LIC New Jeevan Anand Policy (Plan No 815) Features

Jan 10, 2019 by

How many times have you purchased something knowing that you are never really going to use the product? Affected by the purchase-mania, financial saving is a crucial determinant in your life. In order to save yourself from critical financial issues for growing the habit of huge spending, get an endowment plan like LIC New Jeevan Anand that can be the right insurance for your life.

Among the latest LIC plans, LIC New Jeevan Anand 815 stands out to be one of a mind due to its feature of giving full coverage in your life risk. This particular insurance policy is a non-linked participating which comes with the enticing feature of offering protection to the policyholder’s savings. Battling with the financial issues till the time of the insured’s death, the plan also gives out a loan facility which is capable of dealing with consequences of liquidity.

Salient Features of LIC New Jeevan Anand

For starters, you should be clear about one thing that LIC New Jeevan Anand Policy is a complete endowment plan and it can act as a shield of protection towards your life. Nevertheless, it is important for you to be fully aware of the LIC New Jeevan Anand details to know beforehand how you are saving your life from financial risks.

Participating Policy

LIC New Jeevan Anand Policy is one of the popular participating life insurance policies. If you are not familiar with the perk of this feature, you should know that the policyholder is liable to receive bonuses. LIC New Jeevan Anand bonus rate is revisionary on a yearly basis and in the end; you are eligible to receive an ultimate extra bonus along with an amount referring to loyalty bonus.

In LIC New Jeevan Anand, the bonus is dependent on the excess income of the company and the participating feature makes the policyholder to a part of LIC New Jeevan Anand with profits. The corporation is known to distribute its 90% of its profit as an additional bonus.

Death Benefit

Death benefit in LIC New Jeevan Anand indicates the final additional bonus, reversionary bonuses and the amount referred to as assured sum on death. In LIC New Jeevan Anand online, the amount of assured sum on death can be up to 125% of basic sum assured or the amount can be 10 times higher than the yearly premium. However, the amount of death benefit must not be any lesser than 105% of the amount total of paid premiums till the death date.

Optional Benefit

LIC New Jeevan Anand plan has come up with disability benefit rider and accidental death benefit as an alternative ride through the payment of extra premium at the time of policy term. If an accident takes the policyholder’s life suddenly, the sum assured is paid in a lump-sum with the death benefit following the basic plan.

If the policyholder suffers from a disability, the amount of sum assured for accident benefit is required to be paid by the rider. The rider may pay the amount over the span of 10 years through continuous instalments. However, it is only applied in LIC New Jeevan Anand if disability takes place within 180 days of the accident.

Discount on Premium

LIC New Jeevan Anand looks after people’s convenience and the corporation offers 2% discount on the amount of premium paid on a yearly basis. Thereafter, for the half-yearly payment, you need to pay 1%.

Following is the chart of discount for the amount of sum assured,

  • 10,00,000 and above – 3%o basic sum assured
  • 5,00,000 and 9, 95,000 – 2.50%o basic sum assured
  • 2,00,000 to 4, 95,000 – 1.50%o basic sum assured
  • 1,00,000 to 1, 95,000 – None

Things to Keep in Mind

After getting a detailed picture of the features of LIC New Jeevan Anand, you should collect information regarding other features which are equally important.

  • The minimum period for the policy term is 15 years and the maximum period is 35 years.
  • If you pay the payment for LIC New Jeevan Anand on a monthly basis, you are eligible for one month grace period.
  • The entry age ranges from 18 years to 75 years.
  • One of the exciting features is that there is no specific limit for the maximum sum assured. And the minimum amount for a sum assured is Rs. 1,00,000.
  • Generally, when the policyholder reaches the age period of 75 years, he/she is likely to receive the maturity benefits.
  • One can pay for LIC New Jeevan Anand scheme on the monthly, quarterly, half-yearly or yearly basis.

Another thing that a policyholder always keeps in mind is the aspect of taxes and for this particular policy, the tax regulations are applied. However, it is to note that the maturity benefits will be null and void if the policyholder commits suicide. In addition to the context, if the insured commits suicide within a year from the initiation of the risk and the company will not be liable to give out any claim. 

Even the corporation allows the life assured to return to the policy maker within 15 days along with a bond indicating the objections about the dissatisfactions of terms and conditions.

Function of LIC New Jeevan Anand

If you are still foggy about the LIC new Jeevan Anand benefits, you should take a look at this example.

Mr. Sharma, a 25 years old IT professional, opted for LIC New Jeevan Anand in the year of 2017 and his policy term ends after 25 years of beginning the policy. Now the annual premium amount is Rs. 21,472 and the sum assured is Rs. 5,00,000. In addition, the total amount of paid premium must be around Rs. 5,36,800.

Considering this particular circumstance, there are two cases to understand – Mr. Sharma passes away before the term ends or he survives throughout the 25-year period. One can make use of the maturity calculator and LIC New Jeevan Anand premium calculator to get a realistic picture of the benefits and premium.

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