LIC Jeevan Anand Policy Table 149 by LIC of India
Policy Details : An excellent combination of endowment and whole life plans, LIC’s Jeevan Anand not only give survival benefits at the end of the term of policy, but also guarantees life cover to continue till the death of the policyholder.
What was even more exciting about the scheme was the fact that the amount of life cover (sum assured) is payable two times. One, at the end of the premium paying term to the policyholder, and after that, to nominee upon the death of the policyholder.
The following illustration explains the features of this plan:
Prashant , aged 31 years old, take Jeevan Anand for a period of 25 years for a sum assured of Rs Ten lakh. He will accordingly pay premiums on this policy till he become 65. At the end of the policy term, when Prashant is 56 years old, he will get maturity proceeds Rs 10 lakh, that is the sum assured, by the policy, and the amount of accrued bonuses, accumulated over 25 years.If in case Prashant dies at the age of 75, his nominee will once again get the sum assured of Rs 10 lakh from LIC.
During the previous three years, the bonus rates declared by LIC for Jeevan Anand have been Rs 34, Rs 37, Rs 41 and Rs 45 per Rs 1,000 sum assured for policy terms of 10, 15, 20 and 25 years, respectively.
But, in case of the death of the policyholder during the policy term, that is in the above illustration, if Prashant were to die during the 25 year policy term, his nominee will get the sum assured of Rs 10 lakh and the amount of accrued bonuses and the policy shall come to an end. There will be no additional receipts from LIC.
Death Benefit – In the event of death of the Life Insured prior to the end of the Policy Period, the sum assured plus accumulated bonus is paid
In case there is death of the Life Insured after the Policy Term, Sum Assured is given as death benefit at any time the policyholder dies.
Maturity Benefit – At the maturity of the insurance policy, the insured will get Sum Assured + accrued bonus plus final addition bonus
Income Tax Benefit – Premiums paid under life insurance policy are free from tax under Section 80 C and maturity earnings are free from tax under Section 10 (10D)
- The plan brings together the advantages of both whole life plan and endowment plan.
- In this plan, premiums paying term is limited to the term selected at the time of taking policy and maturity benefits are payable on the date of maturity. But the insurance coverage of the policyholder goes on till death, as this is whole life policy.
- Bonus accrued for the duration of the premium paying period and is given as survival benefit at the end of the premium paying term or on sooner death together with Final Additional Bonus. No Bonus is given on loss of life after the premium paying term.
- Double Accident Benefit is offered during the premium paying term with no extra premium and after that up to age 70 wherein further sum assured is payable on dying caused by an accident. This benefit is built-in and no extra premiums is required to be paid. Highest possible accident cover offered under this plan is going to be Rs. 5,00,000/-
- Policy loan is going to be provided against the forfeit value of the policy right after payment of premiums for a minimum of 3 years. Interest on these kinds of loans will likely be set by the LIC from time to time.
Purchasing a life insurance coverage plan is a long-term commitment. On the other hand, surrender prices are offered on the plan on prior cancellations of the long term contract. Guaranteed Surrender Value: The insurance policy could possibly be surrendered right after it has been in effect for 3 years or even more. The assured surrender price is 30% of the primary premiums paid not including the very first year’s premium. Any additional premium(s) paid for and premium(s) towards Accident Benefit are also omitted.
Loan on policy:
Most of LIC policies are of endowment kind and the policyholder is likely to be helped to get a loan against insurance policy if he need money. Policu holders can take loan against jeevan anand policy also. The loan can be payed back with interest or keep on paying the interest and enable the loan to be taken off during the time of the claim payments.
Free Double Accident Benefit and disability benefit :
This plan offers an extra double accident benefit in which an additional sum assured (subject to a highest possible of Rs 5 lakh) is payable to the nominee in case there is the loss of life of the insurance policy holder caused by accident up to 70 years of age. In the event of permanent disability of the policyholder resulting from accident, this additional amount assured will be paid in installments.