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Launch Date Table No. UIN Status
9/10/2013 815 512N279V01 Active

About LIC New Jeevan Anand

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
  • Yearly
  • Half-yearly
  • Quarterly
  • Monthly
Claim Settlement Ratio of the Insurer 98.31%
USPs of the Policy
  • Life insurance coverage
  • Cover continues even after completion of the premium payment term
  • Additional pay-outs if death is caused by accident
  • Premiums are waived off if the insured is faced with a permanent disability
Illustration

Age: 30 years
Sum assured: INR 1,00,000 
Policy term: 35 years
Premium: Rs 3,165/year

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.

How does this plan work?

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:

  • The bonus rate for 5 years is 0.38%
  • The bonus rate for 6 to 10 years is 0.38%
  • The bonus rate for 11 to 15 years is 0.41%
  • The bonus rate for 16 to 20 years is 0.45%
  • The bonus rate for more than 20 years is 0.49%

 

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:

  • 125% of basic sum assured
  • 10 times of annualized premium

 

Note that this death benefit shall not be less than 105% of all the premiums paid as on date of death.

Why should you buy LIC New Jeevan Anand?

In addition to the benefits mentioned earlier, here are some more reasons to consider buying the LIC Jeevan Anand plan:

  • The plan secures your life till the age of 99, even after paying out maturity benefits
  • A high life cover ratio leads to higher bonus amounts
  • There is an exemption from tax under Section 80(C) on your premiums and exemption on death or maturity benefit received under Section 10(10D)

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Bonus History

Company Name : Life Insurance Corporation of India

Plan Name : New Jeevan Anand Plan

BonusYear RevBonus MinPT MaxPT
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.

Who should buy this plan?

  • Minimum and maximum age are 18 years & 50 years. 
  • Policy term = 15 to 35 years. 
  • Maximum maturity age is 75 years
  • Minimum sum assured is Rs 1,00,000/-
  • An individual who is looking out for a low risk investment that pays good bonus.
  • People planning for specific life goals like (big house, world trip, daughter’s marriage etc.)
  • Individuals who are looking to diversify their portfolio
  • Individuals who are looking for tax exemptions

Riders and Add On

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.

Claim Process

Know Claim Process of LIC New Jeevan Anand Plan.

Claim Process

Company Overview

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.

Toll Free

1800-22-4077

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