The LIC’s New Jeevan Anand Plan is the whole life endowment plan, which also continues after the maturity. If you are looking for the insurance policy that offers the benefit of the whole life plan, then एलआईसी जीवन आनंद is one of the best options. The policy offers agreed sum as well as additional bonuses on maturity or death. The plan contains a great reward rate, a decent premium, and lots of additional benefits and features.
The LIC NJAP also provides the accident and disability benefits. In case of death through accident, the nominee will get the assured sum plus additional amount as per the rules of the Life Insurance Corporation. Now the question arises what happens if the insured person dies before the maturity of policy? So, if the person dies before the maturity of the policy, the eligible nominee will get the assures sum and bonuses, and the policy ends.
You can purchase the LIC New Jeevan Anand Policy plan via online mode. It may be noted that to purchase the said policy, the individuals must be more than 18 years of age and less than 50 years. And the minimum sum assured under this plan is rupees one lakh and there is no maximum limit. The term of the policy will be 15 years to 35 years, and the maturity age will be 75 years. More information related to the plan has been provided in the below section of this page. You are suggested to scroll down this page of mudrabhandar.com and check all the details.
LIC New Jeevan Anand Policy
LIC New Jeevan Anand Policy- Eligibility
|Age||18 years||50 years|
|Sum Assured||Rs. 10,00,000||No Limit|
|Policy Term||15 years||35 years|
|Maturity Age||–||75 years|
LIC New Jeevan Anand Policy -Features
- Life Insurance Corporation Jeevan Anand is a traditional participating whole life insurance plan.
- The insured has a regular premium payment option.
- If the policyholder lasts until the maturity of the plan, the benefit of the plan will be directly paid to the policyholder
- If the policyholder dies before the maturity of the plan, the sum assured by the LIC will be paid to his eligible nominee.
- The policyholder will also get the tax benefit under section 10(10D) and 80C of the Income Tax Act.
Here we are providing the features of LIC’s New Jeevan Anand in tabular form-
|Type of Plan||Traditional participating whole life insurance plan|
|Basis of Plan||Individual|
|Period Of plan||15 years to 35 years|
|PPT||Equal to chosen policy term|
|Mode Of Payment||Yearly, Half Yearly, Quarterly, Monthly|
|Period Of Grace||If case of monthly payment mode- 15 days and For all other mode- 30 days|
|Look Period||15 days from the purchase date of the plan|
|Assured Sum||Rs. 100,000 (minimum)|
|Facility of loan||Individuals can avail the loan against the policy. The loan will be permitted only if the plan holder has attained a surrender value.|
Required Documents To Apply For the LIC New Jeevan Anand Policy
The individuals require to submit the below documents at the time of filling the form for buying the policy.
- Correctly filled LIC New Jeevan Anand Application form
- Documents for the address and age proof
- KYC documents (Any Valid Document)
- Medical Certificate approved by the doctor
- Medical Diagnosis Reports as per the requirement of LIC
LIC’s New Jeevan Anand- Benefits
If the policyholder dies before the mature of LIC Jeevan Anand, then in that case policy sum assured and the additional bonus (if any) will be paid to the nominee as per the rules and the regulations. The eligible nominee will paid the sum Assured on Death + additional bonus.
The Sum Assured on Death will be the higher of-
- 125% of the Basic Sum Assured by the LIC
- Annualized premium multiply by 10
- Minimum of 105% of the aggregate premiums paid as on date of death
If case, the assured person survives till the maturity of the policy, then the basic sum assured and the bonuses will be paid to the policyholder (insured), and the policy plan will be continuing to be in force. The insured person will get the basic sum assured + additional bonuses at the time of maturity of the plan.
Accidental Death and Disability Benefit-
The LIC New Jeevan Anand plan also covers the disability and accidental death benefits. If the insured person dies then in such case, the nominee will get an extra sum assured amount om addition of the basic sum assured amount. Whereas, if the person gets total or permanent disability, the person will get the benefit in equal intervals of time.
Any eligible person can purchase the LIC New Jeevan Anand Policy easily via online mode without any hassles.
The insured person can pay the premiums easily Yearly, Half Yearly, Quarterly, Monthly as per their suitability and preference.
The insured person will get the tax benefit on the premium paid under section 10(10D) and 80C of the Income Tax Act.
CA Shivam Channa is a trusted financial writer with deep knowledge of financial systems. He has over 10 years of experience in writing His articles are always well researched and provide great insights into the topic at hand.