The Jeevan Anand Plan from LIC is a combination of a whole life policy and an endowment insurance plan. The policy provides a risk cover to the policyholder throughout his/her lifetime, and also a lump sum maturity benefit in case the life assured survives till a certain pre-defined term. Premium payable will vary as per the policy tenure, sum assured, the policy buyer’s age at entry, riders purchased, and other such factors. You can also avail tax benefits upon purchasing this plan.
Sum Assured and Premium Range - What you get and what it costs?
The sum assured is the minimum amount of money that the policy buyer/nominee can avail as the benefit payout, in the event of an eventuality. Policy buyers will have to opt for a suitable sum assured at the inception of the policy.
The sum of money that the policyholder pays in order to avail the protection accorded by the policy is called the premium.
|Policy Tenure||As per policy brochure|
|Premium Payment Mode||
*Premiums vary based on age, location, plan term, and other factors.
Plan Coverage - What the LIC Jeevan Anand Plan covers?
|Death Benefit||In case the policyholder passes away during the policy tenure, a lump sum amount which will include the sum assured and vested bonuses will be paid.|
|Survival Benefit||Upon the policyholder’s survival upto the end of the selected term, the sum assured and bonuses will be paid to him/her. If the life assured’s death occurs post this, an additional benefit will be paid.|
|Accident Benefit||If the policyholder meets with an accident that causes death, an additional benefit will be paid. If the accident causes permanent disability, this benefit will be paid in instalments.|
Riders/Add-On Plans – Additional coverage under the LIC Jeevan Anand Plan
Policyholders can choose to purchase add-ons along with their base policy for an additional premium. These add-ons will provide an enhanced coverage.
Other Key Features
|Surrender Value||Policies that have been active for at least 3 years can be surrendered. The higher of the Guaranteed Surrender Value or the Special Surrender Value will be paid to the life assured, by the insurer.|
|Bonus||This is a “with-profits” plan and hence the policyholder will be eligible to receive the Final Additional Bonus and the Simple Reversionary Bonus, as declared by the insurer.|
Tax Benefits – How you can save with the LIC Jeevan Anand Plan?
Policyholders can avail tax benefits under certain sections of the Income Tax Act for premiums paid and benefits that they receive, respectively.
Other Features of LIC
Why you should buy the Jeevan Anand Plan from Life Insurance Corporation of India (LIC)?
The Jeevan Anand Plan from LIC offers a risk cover to the life assured for the duration of his/her lifetime, thereby providing comprehensive security to one’s dependents. LIC is a leading public sector life insurance firm in the country. The insurer has a high grievance scored ratio of 100% fiscal year 2016-17. The insurer is also the recipient of many prestigious awards.
Note: This policy has been withdrawn by LIC.