Launch Date | Table No. | UIN | Status |
9/10/2013 | 815 | 512N279V01 | Active |
The LIC New Jeevan Anand plan is an updated whole-life endowment plan that offers bonuses on maturity. The plan covers the risk of death for as long as the insured lives. It has a flexible term that is designed to allow planning for specific life-goals.
Let’s understand this plan in brief before getting into its details:
Modes of Payment |
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Claim Settlement Ratio of the Insurer | 98.31% |
USPs of the Policy |
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Illustration |
Age: 30 years Sum payable to the insured on maturity of fund is INR 1,14,000 with an assumed 4% rate of return and INR 2,56,000 with assumed 8% rate of return. |
An individual is required to pay a regular premium for a period anywhere between 15 to 35 years. Once the premium paying term is over, the individual receives a lump sum payment along with the accrued bonus as maturity amount.
Guaranteed Additions
Bonus rates change on a yearly basis according to the performance of the company. The bonus rates for year 2017-2018 for different policy terms are the following:
Maturity Benefit
After completion of the policy term, the maturity benefit will be sum assured + reversionary bonuses. If a person dies after maturity (completion of policy), the nominee will receive the basic sum assured.
Death Benefit
On death during the policy term, the death benefit, defined as sum of sum assured on death and vested simple reversionary bonuses and final additional bonuses, if any, are payable.
Here, sum assured on death is defined as higher of the following:
Note that this death benefit shall not be less than 105% of all the premiums paid as on date of death.
In addition to the benefits mentioned earlier, here are some more reasons to consider buying the LIC Jeevan Anand plan:
BonusYear | RevBonus | MinPT | MaxPT | |||||||
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2014 | 4.00% | 15 | ||||||||
2014 | 4.40% | 16 | 20 | |||||||
2014 | 4.80% | > 20 | ||||||||
2015 | 4.10% | 15 | ||||||||
2015 | 4.50% | 16 | 20 | |||||||
2015 | 4.90% | > 20 |
Bonus explained: For a sum assured of Rs. 100000/-, if the bonus declared is 4.2% or Rs 42/- per thousand, then the amount of Rs 4200/- gets accumulated into the policy for that year.
The following rider is available under this plan:
Accidental Death and Disability Rider: The sum assured is payable to the nominee in case the insured meets with an accidental death or faces dismemberment or permanent disability.
Life Insurance Corporation is an Indian state-owned insurance group and investment company headquartered in Mumbai. It is the largest insurance company in India with an estimated asset value of Rs.1560482 crore.
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