“LIC New Jeevan Anand Plan: Unveiling the Enduring Assurance of Protection and Savings”

Title: “LIC New Jeevan Anand Plan: Unveiling the Enduring Assurance of Protection and Savings”

New Jeevan Anand Plan
New Jeevan Anand Plan

Introduction: Bridging Protection and Savings – The Essence of LIC New Jeevan Anand Plan

The LIC New Jeevan Anand Plan stands as a testament to the harmonious integration of protection and savings, offering policyholders a unique blend of life coverage and guaranteed returns.

In this comprehensive guide, we delve into the intricacies of the plan, elucidating its features, benefits, and the financial security it provides to policyholders.

Chapter 1: Understanding Participating Whole Life Plans – The Foundation of New Jeevan Anand

Chapter 1 provides an overview of participating whole life insurance plans, setting the stage for a detailed exploration of the New Jeevan Anand Plan. We discuss the principles that underpin these plans and their relevance in the contemporary financial landscape.

Chapter 2: Inception and Evolution of New Jeevan Anand – Tracing the Policy’s Journey

This chapter delves into the origins and evolution of the New Jeevan Anand Plan. From its launch to subsequent modifications, we trace the policy’s journey, highlighting key features that have contributed to its popularity.

Chapter 3: Dual Benefits – Life Coverage and Savings Accumulation

Chapter 3 unravels the dual benefits inherent in the New Jeevan Anand Plan. We explore how the policy seamlessly combines life coverage with a savings component, providing policyholders with financial security and a corpus for the future.

Chapter 4: Death Benefit – Ensuring Financial Protection for Loved Ones

This section focuses on the death benefit offered by the plan. We dissect the mechanisms of how the New Jeevan Anand Plan ensures financial protection for the policyholder’s loved ones in the unfortunate event of their demise.

New Jeevan Anand Plan
New Jeevan Anand Plan

Chapter 5: Maturity Benefit – Harvesting the Fruits of Financial Discipline

Chapter 5 explores the maturity benefit provided by the New Jeevan Anand Plan. We delve into how policyholders reap the rewards of their financial discipline, receiving a lump sum amount at the policy’s maturity.

Chapter 6: Bonuses and Guaranteed Additions – Augmenting Policyholder Returns

This chapter delves into the additional perks of the plan, such as bonuses and guaranteed additions. We analyze how these components enhance the overall returns for policyholders, contributing to the attractiveness of the New Jeevan Anand Plan.

Chapter 7: Loan Facility and Surrender Value – Flexibility in Financial Management

Chapter 7 addresses the flexibility embedded in the plan, discussing the loan facility and surrender value options available to policyholders. We explore how these features provide avenues for financial management in times of need.

Chapter 8: Riders and Customization – Tailoring the Plan to Individual Needs

This section explores the customization options offered by the New Jeevan Anand Plan through riders. We discuss how policyholders can tailor the plan to suit their individual needs, enhancing its adaptability.

Chapter 9: Tax Benefits – Leveraging Financial Efficiency

Chapter 9 highlights the tax benefits associated with the New Jeevan Anand Plan. We discuss how the plan aligns with the taxation landscape, offering policyholders opportunities to optimize their financial efficiency.

Chapter 10: Considerations and Cautionary Notes – Informed Decision-Making

The concluding chapter provides considerations and cautionary notes for potential policyholders. We discuss factors to weigh before opting for the New Jeevan Anand Plan, empowering individuals to make informed decisions about their financial future.

New Jeevan Anand Plan
New Jeevan Anand Plan

This comprehensive guide aims to provide readers with a thorough understanding of the LIC New Jeevan Anand Plan, demystifying its features, benefits, and the financial security it offers to policyholders.

LIC New Jeevan Anand Plan:

LIC New Jeevan Anand is a non-linked life insurance policy that offers dual benefits of protection and savings.

The plan provides financial protection in case of death of the insured and a lump sum if the insured survives at the end of the policy term. It is one of the best selling endowment plans of Life Insurance Corporation.

