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Jeevan Anand - Jindagi Ke Saath Bhi Jindagi Ke Badh Bhi
Jeevan Anand is one of the popular plan from LIC (Life Insurance Corporation.).
LIC's Jeevan Anand is a With Profit assurance plan.
The plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan.
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.
Under the 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.
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.
Double Accident Benefit is available during the premium paying term and thereafter up to age 70 where in additional sum assured is payable on death due to an accident. This benefit is built in and no additional premium needs to be paid.
Loans will be granted against the surrender value of the policy after payment of premiums for at least 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).
If payment of premiums ceases after at least three years? premiums have been paid , a free paid-up policy for a reduced Sum Assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the policy.
If it is a With Profits Policy note that every year the LIC distributes its surplus among policyholder to with profits polices in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of policy liabilities.
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.
Being an endowment assurance + whole life policy, this plan is apt for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholders life or in any other way he may think most suitable at that time. Most ideal if you want to ensure Permanent family financial protection + enjoy the fruits of your savings yourself on outliving the PPT you have chosen
Mr. Kumar, age 25 years, takes Jeevan Anand policy for 25 years for Sum Assured Rs. 1 lakh.
Now on Maturity Pankaj will receive Rs. 2,12,500/- (Rs. 1 lakh sum assured Plus Rs.1,12,500/- is the estimated bonus at Rs.45/- per thousand per year.)
In case, Mr. Kumar, dies ( After premium paying term is over) at the age of 60 years, his nominee will get additional Rs. 1 lakh equal to sum assured amount. Since Mr. Pankaj has already received the bonus, LIC will not pay second time bonus.
In case, Mr. Kumar dies during the Premium Paying Term, his nominee will get Rs.1 Lakh (sum Assured) + Accrued bonus till Mr. Kumar?s death.
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