LIC New Jeevan Anand Plan no.815 is one of the participating whole life endowment plan that provides a lot of advantages such as death benefit, maturity benefit. As the name says it’s a whole life plan that means it is going to give you the benefit, not only till you are alive. There is an amount of money that is fixed for your family after your life also. This feature makes this plan best for any individual. In other words, it can be said that it is a complete plan for a family. Another policy plan gets terminated after the term but in this plan, it continues to be in force till your whole life.
Features of New Jeevan Anand plan
- This is a traditional participating endowment plan.
- Premium should be paid on regular basis as same as the policy term.
- After the maturity of the plan the maturity benefits are provided to the policyholder but the policy will not be terminated, it will be continued.
- In the situation of the death of the insured person-assured amount paid to the nominee of the policyholder.
Benefits provided under LIC new Jeevan Anand plan
- Maturity benefit:- In case of survival of the policyholder, the basic sum assured plus the insured bonus is paid to the policyholder and the policy continues.
- Death benefit:- In case of unfortunate death of the policyholder the sum assured plus assured boners is payable to the nominee of the policyholder.
- Additional benefits:- LIC’s New Jeevan Anand plan provides accidental death and disability benefits as an add-on policy for taking this benefit the policy buyers will have to pay an extra premium.
- Loan benefits:- After the completion of 3 years of the premium the policyholder can take a loan on his policy amount as per the terms and conditions.
- Tax benefits: The premium amount paid in insurance is fully tax-free under 1 lakh each year as per Income Tax Act section 80c and the claim received is also tax-free under section 10.
Discounts on premium:- There is a discount of 2% for the yearly premium payers and 1% for the half-yearly premium payers for heavy amounts.
LIC New Jeevan Anand specification and eligibility criteria
- The minimum age for entry to this plan is 18 years and the maximum age for entry is 50 years.
- The maximum age for maturity is 75 years
- The lowest term for the policy is 15 years and the highest term for the policy is 35 years.
- The Premium term will be as same as the policy term.
For example:- If you have taken the policy for 15 years you will have to pay the premium for the whole 15 years.
- One can pay the premium annually, half-yearly, quarterly, or monthly as per convenience.
Documents required for LIC new Jeevan Anand plan
- Fully filled up the application form.
- Address proof
- Age proof
- Aadhar Card and PAN card
- Accurate medical history
- Medical examination report for higher sum assured or age. If required.
Premium Calculator for New Jeevan Anand Ready reckoner.
Terms related to the new Jeevan Anand endowment plan
Look up period
LIC provides 15 days to the customer after the delivery of the documents for complete satisfaction. If the customer doesn’t get agreed with the terms and condition and do not find the plan accurate for him then he can terminate the policy according to terms and condition.
There are 30 days provided by the company for the payment of the premium as Grace period. After 30 days if the premium will not get, paid the policy will be lapsed.
Revival of policy
Once the Insurance policy gets lapsed. It can be revived under 2 years from the date of the last premium paid. After that, if the policy will not be revived within 2 years the policy will get terminated.