How does the program work?

A 26-year-old professional Mr. Let us see the example of Arjuna. Suppose Arjun pays an annual premium of Rs.27,454. If Arjun’s policy survives, the maturity benefit will be Rs.11,02,000. Before the policy expires, Mr. If Arjun dies, his nominee will get 125% of the sum assured along with various bonuses.

Features of LIC New Jeevan Anand Plan:

Features of LIC New Jeevan Anand Plan:

Eligibility Criteria for LIC’s New Jeevan Anand

Minimum age at entry 18 years
Maximum age at entry 50 years
Minimum sum assured Rs.10,00,000
Maximum sum assured No limit on the maximum basic sum assured
Minimum policy term 15 years
Maximum policy term 35 years
Maximum maturity age 75 years

 

LIC New Jeevan Anand Plan is a 915 Participatory Whole Life Endowment Plan. This plan provides the policy holders with benefits as well as guaranteed benefits.

The plan also offers policyholders the option of regular premium payments.

The risk on the life of the policyholder continues throughout his life till he reaches the age of 100 years. In the event of death of the policyholder during and after the policy period, the insurer pays the death benefit.

Additionally, additional top covers are available in the form of riders, which can be purchased at a nominal premium.

The plan benefits are paid along with the bonus amount, thereby increasing the final income of the policyholders.

New Jeevan Anand Plan
New Jeevan Anand Plan

Benefits of LIC New Jeevan Anand Plan:
Below are the key benefits of LIC New Jeevan Anand Plan:

Death Benefit:

If all the premiums are paid, the policyholder’s nominees will get the following death benefits:

If the policyholder dies during the policy term or before the maturity date, 125% of the basic amount or seven times the annual premium amount, whichever is higher, will be paid. Along with this additional bonus and reversionary bonus are given.

Death of policyholder after maturity period: In case of death of policyholder after maturity period, the nominee will get only the basic sum assured.

Maturity Benefit:

If the policyholder survives the maturity date and pays all the premiums, the insurer gives them the basic guarantee. Not only this, LIC also offers a bonus equal to the maturity amount. Policyholders can get this amount in installments over five, ten or 15 years or in lump sum.

Loan Facility:
LIC’s new Jeevan Anand policy enables policyholders to apply for a loan against their policy. However, the insurer provides the loan only after receiving the surrender value of the policy and the maximum loan amount is mainly a percentage of the surrender value.

Part of the profits:

LIC Scheme 915 will share in the profits of the company. Based on the profit achieved by the company, one percent will be shared with LIC New Jeevan Anand 915 policyholders as regular reversionary bonus. The final additional bonus amount is paid based on the experience of the company during the policy period.

Riders:

This plan provides riders in case of accidental death and disability of the LIC beneficiary. This optional rider can be availed by paying additional premium during the policy term. In case of death due to accident during the policy term, the total accident benefit is assured.

In case of permanent disability due to accident, an amount equal to the accident benefit amount is paid in monthly installments.

18% GST applicable on life insurance from 1 July 2017

Frequently Asked Questions on LIC’s New Jeevan Anand Plan
What is the minimum and maximum enrollment age for LIC’s new Jeevan Anand Plan?
The minimum and maximum entry age for LIC’s new Jeevan Anand plan is 18 years and 50 years respectively.

What is the minimum amount for LIC’s new Jeevan Anand plan?
LIC’s new Jeevan Anand plan has a minimum sum assured of Rs. 1 lakh.

What is the offer period of LIC’s new Jeevan Anand Plan?
In respect of monthly premiums, there is a grace period of 30 days for quarterly, half-yearly and annual premiums.

Can I avail policy loan under LIC’s new Jeevan Anand scheme?
Yes. A loan can be availed only if the premium is paid for at least two years. Policy loans are subject to terms and conditions specified by LIC

What is the policy term of LIC’s new Jeevan Anand Plan?
LIC’s new Jeevan Anand Plan offers a policy tenure of 15 years to 35 years.

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