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.
”
Rajesh Said,
October 23rd, 2009 @9:01 am
Dear Sir/Madam,
My father has LIC policy with the Plan 149(Jeevan Anand). We are paying LIC premiums 7120 from 09/02/2004. My father has stopped maintaing these LIC payments after paying the first premium. Last year I have paid around 35 thousand rupees for the remaining 4 years premiums. Next year we are planning to do my sister marriage. For that we need Loan on this LIC account. Could you please let me know how much amount we will get on this account as a loan.
Please note that we are trying to pay the remaining premiums this month.
Thanks in advance.
Regards,
Rajesh.
”
Rajesh ji, i am not sure ,but you are entitled for a loan only if you pay your premium properly without any break. But kindly get it clarified
Jay, please contact the LIC Agent from whom you bought the policy or contact your nearest LIC Branch. You can take loan on LIC Jeevan Anand.
Good Luck.
Hello Sir/Madam,
date of birth – 17/12/1990
LIC joined – 01/11/2009
Premium term – 25yrs
Sum Assured:Rs. – 10,00,000/-
Policy – LIC jeevan anand (plan no. 149 )
Please let me know, how much money I will receive on maturity?
and after the maturity of this policy if a person is dies then what is the benifit a policy holder gets in the following cases.
1. Normal Death
2. Accidental Death
i have completed 5 lives & need 7 lives to protect from termination of my license only 1 month left please advice Sir urgently
Contact your development Officer and Promote New LIC Jeevan Nischay. Ask for references from your old clients and friends. Good luck.
Dear sir
I want to know about jeevan anand policy.
I will pay the premium of quarterly 10000
and what amount will get after ten years …
dear sir
I want to take one policy jiwan anand.
My d.o.b. is 12.02.1987
I will take policy for 30 years paying.
Please provide me how many premium will pay yearly.
regards
arun
hi sir,
i have taken Jewan anand for S-A 500000 for paying term of 23 yrs with D.O.C 21/08/09. when i got premium receipt, i got to know its D.O.M is 21/08/2080, though its D.L.P is 21/08/2031. my concern is what would i get at D.L.P or this policy is only for my family, because till D.O.M i will be no more here.
Please send a written application to your Branch.
Dear Sir/Madam,
My father has LIC policy with the Plan 149(Jeevan Anand). We are paying LIC premiums 7120 from 09/02/2004. My father has stopped maintaing these LIC payments after paying the first premium. Last year I have paid around 35 thousand rupees for the remaining 4 years premiums. Next year we are planning to do my sister marriage. For that we need Loan on this LIC account. Could you please let me know how much amount we will get on this account as a loan.
Please note that we are trying to pay the remaining premiums this month.
Thanks in advance.
Regards,
Rajesh.
Sir
I paid a jeevan anand policies premium for 5yrs. as rs.2601/- half yrly.I want know the status of it. My policy no. 632896544
Sir,
I want to take one of lic policy. I am a NRI person(32yrs), i cannot select longterm one. only shorterm policy. then what policy will suit to me. If took jeevan anand , for 16yrs (Rs.1,00,000/-), then what will be the amount of the premium per year? Also tell me the exact amount that I will get on maturity of the policy. Waiting for your reply.
mahesh
Hello Sir/Madam,
date of birth – 09-03-1988
LIC joined – 22-01-2007
Premium term – 20yrs
Sum Assured:Rs. – 1,00,000/-
Policy – LIC jeevan anand (plan no. 149 )
Please let me know, how much money I will receive on maturity?