LIC Jeevan Anand Lifetime Life Insurance Policy: Death & Maturity Benefits, Premium Payment
LIC’s New Jeevan Anand Plan is a non-linked, participating, individual, life assurance Policy. It offers financial protection against death throughout the lifetime of the policyholder.
For Jeevan Anand Policy, the Minimum Basic Sum Assured is Rs. 100000. There is no limit on the Maximum Basic Sum Assured, but the Basic Sum Assured will be in multiples of Rs. 5000. The Minimum Age at entry is 18 years, and the Maximum Age at entry is 50 years. The plan’s Maximum Maturity Age is 75 years.
LIC Jeevan Anand Policy’s Minimum Policy Term is 15 years, and the Maximum Policy Term is 35 years. Premiums can be paid regularly at yearly, half-yearly, quarterly, or monthly intervals.
On Death, during the policy term, the Death benefit will be paid, which will be equal to “Sum Assured on Death” along with vested Simple Reversionary Bonuses. The “Sum Assured on Death” will be higher of 125% of the Basic Sum Assured or 7 times of annualized premium. This death benefit will not be less than 105% of total premiums paid up to the date of death. Additionally, on death after the expiry of the policy term, a Basic Sum Assured will be paid.
As the Maturity Benefit, the “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses will be paid. The “Sum Assured on Maturity” will be equal to the Basic Sum Assured.
LIC offers an option to take the death benefit and the maturity benefit in installments over the chosen period of 5 or 10 or 15 years, instead of a lump sum amount under an in-force as well as a paid-up policy. As an investor, you can take the death benefit in monthly, quarterly, half-yearly, or yearly modes, and the minimum installment amount will be Rs. 5000, Rs. 15,000, Rs. 25,000, and Rs. 50000, respectively.
The sample illustrative annual premiums for Basic Sum Assured of Rs. 1 Lakh for standard lives have been mentioned-below, as stated by LIC.
As an investor, you can also take a loan facility to pay the premiums. Additionally, the policy can be surrendered at any time provided 2 full years’ premiums have been paid.