Section 80D of the Income Tax act. There is no limit on this, and the entire claim is tax free.

Policy Details

Listed below are a few LIC Jeevan Anand policy details which one should keep in mind while considering this policy-

·         Grace Period- Premiums must be paid regularly on every due date. However, if the premium is not paid by the due date, this policy allows a grace period within which one can pay the premium. This grace period is 30 days for policies in which premiums are paid quarterly, half-yearly, or annually. And for policies where premiums are paid monthly, the grace period is 15 days.

·         Free look period- A policyholder is allowed a period of 15 days to cancel this policy, given that he has not made any claims on the policy yet.

·         Paid-up value- If the premiums are still not paid beyond the grace period, the policy lapses. Now, if the policyholder has paid premiums amounting to at least 3 years’ worth, the policy is liable to acquire a paid-up value which is equal to the Sum Assured reduced in proportion of the total premiums paid against the actual number of premiums payable.

·         Surrender benefit/policy termination benefit- This can be availed only if the policyholder has paid at least 3 years’ worth of premiums. He can then surrender his policy, and then he can take a surrender value.

·         Revival- If the LIC Jeevan Anand policy has been lapsed, the policyholder can choose to revive it. However, he must do so within 2 years the first instance in which he failed to pay the premium within the grace period.