LIC New Jeevan Anand Policy

LIC New Jeevan Anand Policy

LIC New Jeevan Anand Policy Introduction

LIC New Jeevan Anand Policy is a combination of endowment and whole life policy. LIC New Jeevan Anand Policy provides insurance cover for entire life of the insured person. LIC New Jeevan Anand Policy is a pure investment plan with high bonus facility and  liquidity facility incorporated and saving point. LIC New Jeevan Anand Policy is a Double Death Benefit Plan if the life insured survives till the end of the policy term. LIC New Jeevan Anand Policy is whole life risk coverage even after maturity and full payout at maturity (Basic Sum Assured + Bonus).

Terms and Eligibility Conditions of LIC New Jeevan Anand Policy

Entry age	Minimum age – 18 years(completed) Maximum age – 50 years(Nearest Birthday)
Policy Term	Minimum term – 15 years Maximum term – 35 years
Sum Assured	Minimum – Rs.1,00,000 maximum – No limit
Premium paying modes	Monthly (SSS, ECS), Quarterly, Half yearly, Yearly
Maximum Age of Maturity	75 years(Nearest Birthday)
Maximum Cover Ceasing age	70 years(Nearest Birthday)
Grace Period	If the Premium is not paid within the time then a delay of 30 days for Yearly, Half-Yearly and Quarterly modes and 15 days for monthly mode is extended to pay the premium amount which is grace period.

LIC New Jeevan Anand Policy Rebates

Sum Assured Rebates:

Sum Assured	Rebate
Rs.1,00,000 to Rs.2,00,000	NIL
Rs.2,00,000 to Rs.4,95,000	For every Rs.1000, Sum assured is Rs.1.50
Rs.5,00,000 to Rs.9,95,000	For every Rs.1000, Sum assured is Rs.2.50
Rs.10,00,000 and above	For every Rs.1000, Sum assured is Rs.3.00

Mode Rebate: 

Mode	Percentage
Yearly	Table premium 2%
Half yearly	Table Premium 1%

Benefits of LIC New Jeevan Anand Policy

Death Benefit: In case of death of the Life Insured,

• During the Policy Term: Nominee will get the Sum Assured + accrued Simple Reversionary Bonus + Final Additional Bonus and policy Will close.
• After the Policy Term: Only the Basic Sum Assured is paid and Policy will close.

Maturity Benefit: If Policy holder Survive till the end of Term, he will get basic Sum Assured + accrued Simple Reversion Bonus + Final Additional Bonus as LIC New Jeevan Anand maturity amount and the policy will continues rest of his life.

Income Tax Benefit: Income Tax Benefits are available on Paid Life Insurance Premium and Maturity Benefit will also be tax-free. For more information regarding Income Tax Benefits, visit www.taxqueries.in.

LIC New Jeevan Anand policy Buying Procedure

Required documents to buy for fresh policy of LIC New Jeevan Anand Policy are

• Application form/Proposal form along with photo
• Address proof
• Age proof
• Medical reports(if required)

Claim Procedure of LIC New Jeevan Anand policy

The documents required for claim procedure under LIC New Jeevan Anand Policy are given below

• NEFT form
• Discharge form
• Cancel check or Bank Pass book xerox
• Policy bond
• Death certificate

LIC New Jeevan Anand Policy Premium Calculator

The required data for calculating the premium rates in  LIC New Jeevan Anand Policy

• NAME :
• E-MAIL ID :
• MOBILE NUMBER :
• AGE :
• TERM :
• SUM ASSURED :

Additional Information of LIC New Jeevan Anand Policy

Loan facility: Loan facilities are available under LIC New Jeevan Anand Policy

Risk coverage: Risk coverage will be provided till the end of term policy.

Locking Period: If you are not satisfied with this policy you may return the policy within 15 days from date of receipt of the policy. After 15 days you are not eligible for cancelling the policy upto 3 years.

Riders: Riders are available under this  LIC New Jeevan Anand policy. Availability of Accidental Death and Disability Benefit rider.

House Loan Surety: House loan surety is available under this LIC New Jeevan Anand policy.

Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then 80% of premium for what he had paid will be returned to his assignees or nominees

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or  from achieving 8 years old which is earlier.

Income Tax Reduction: Available for premiums paid and for Maturity returns.

Policy Revival: If the premium is not paid by you within the grace period then the  policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from date of first Unpaid premium.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this LIC New Jeevan Anand policy.

Service Tax: 3.09% service tax is applicable

Cooling Off Period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the policy.

Backdating interest: The policy can be backdated within the same financial year.

Assignments/Nominations: Assignees and nominees are possible under this LIC New Jeevan Anand policy.

Paid up value: Basic Sum Assured x (number of premiums paid / number of premiums payable).

Surrender Value: This policy can be surrendered at any time. However, if you surrender it before completion of three years, you will not get any sum in return. On surrendering after three policy years, the insurance company will pay a guaranteed surrender value equal to 30% of all premiums paid after deducting the first year’s premium.

Policy Stamping: Under, LIC New Jeevan Anand policy stamping charges will be 20 paise per thousand sum assured.

 Sum Assured on Death: It means 125% of Basic sum assured or 10 times Annual Premium whichever is higher that amount will be paid to nominee.Death benefit paid should be more than 105% of total premiums paid as on the date of death.

Example: Suppose if Prakash had taken New Jeevan Anand Policy for Rs.10,00,000 for 21 years policy term. If in case he dies in the middle of the policy term then he will be paid  125% of Basic Sum Assured or 10 times of annual Premium whichever is higher i.e.

Basic Sum Assured is 125% of Basic Sum Assured= 10,00,000 x (125/100) =12,50,000

If Prakash paid Premium of 1,00,000 for 10 years then

10 times of of annual Premium is= 10 x 1,00,000=Rs.10,00,000

Now,Nominee gets higher amount as death benefit which is 12,50,000 higher than 10 lakhs.

Example of LIC New Jeevan Anand Policy

Suppose Chandrashekar has taken LIC New Jeevan Anand Policy the following details are as follows

Age : 25 years

Sum Assured : 25,00,000

Policy Term : 30 years

Now, Chandrashekar is going to pay premium with and without tax at different modes are tabulated below:

Premium	Without Tax	Tax	With Tax
Yearly	85160	2631	87791
Half-Yearly	42120	1302	44370
Quarterly	21750	672	22422
Monthly	7250	224	7474

 After paying premiums the maturity and Life long insurance coverage benefits are given below

Maturity Benefit	88,50,000
Life long insurance coverage benefits	25,00,000

FAQ’s of LIC New Jeevan Anand Policy

What happens if you stop paying premium?

If you stop paying the premiums after paying first years premium in full, the policy acquires a Paid Up Value for a Reduced Sum Assured.

Is there any loan facility in this policy?

Yes, Loan facility is available under this LIC New Jeevan Anand policy.

Is House Loan surety is available in this plan?

Yes, House loan surety is available.

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