LIC’s New Jeevan Anand
The New Jeevan Anand Plan from LIC is a participating individual life assurance non-linked plan that provides an alluring mix of savings and security.
This combination offers the policyholder lifetime financial protection against death as well as the option to receive a lump sum payment at the conclusion of the chosen policy period in the event that they survive. The borrowing facility under this scheme also meets liquidity demands.
Description
Important LIC Features Fresh Jeevan Anand Scheme
With a number of appealing features, LIC’s New Jeevan Anand plan is an appealing insurance choice. Here’s a brief synopsis:
- Grace Period: When it comes to annual, half-yearly, or quarterly premium payments, policyholders are treated to a 30-day grace period. The grace period for monthly premium payers is fifteen days.
- Revival: Reviving an insurance policy after it lapses is simple and can be done so within five years after the first unpaid premium date, but not before the policy’s maturity date.
- Policy Surrender: If premium payments for the entire two policy years have been completed, the policyholder may choose to give up the insurance.
- Free Look Period: As part of LIC’s New Jeevan Anand plan, newly registered policyholders have the option to return the policy after 15 days of receipt if they’re not happy with it.
- Loan Against Policy: Policyholders have the opportunity to borrow against their policy, however this is only possible if they have paid premiums for the entire two years of the policy.
- Options for Premium Payment: Policyholders have the convenience of paying premiums on an annual, half-yearly, quarterly, or monthly basis, providing them with financial freedom.
LIC New Jeevan Anand Plan Advantages
The following are the main advantages of LIC’s New Jeevan Anand Plan:
Benefit of Death:
In the sad event that the policyholder passes away within the duration of the policy, the nominee is awarded the following:
Sum promised on Death is equal to the greater of the yearly premium times seven times or, at most, 125% of the basic sum promised.
One last extra goodie.
Easy-to-revert incentives.
The nominee is entitled to the basic sum insured in the event that the policyholder passes away before the policy’s term.
| Basic Sum Assured: | 1000000 |
| Death Sum Assured: | 1250000 |
| Accidental SA: | 1000000 |
| Term SA | 1000000 |
Benefit of Maturity:
- The policyholder is eligible to receive the maturity benefit at the conclusion of the policy term provided that all premiums have been paid on schedule.
- The policyholder may choose to receive the maturity benefit in installments over a period of 5, 10, or 15 years.
- The Basic Sum Assured, Final Additional Bonus, and Simple Reversionary Bonuses make up the Maturity Benefit.
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