LIC Jeevan Anand Policy is a mixture of Endowment Assurance and Whole Life plans. The best part of the policy is that it provides financial protection against death of the life assured throughout the lifetime with the provision of payment of a lump sum at the end of the selected term in case of the survival of the policy holder.
Here are the eligibility criteria of LIC Jeevan Anand Policy.
A) Death Benefit – If the policy holder of LIC Jeevan Anand dies then the nominee of this policy will get sum assured along with the simple reversionary bonuses provided the policy holder has paid all due premiums.
B) Maturity Benefit – On maturity of the policy, the policy holder gets the following benefit –
C) Reversionary Bonus – It is a bonus which a company pays to its policy holder at the time of maturity or as death benefit if the company is in profit.
D) Accidental and disability Benefit – This is an additional benefit which the policy holder or nominee gets on paying the extra premium on this policy. If there is a demise of the policy holder in an accident then the nominee gets extra sum assured on top of the basic sum assured.
Let us consider an example of Ram (IT professional,26 yrs old) who wants to buy the LIC’s New Jeevan Anand plan with a sum assured of Rs. 5,00,000 for a policy term of 21 years. If we assume that Ram will have to pay a yearly premium of Rs 27,454.
If ram survives till the maturity period, then he will receive a maturity benefit of the amount of Rs.11,02,000. But if Ram passes away before the maturity of the policy, then his nominee would receive 125% of the entire sum assured, as well as various other bonuses as applicable.
This policy offers Tax benefit to the insured on the following –
Does this policy provide a loan facility?
Yes, LIC Jeevan Anand Policy provides loan facility against the policy to the policy holder.
As you all now know each and every details of the policy. if you feel that I have missed out on any important point, then please highlight in the comment section. Do Let me know If this article has helped you to choose the best Life insurance policy and if you have any question the you can put it across in the comment section.
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