Is LIC New Jeevan Anand Good for Young Age?

LIC New Jeevan Anand Policy launched by LIC Life Corporation of India is a non-linked participating policy that offers profit of savings and protection combined at the same time. This combined profit secures monetary protection of the policy holder family against his demise. In case the policy holder survives till the entire policy tenure, the policy ensures a lump sum payment once the tenure of the policy comes to an end.

The LIC New Jeevan Anand Plan provides financial liquidity as well as loan facility for protection to the insured. LIC Jeevan Anand Policy is most beneficial for youngsters. To validate our point further in this article we have elaborately discussed some of the salient features and benefits offered by the policy.

Key Features   

•    LIC New Jeevan Anand Plan provides guaranteed returns along with the bonus facility.

•    The life cover under the New Jeevan Anand Policy can expand till the death of the policyholder.

•    Benefits of add-on coverage, such as Disability Benefit Rider and Accidental Death Benefits can also be avail by the insured under the plan. 

•    The policy offers a rebate in case if the policy holder opts for a higher sum assured.

Benefits Offered by LIC New Jeevan Anand

•    Death benefit

In case if all the premium of your policy has been duly paid then you can avail the benefits offered by the policy.

During the tenure of the policy if the policy holder dies a sudden death: An assured sum of amount is paid to the beneficiary along with the allotted bonus in a lump sum in case of death of the policy holder during the policy tenure. The Sum Assured in this case, is the higher amongst 125 per cent of the Basic Sum Assured or annualized premium multiplied by 10. However, the death benefit under the LIC New Jeevan Anand Policy shall not be lower than 105% of the sum premiums paid till the date of death.

NOTE: The premiums referred to in the above statement do not include rider premiums (if any), service tax, or extra premium.

In the case of policyholder’s demise after the policy tenure is over: On the maturity of the policy after the completion of the policy term, the Basic Sum Assured is payable to the nominee in such case.

•    Benefits by the end of the Policy

In case the insured survives the entire term of the policy, then with the completion of the policy term, the Basic Sum Assured along with the final additional bonus (if any) and vested simple reversionary bonus is payable in a lump sum. However, the benefit shall be payable only if the all the premiums have been duly paid.

•    Participation in Profits

The New Jeevan Anand Policy by LIC life insurance is a participating plan in which the policyholder participates in the earnings of the LIC and consequently entitled to be given Simple Reversionary Bonus as declared by the Corporation. However, if the policy is in full force the same shall take place only during policy tenure.

When the death claims have been made under the policy or when the survival benefit is due the policy might also result in the final additional bonus in the year. However, the policy should be in full force and should have completed a certain specified minimum term.

Optional Benefit

•    Accidental Disability and Death Benefit Rider

The Accidental Disability and Death Benefit Rider is an add-on cover available as a rider and can be obtained by paying a nominal amount of additional premium. In the event of the insured death due to an accident during the policy term, then the Accident Benefit Sum Assured as a lump sum in addition to the death benefit specified under the LIC’s New Jeevan Anand Plan is paid to the beneficiary. 

In the case of a permanent disability arising out of an accident during the policy term, then the Sum Assured under Accidental Benefit Rider will be payable to the beneficiary in equal monthly installments over a period of 10 years. Also, the future premiums for the basic sum assure as well as the rider will be waived off.

Eligibility Conditions for the LIC’s New Jeevan Anand Policy:

a) Minimum sum assured (basic) under the plan is Rs. 100,000

b) There is no limit to the maximum sum assured under the LIC’s New Jeevan Anand Policy

(Basic Sum Assured is always in a maximum figure of Rs. 5000/-)

c) The minimum entry age for the policy is 18 years.

d) The maximum entry age for the plan is 50 years.

e) The maximum maturity age is 75 years for this policy.

f) The minimum term of the policy is 15 years

g) The maximum policy term is 35 years

LIC New Jeevan Anand is a comprehensive plan that provides various benefits and can be availed online in a simple and hassle freeway.