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LIC Jeevan Anand Plan

LIC New Jeevan Anand Plan is a participating non-linked endowment cum whole life plan. LIC New Jeevan Anand Plan 815 provides life coverage even after the plan matures. This plan is very popular in the market as this plan provides free cover for lifelong with best tax saving.

LIC Jeevan Anand Features for enrolment are mentioned below:

  • Entry age is between 18 to 50 years.
  • The LIC Jeevan Anand Plan matures at 75 years.
  • The policy and premium term are the same.
  • Minimum Sum Assured is Rs. 1,00,000.
  • Premium stops after premium paying term but policy continues.

LIC Jeevan Anand Benefits include:

1. Maturity benefit: A lumpsum amount equivalent to Basic Sum Assured along with vested Simple Revisionary Bonus and Final Additional Bonus is paid at the date of maturity of LIC New Jeevan Anand Plan 815.

2. Death benefit: On the unfortunate death of the life insured during the policy term, Sum Assured on Death shall be payable which is the highest of 125% of Basic Sum Assured or 10 times of annualized premium. The death benefit shall not be less than 105% of all the premiums paid till death.

In case the policy holder dies after the policy term, Basic Sum Assured is paid to the beneficiary.

3.Profit Participation: The LIC Jeevan Anand Plan also participates in the profits of the Corporation which as Simple Revisionary Bonus and Final Additional Bonus is paid on death or on maturity of LIC New Jeevan Anand Plan 815.

Optional LIC Jeevan Anand benefits include:

4. Accidental Death and Disability Benefit Rider at an additional premium. In case of death, Accident Benefit Sum Assured is payable within 180 days from the date of accident and in case of permanent disability, Sum Assured is paid over 10 years in equal monthly instalments waiving off the remaining premiums.

5. LIC Jeevan Anand Tax Benefit provide tax exemption on premium and maturity amount as per Section 80C and 10(10D).

6. Grace period of 30 days for premium payment and a free look period of 15 days for cancellation of the policy.

The LIC agent elaborately explains LIC Jeevan Anand policy details and assists you in deciding the right sum assured and other details

FAQs:

1. How is LIC Jeevan Anand different from other endowment plans?
This plan is a mix of the popular endowment plan and whole life plan. It offers life time risk cover even after maturity with premium only till policy term. LIC is the only plan to have this kind of plan. Afterwards many companies started this kind of plan

2. Medical tests are required for LIC Jeevan Anand plan?
From 18 years to 35 years for a cover of Rs. 8, 00,000/- no medical tests are required. Special provision for employees for Multinational companies are also available.

3. How do I file for LIC Jeevan Anand Policy claim?
Submit the original policy documents with Discharge Form and also provide the bank account details of nominee at LIC office for claims process to start. No need for the nominees to visit the branch for claim process.

4. How this plan can save my tax?
All endowment plans save tax less than 80C. Best plan for tax saving under 80C and section 10 (10 D ) of Income Tax Act.

Eligibility Conditions And Restrictions 
Minimum Age18 Years Completed
Maximum Age50years
Maximum Maturity Age75 years
Policy Term15 years to 35years
Minimum Sum AssuredRs,1,00,000
Maximum Sum AssuredNo limit
Premium PaymentYearly/Halfly/Quarterly/Monthly/(Through Bank)
LoanEligible After 3 years full premium payment
SurrenderEligible After 3 Years of full premium payment