LIC’s New Jeevan Anand (Table No. 915)
INTRODUCTION :- LIC’s New Jeevan Anand Plan (Table No. 915) is a whole life, non-linked with profits Individual, Life Assurance plan. LIC’s New Jeevan Anand Plan offers an attractive combination of savings and whole life protection. In this plan LIC offers the life cover up to the age of 100 years. This plan also takes care of liquidity needs through its loan facility. This plan offers the Guaranteed risk cover of 125% of basic sum assured from day 1 and the risk coverage enhances every year as LIC declares the yearly bonus. The benefits and other basic features of the plan are given below.
Basic Eligibility Conditions and Features of LIC’s New Jeevan Anand Plan (Table No. 915):-
a) Minimum Basic Sum Assured:- ` 100000
b) Maximum Basic Sum Assured:- No Limit (The Basic Sum Assured shall be in multiples of ` 5000/-)
c) Minimum Age at entry:- 18 years (completed)
d) Maximum Age at entry:- 50 years (nearer birthday)
e) Maximum Maturity Age:- 75 years (nearer birthday)
f) Minimum Policy Term:- 15 years
g) Maximum Policy Term:- 35 years
h) Premium Paying Term :- Policy term
i) Modes of Payments:- Premium can be paid in Yearly, Half-yearly. Quarterly, Monthly (SSS and NACH)
j) Rider Benefits:- The following four optional riders are available under this plan by payment of additional premium. However, the policyholder can opt between either of the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider. Therefore, a maximum of three riders can be availed under a policy.
a) LIC’s Accidental Death and Disability Benefit Rider
b) LIC’s Accident Benefit Rider
c) LIC’s New Term Assurance Rider
d. LIC’s New Critical Illness Benefit Rider
A) Benefits payable at the end of Policy Term (On Maturity):- On Life Assured surviving to the stipulated Date of Maturity, provided the policy is in-force, i.e. all due premiums have been paid “Sum Assured on Maturity” along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable; where “Sum Assured on Maturity” is equal to Basic Sum Assured.
A) Death Benefit:- Provided all due premiums have been paid, the following death benefit shall be paid :-
On Death during the policy term i.e. before the stipulated Date of Maturity:- Death benefit, equal to “Sum Assured on Death” along with vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable; where, “Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of total premiums paid up to date of death. The premiums mentioned above exclude taxes, extra premium and rider premium(s), if any.
On death after expiry of the policy term i.e. from the stipulated Date of Maturity:- Basic Sum Assured shall be payable.
Settlement Option for Maturity/Death Claim Benefit:- Settlement Option is an option to receive Maturity/Death Claim Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount under an in-force as well as paid-up policy. This option can be exercised by the Life Assured, for full or part of Maturity/Death Claim proceeds payable under the policy.