Oct 20, 2016 310

All That You Need to Know About LIC Jeevan Ananad Policy Plans

Looking for an endowment plan that offers the benefits of a whole life policy? Buy the LIC Jeevan Anand Policy that comes with bonus facility. This is a kind of Double Death Benefit Plan that promises matured benefits if the insured survives till the end of the policy. This plan entails high bonus rate, average premium and even excellent liquidity features.

LIC Jeevan Anand Policy- A Brief Intro

Going into the details of the plan, you will know how the policy terms and conditions benefit you in the long run. According to this plan, the insured person received the total sum assured plus bonus that comes as maturity benefit, but it should be remembered that the life cover chosen is valid till the death of the insured. When the Life Insured dies, an addition sum assured is paid. Thus, it explains why the LIC Jeevan Anand Policy is both a whole life insurance plans and an endowment plan.

What happens if the insured dies before policy reaches its maturity or before the completion of the premium payment term? Then, the nominee enjoys the whole sum assured and the accrued bonus, after he receives the amount only then the policy terminates. As per the LIC Jeevan Anand Policy term, there is a disability benefit and additional accidental death benefit, which is payable to the insured until his 70 year birthday.

What are the Significant Features of a LIC Jeevan Anand Policy

The following shows the key features of the policy that include:

• Policy maturity amount plus death benefit as sum assured

• Before the policy matures, if the insured dies then the nominee is entitled to death benefit plus accrued bonus

• LIC Jeevan Anand Policy is a whole life plan cum endowment policy

• The maturity benefits entails the whole sum assured plus the life cover till death plus accrued bonus

• Simple Reversionary bonus is payable on earlier death of the insured or on maturity of the policy

• A large sum of assured rebate is payable with the policy

• Those involved with hazardous occupation can buy the LIC Jeevan Anand Policy and enjoy additional premiums.

• Death benefit receivable after policy matures is the sum assured

• There is an optional higher cover in case of Critical Illness Benefit through 1 additional rider

What are the Benefits that you enjoy from LIC Jeevan Anand Policy?

These benefits include:

Death Benefits- when the insured dies during the tenure of the policy. In that case, the nominee to the policy receives Sum Assured plus accrued bonus. At the time the policy matures, the Sum Assured is payable as Death benefits as and when the insured dies.

Maturity Benefit- As per this, the insured will get the Sum Assured along with accrued bonus plus Final Additional bonus at the time of maturity of the policy.

Income Tax Benefit- The best part is that you can enjoy tax exemptions if you buy the LIC Jeevan Anand Policy under Section 80C and along with this the maturity proceeds are also exempted under Section 10 (10D).

What are the Eligibility Criteria for the policy?

The minimum Sum Assured is Rs. 1,00,000, while the maximum Sum Assured has no limits. The minimum policy term is 5 years and the maximum policy term is 57 years. Yet again, the minimum premium payment term is 5 years and the maximum premium payment term is 57 years. The minimum entry age of the policyholder is 18 and the maximum is 65 years.

As for the age of maturity, there is no minimum year but the maximum is 75 years. The payment modes include yearly, quarterly, half-yearly, monthly and SSS.

This article, therefore, gives you insights into the details of LIC Jeevan Anand Policy and everything you want to know to buy it.