LIC New Jeevan Anand Plan

Features of LIC New Jeevan Anand Plan

The following are the features of LIC New Jeevan Anand Plan:

1.  LIC New Jeevan Anand Pla 915 is a participating whole life endowment plan. This means the plan provides profits to the policyholders along with the assured benefits.

1. The plan also offers regular premium payment option to the policyholders.

1. The risk associated with the life of a policyholder will continue throughout their life till they reach the age of 100. The insurer will provide the death benefit in case of the death of a policyholder during and after the policy term.

1. Apart from this, additional top covers are available in the form of riders which can be purchased at a nominal premium amount.

1. The benefits of the plan are paid with the bonus amount which increases the final earnings of the policyholders.

Benefits of LIC New Jeevan Anand Plan

Given below are the key benefits of the LIC New Jeevan Anand Plan:

Death Benefit

Nominees of the policyholders can claim the following death benefits in case all the due premiums are paid:

1. If the policyholder dies during the policy tenure or before the maturity date: 125% of the Base Sum Assured or seven times the annual premium amount, whichever is higher will be provided. Along with this, additional bonus as well as reversionary bonuses are also offered.
2.  If the policyholder dies after the maturity period: In case the policyholder dies after the maturity period, the nominees will only receive the basic sum assured.

Maturity Benefit

If the policyholder survives till the maturity date and has cleared all the due premiums, the insurer will provide the basic assured to them. Not only this, but LIC will also provide applicable bonuses along with the maturity amount. Policyholders can opt to receive this amount in installments or in a lumpsum over five, ten, or 15 years.

Loan Facility

The LIC New Jeevan Anand Policy enables the insured to apply for a loan against their policy. However, the insurer will only provide loan once the policy acquires a surrender value, and the maximum loan amount is mainly a percentage of the surrender value.

Participation in Profits

The LIC plan 915 will participate in the profits of the company. Depending on the profit that the company earns, LIC shares a percentage with the policyholders of LIC New Jeevan Anand 915 as a simple reversionary bonus. The final additional bonus amount will be given on the basis of experience of the company over the policy tenure.

Riders Available Under LIC New Jeevan Anand Plan

The plan offers riders in the form of LIC's Accidental Death and Disability benefit rider. One can avail this optional rider by paying an additional premium during the policy term. Accident benefit sum assured benefit will be paid in case of death due to an accident during the policy term. In case of permanent disability due to the accident, an amount equal to the Accident benefit sum assured will be paid but in monthly instalments.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017