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LIC’s New Jeevan Anand Plan is endowment insurance plan which provides an attractive benefits to the policyholder and his family. It offers an attractive combination of savings and protection. The combination of savings and financial security provides the Assured Amount at the end of the selected policy term of her/his survival with the provision of payment on his/her death during the policy term.
On death during the policy term: Sum Assured will be payable with vested Simple reversionary bonuses and Final Additional bonus, if any.
The amount of sum assured is 125% of basic sum assured or 10 times of annualised premium which is higher and the amount shall not be less than 105% of all the premiums paid on date of death.
Note : - Where premiums exclude service tax, extra premium and rider premiums, if any.
On death of policyholder at any time after policy term: Basic Sum Assured
Sum Assured will be payable with vested Simple reversionary bonuses and Final Additional bonus, if any.
Simple Reversionary Bonus: The policy shall take part in profits of the Life Insurance Corporation and shall be eligible to get Simple Reversionary Bonuses declared as per the experience of the Corporation.
Final (Additional) Bonus: Final (Additional) Bonus may also be declared under the policy in the year when the policy results into a claim either by death or maturity on such terms and conditions as may be declared by the Life Insurance Corporation from time to time.
LIC’s Accidental Death and Disability Benefit Rider:
Optional Benefits are available under this plan with paying additional premium. LICs Accidental Death and Disability Benefit Rider is available for this plan.
In case of accidental death, Accident Benefit Sum Assured will be payable with the basic plan sum assured on death.
In case of permanent disability person due to accident, Accident Benefit Sum Assured will be payable in equal monthly instalments for 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
(The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
LIC India offers some benefits to the policyholders by choosing specific mode and high sum assured of the plan.
If Life Assured commits suicide within one year from the date of risk commencement, the policy will be cancelled and cannot claim death benefit. LIC will return the extent of 80% of the single premium paid excluding taxes and any extra premium paid.
If the Life Assured commits suicide within one year from the date of revival, the amount which is higher 80% of premium paid till the date of death (excluding taxes, any extra premium paid,rider premium) or surrender value if the policy in force will be payable.