LIC New Jeevan Anand Plan – (Table 815)
Jeevan Anand plan from LIC of India which was modified and relaunched with plan number 815 is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. LIC New Jeevan Anand Policy provides pre-decided Sum Assured and bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death.
Jeevan Anand Main features
Under this plan, premiums are limited to the term chosen and benefits are payable on the date of maturity. But the insurance cover on the life assured continues till death, like a whole life policy.
In Jeevan Anand plan bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with Final Additional Bonus. No Bonus is paid on death after the premium paying term.Loans will be granted against the surrender value of the policy after payment of premiums for at least 3 years and completion of 3 years. Interest on such loans will be fixed by the corporation from time to time.
Sum Assured along with all vested bonuses payable at the end of the premium paying term (Endowment term).
The Double Accident benefit is available during the premium paying term and thereafter up to age 70. The premium for this has been built into the tabular premium rates. Maximum accident cover available under this plan will be Rs. 5 lakh (this limit excludes accident benefit taken under other plans).
Sum Assured along with vested bonuses are payable on death during the premium paying term and when policy ceases. An amount equal to the Sum Assured is payable if death occurs after the premium paying term.
Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with final additional bonus, if any. No Bonus is paid on death after the premium paying term.
Tax exemptions are subject to Income Tax rules amended from time to time by Government of India under Income Tax Act.,