LIC Jeevan Anand Table 149 W.e.f. 1-2-2002, a combination of Whole Life plans and Endowment Assurance. Death cover is throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival. More

lic jeevan anand

Lic Jeevan Anand General Policy Condition
Min. age at entry 18 yrs completed
Max. age at entry 65 yrs
Modes allowed All
Accident benefits
per 1000 S.A.
Incl. in T.P
Min. S.A. Rs 1 lakh
Max. S.A. Any amount
Min. Prem. Term 5 years
Max. Prem. Term 57 years
Max. DAB 5 lakhs
Max. ppt Mat. Age 75 years

 

Underwriting requirements
Female Living category I/II/III
Form No. 300 (Rev.)
Age Proof Std/NSAP-1/2/3
Actual Sum Assured (ASA) Basic S.A.
Dating back@ 8% Allowed
Risk coverage SA+Bonus
Non-Medical General Allowed
Non-Medical Professionals Allowed
Non-Medical special Allowed

 

Lic Jeevan Anand Policy Servicing
Assignment Yes
Revival Yes
Surrender of Policy Yes
Housing Loan Yes
Policy loan@ 9% Yes
Critical Illness Rider Yes
Key main Insurance No
Term Rider Option No

 

LIC Jeevan Anand Maturity Benefits:

  • Bonus plus Sum Assured is payable with Final Additional Bonus if any at the end of the Premium Paying Term.

Death Benifits:

  • Accumulated Bonus and Sum Assured are payable if death occurs BEFORE the Premium Paying Term.
  • No bonus is payable but an additional amount equal to the SUM Assured is payable if death occurs AFTER the Premium Paying Term.

Lic jeevan anand other details:

  • During the premium paying term and thereafter up to age 70, accident benefit is available.
  • This plan is a combination of Whole Life and End. Assurance Plan.
  • Till the death of the Policy holder, risk cover continues even after the Premium Paying Term is over.
  • This plan is not allowed to proponents with history of deformity falling under Group B.
  • This plan can be allowed to the proponents engaged in hazardous occupations attracting occupational extra subject to imposing restrictive clause 85.

Lic Jeevan Anand Rebates for High Sum Assured:

Rebates for High Sum Assured:
Below 3 lacs Nil
3 lacs to less than 5 lacs 1
5 lacs to less than 10 lacs 1.5
10 lacs & above 1.75

Under the plan, Maximum Accident Benefit cover is Rs 5 Lakhs. This limit excludes Accident Benefit availed under other plans.

Example:

Mr. Bob, aged 25 years, takes a Lic Jeevan Anand Policy for 25 yrs for 1 lakh. On maturity, he will receive Rs. 2,12,500 (Rs 1,12,500 being estimated bonus at Rs 45 per thousand p.a.) but policy risk continues till he is alive.

In case, he dies (after PPT is over) at the age of 60 years, his nominee will get additional Rs. 1 lakh equal to S.A. amount. Since, Mr. Bob has already received the bonus, second time bonus is not payable. In case, he dies during PPT, his nominee will get Rs. 1 lakh + accrued bonus till Mr. Bob’s death.

Policy Servicing
Assignment Yes
Revival Yes
Surrender of Policy Yes
Housing Loan Yes
Policy loan@ 9% Yes
Critical Illness Rider Yes
Key main Insurance No
Term Rider Option No