The LIC New Jeevan Anand is a par, non-linked, life insurance plan that combines the benefits of protection and savings. It ensures financial security for the policyholder’s family through life coverage while offering maturity benefits as a lump sum. This versatile plan is ideal for those looking for a reliable insurance product with lifelong benefits.
Key Features of LIC New Jeevan Anand
1. Lifetime Coverage: Provides life insurance coverage throughout the policyholder’s lifetime.
2. Maturity Benefit: Lump sum payout at the end of the policy term.
3. Flexible Premium Payment: Options to pay premiums yearly, half-yearly, quarterly, or monthly.
4. High Sum Assured Rebate: Attractive discounts on high sum assured policies.
5. Loan Facility: Address liquidity needs through loans against the policy.
6. Optional Riders: Enhance protection with additional riders like Accidental Death and Disability Benefit.
Eligibility Conditions
– Minimum Entry Age: 18 years
– Maximum Entry Age: 50 years
– Policy Term: 15 to 35 years
– Minimum Sum Assured: ₹2,00,000
– Maximum Sum Assured: No limit
Benefits of LIC New Jeevan Anand
1. Death Benefit:
– During the Policy Term: The nominee receives the higher of:
– 125% of the Basic Sum Assured.
– 7 times the annualized premium.
– This benefit also includes vested bonuses and a final additional bonus, ensuring a minimum of 105% of the total premiums paid.
– After the Policy Term: The nominee receives the Basic Sum Assured in case of the policyholder’s death.
2. Maturity Benefit:
– At the end of the policy term, the Basic Sum Assured, along with accrued bonuses, is paid to the policyholder.
3. Participation in Profits:
– Policyholders are eligible for Simple Reversionary Bonuses during the policy term.
– A Final Additional Bonus may also be declared at the time of maturity or death claim.
Read Also-LIC Jeevan Umang Insurance Plan: Secure Your Future with Lifetime Benefits
Optional Rider Benefits
Enhance coverage with the following riders:
1. Accidental Death and Disability Benefit Rider: Provides a lump sum in case of accidental death or disability benefits in monthly installments over 10 years.
2. Accident Benefit Rider: Offers a lump sum payout for accidental death.
3. New Term Assurance Rider: Provides additional coverage during the policy term.
Policy Loan Facility
– Loans can be availed after the first policy year.
– Maximum loan amount:
– 50% of Surrender Value before completing two full years of premiums.
– 75% of Surrender Value after completing two full years of premiums.
Surrender Value
The policy acquires a surrender value after payment of at least one year’s premium. The surrender value is the higher of:
1.Guaranteed Surrender Value: Based on premiums paid and vested bonuses.
2. Special Surrender Value: Reviewed annually and determined by the Corporation.
FAQs
1. What is the minimum premium amount for LIC New Jeevan Anand?
The premium varies based on the Basic Sum Assured and the chosen policy term. For a Basic Sum Assured of ₹2,00,000, the annual premium starts at approximately ₹6,968.
2. What is the maximum maturity age in LIC New Jeevan Anand Plan?
The maximum maturity age is 75 years.
3. Can the death benefit be received in installments?
Yes, policyholders can opt to receive the death benefit in 5, 10, or 15-year installments instead of a lump sum.
4. Are there any rebates for high sum assured policies?
Yes, policies with higher sums assured are eligible for rebates:
– 2.5% for ₹5,00,000 to ₹10,00,000.
– 4% for ₹10,00,000 and above.
5. What happens if premiums are not paid on time?
A grace period of 30 days (15 days for monthly mode) is provided for premium payment. If not paid within this period, the policy may lapse but can be revived within 5 years.
Official Link-LIC New Jeevan Anand
Conclusion
LIC’s New Jeevan Anand plan is a robust option for individuals seeking long-term financial security and savings. With its unique blend of protection, savings, and flexibility, it caters to diverse financial needs and goals.
To learn more, visit your nearest LIC branch or consult an authorized LIC agent.
1 thought on “LIC New Jeevan Anand Plan in 2025: A Comprehensive Guide to Life Security and Savings”