New Jeevan Anand
LIC's New Jeevan Anand:
LIC's New Jeevan Anand is a combination of Endowment Plan and Whole Life Plans. It gives Financial protection against death throughout the lifetime of the life assured with the
provision of payment of a lump-sum at the end of the policy term in case of his survival.
Features:
- Full payout at maturity (Basic Sum Assured + Bonus)
- Whole life risk coverage even after maturity
- Death sum assured is 125% of basic sum assured
- Additional Accidental cover up to the age of 70
- Loan can be taken against the policy
- Double tax benefit under (U/S 80 C and U/S 10 D)
Eligibility:
Double Tax Benefit:
U/S 80 C : Premiums paid under this plan are eligible for tax rebate
U/S 10 (D) : Maturity Returns and Death claim amount is also tax free
Possible Events during policy duration:
On Death
If the policy holder dies during the premium payment term of the policy, his/her nominee will be paid following, after which policy will terminate.
- 125% of basic sum assured or 10 times of the annual premium (whichever is higher)
- Simple Reversionary Bonus
- Final Additional Bonus (if any)
On Accidental Death
In case the policy holder dies due to an accident, nominee will get following, and the policy will terminate after that.
- 125% of basic sum assured or 10 times of the annual premium (whichever is higher)
- Additional Accidental Sum Assured (max. limit Rs. 5 lakhs)
- Simple Reversionary Bonus
- Final Additional Bonus (if any)
On Maturity:
The policy holder will get following returns at the time of maturity.
- Basic Sum Assured
- Simple reversionary Bonus
- Final Additional Bonus (if any)
The policy will still continue for rest of the life, without paying any premiums.
Other points to consider:
- Additional accidental sum assured, is only available up to the age of 70.
- The higher limit of additional accidental sum assured is Rs 5,00,000 (Rupees Five Lakhs only)
- Policy payment Term is the term for which the policy holder pays the premiums.
Understand New Jeevan Anand with an example:
Mr. Rakesh aged 30 years plans to take New Jeevan Anand for the term of 20 years and sum assured of Rs 2,00,000/- (Two Lakhs).
He is required to pay an annual premium of Rs 12,031 ( Rupees Twelve Thousand and Thirty One only).
Possible Events:
On Death
If Mr Rakesh dies during the premium payment term of the policy, his nominee will receive the 125% of Basic Sum Assured i.e. Rs 2,50,000/- (Two Lakh and Fifty Thousand only) +
Accried Bonuses. After this, the policy will terminate.
On Accidental Death
If during the term Mr, Rakesh dies due to an accident, his nominee will receive the 125% of Basic Sum Assured (Rs 2,50,000/-) + Additional accidental sum assured (Rs 2,00,000/-)
+ Accrued Bonuses. The policy will terminate after this event.
On Survival till maturity
If Mr. Rakesh survives till end of premium payment term, he will get the Basic Sum Assured i.e. Rs 2,00,000/- (Two lakhs) + Accrued Bonuses. After maturity, the policy will continue for the rest of his life, without paying any premiums.
Contact of Datails: 9291203177
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