The LIC Jeevan Anand Endowment Plan is a great savings option for those looking for a long-term investment with the added benefit of life insurance. This plan offers a guaranteed return on your investment.
Jeevan Anand Summary:
Jeevan Anand is the combination of Endowment Assurance and a Whole Life plan. The risk cover will continue even after maturity, which means Zindagi Ke Saath Bhi Zindagi Ke Bad Bhi… Jeevan Anand plan no. 149 provides financial protection against death 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.
For Example, Mr. Pankaj, age 25 years, takes Jeevan Anand’s policy for 25 years for Sum Assured Rs. 1 lakh. Now on Maturity Pankaj will receive Rs. 2,12,500/- (Rs. 1 lakh sum assured Plus Rs.1,12,500/- is the estimated bonus at Rs.45/- per thousand per year.)
In case, Mr. Pankaj dies ( After the premium paying term is over) at the age of 60 years, his nominee will get additional Rs. 1 lakh equal to the sum assured amount. Since Mr. Pankaj has already received the bonus, LIC will not pay a second-time bonus.
In case, Mr. Pankaj dies during the Premium Paying Term, his nominee will get Rs.1 Lakh (sum Assured) + Accrued bonus till Mr. Pankaj’s death.
Jeevan Anand Key Features:
- LIC Jeevan Anand is the combination of the Whole Life and Endowment Assurance plan.
- Even after the Premium Paying Term (PPT) is over, risk cover continues till the death of the policyholder.
- Accident Benefit is available during the premium paying term and thereafter upto age 70.
- Limited premium payments.
- Double accidental cover upto age 70.
- Tax Savings
Modes of Premium Payment:
You can pay the premium yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death.
LIC Jeevan Anand Plan Premiums are limited. You only pay till the selected term of years or until death if it occurs during the term period. This policy not only makes provisions for the family of the life assured in the event of early death but also assures a lump sum at the desired age. The lump sum can be reinvested to provide an annuity during the remainder of the policyholder’s life or in any other way considered suitable at that time.
Premium Stoppage:
If payment of premiums ceases after at least 3 years premiums have been paid, a free paid-up policy for a reduced sum assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the policy.
Bonuses:
Jeevan Anand is a with-profit insurance plan and participates in the profits of the Corporation’s life insurance business. You will get the profit in the form of Bonuses. Simple Reversionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year. Once the bonus is declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for a certain minimum period.
Maturity Benefit:
Sum Assured along with all vested bonuses payable at the end of the term to the policyholder.(Endowment term)
Death Benefit:
Sum Assured along with vested bonuses are payable on death during the premium paying term. An amount equal to the Sum Assured is payable if death occurs after the premium paying term. Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with a final additional bonus if any. No Bonus is paid on death after the premium paying term.
Accident Benefit:
Double Accident Benefit is available during the premium paying term and thereafter up to age 70. The maximum Accident Cover available under this plan will be Rs 5 lakh (this limit excludes accident benefits taken under other plans).
Also, Check: New Jeevan Anand Plan
In case of permanent disability of the life assured due to an accident, this additional Sum assured is payable in installments.
Jeevan Anand Eligibility Conditions and Restrictions:
- a:) Minimum Entry Age: 18 Years completed
- b:) Maximum Entry Age: 65 Years
- c:) Max. PPT Mat. Age: 75 years
- d:) Min. Premium term: 5 yrs
- e:) Max Premium term: 57 yrs
- f:) Minimum Sum Assured: Rs. 1,00,000/-
- g:) Maximum Sum Assured: No Limit
- h:) Risk cover: Sum Assured + Bonus
- i:) Loan on policy: Available
- j:) Housing loan: Available
Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract.
Also Check: Jeevan Saral – Most popular Endowment plan
Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. Any extra premium(s) paid, and premium(s) towards Accident Benefit are also excluded.
LIC policy on surrenders:
In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.
Who should buy Jeevan Anand policy?
Since Jeevan Anand is an endowment assurance plus whole life policy, this plan is apt for people of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder’s life or in any other way he may think most suitable at that time.
Update: Jeevan Anand Plan No.149 Has Been Discontinued.
I have not yet been received comments to till date from L.I.C.
RISHIKESH.
I HAVE TAKEN A jeevan Annand AND Market Plus POLICY IN THE NAME OF Smt.sushma verma (my wife ) pOLICY N0.272225318 AND 272057270. My wife has expired on 09.04.2009. Ihave completed all formalities to LI C OFFICE RISHIKESH . THE MATTER IS PENDING SINCE 07 MONTHS IN the office of Manager(Claim) Divisional office Dehradun . Ihave all ready paid premium to LIC CONTINUOUSLY 03 YEARS. BUT DEATH CLAIM OF MY WIFE IS NOT SETTLE BY LIC OFFICE TO TILL DATE.WHY?
WHY DELAY PAYMENT OF DEATH CLAIM TO NOMINEE.
Dear,
I am working in Dubai.I would like to join jeevan anand policy through my agent.
My Detail:
Vijayakumar K.M
d.o.b:02.05.1979
Policy amount1400000
Premium year-15 years
Please give me datail for the policy and how much i want to pay premium of yearly or quarterly.
Also,what amount will get after 15 years.
Please advice me,
Thanks,
Vijay
06-12-2009
Hello Sir/Madam,
date of birth – 16/07/1983
LIC joined – 20/04/2002
Premium term – 20yrs
Sum Assured:Rs. – 5,00,000/-
Policy – LIC jeevan anand (plan no. 149 )
primium -25300/-p.a
Please let me know, how much money I will receive on maturity& how much itrest i will benfit
Sir/Madam,
My age is 32Year
I want to make my policy(Jeevan Anand Endowment Assurance and Whole Life plans) for 21 Years.
I can pay a premium amount up to 30,000/-rs per annum.
You are requested to kindly give me followinf details:-
1.how many lakhs policy I will get ?
2.After maturity What amount lic will paid to me?
Regards
Suresh
+919916496420
Dear sir,
My document is loose I do not know how solve this problem pls tell me. I do not our policy no or any etc detail.
My Name – Ajay Singh
Date of birth – 03/08/1983
Father Name – Lalji Singh
i have opted 149(Jeevan Anand) policy half yearly iam paying 18303 .00 and the thing is that i would like to with draw from this policy after a period of 3 years ,
i would like to know how much amount iam goiong to get after this 3 years period , kindly let me know.
thanking you,
Md parvez akther John
i am Jyoti having a jeevan anand policy and i forgot to pay the premium for the year2009 may.what is the drawback for such delay and how can i continue my a/c.my policy no. is 883017511.and i would like to have a word with your customer care.kindly give me the contact details.
Please contact on 1251 to know your Insurance policy details.
sir
i have a Jeevan Anand policy for which i have paid a premium of Rs 100000 for two years 2007 and 2008, i wish to surrender the policy. should i pay the 3 yrs premium and then surrender?.
what will be my surrender value in case of payment of 2 premiums and the surrender value in case of payment of 3 premiums?
kindly reply
sujatha venkatachalam
If you dont want to continue your Jeevan Anand Insurance policy then you can stop it afer 3 years. You can surely surrender Jeevan Anand but I would not suggest that instead keep the policy with lower risk cover. Talk to your LIC Agent for more details.
Dear Sir,
Myself Srinivas Alwala 26 yrs old. I would like to invest in LIC to protect my family and myself. I want to apply for pension of about Rs. 1 lac p.a.
Kindly suggest the way to invest in.