LIC PCMC - LIC's New Jeevan Anand

LIC's New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

Benefits

Death benefit:

Provided all due premiums have been paid, the following death benefit shall be paid:

On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.

The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.

On death of policyholder at any time after policy term: Basic Sum Assured

Benefits payable at the end of Policy Term: Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.

Participation in Profits:

The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during policy term provided the policy is in full force.

Final (Additional) Bonus may also be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for certain minimum term.

Optional Benefit:

LIC's Accidental Death and Disability Benefit Rider: LIC's Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

Criteria	Description
Introduction	New Jeevan Anand is a combination of the Whole life plan and the most popular Endowment Assurance Plan. The plan provides the pre-decided Sum Assured and Bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death.
Age Range	18 (completed) - 50 Yrs () (Max Premium Ceasing Age : 75)
Term	15 - 35 Yrs
Premium Paying Term	15 - 35 Yrs
Minimum Sum Assured	Rs. 1,00,000
Premium Modes	Yly, Hly, Qly, Mly (ECS) & SSS
Risk Cover	On death, before the policy term ends, 'Sum assured On Death' + Bonus + Final Additional Bonus, if any, is given to the nominee. 'Sum Assured On Death' is higher of 125% of Basic Sum Assured or 10 times of annualized premium. This Death Benefit should not be less than 105% of the total premiums paid as on date of death. Incase of Lives Assures unfortunate death after the premium paying term, an amount equal to Sum Assured is paid.
Maturity Benefits	Sum Assured plus vested bonus is paid at the end of the premium paying term. The Risk cover continues and again on death Sum Assured is paid to the nominee.
Bonus & Guaranteed Addition	Available (as per Declered rates)
Tax Benefits	Available Under Section 80C of the Income Tax Act.
Loan	Loan Available
Accident & Disability Benefits	Available till Age 70. For a policy of S.A. 1,00,000 the Additonal Premium will be Rs. 100 (Re 1 / 1000) payable upto age 70.