New Jeevan Anand LIC Endowment Plan

New Jeevan Anand LIC Endowment Plan

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 a 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.New Jeevan Anand LIC

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 death of insured person assured amount paid to the nominee of the policy holder.

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 continuous.
  • 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 new Jeevan Anand plan provides accidental death and disability benefits as add on policy for taking this benefit the policy buyers will have to pay extra premium.
  • Loan benefits :- After the completion of 3 years of the premium the policyholder can take loan on his policy amount as per the terms and condition.
  • Tax benefits : The premium amount paid in insurance are 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

  • Minimum age for the entry to this plan is 18 years and the maximum age for the entry is 50 years.
  • The maximum age for the maturity is 75 years
  • The lowest term for the policy is 15 years and the highest term for the policy is 35 years.
  • Premium term will be as same as the policy term.

For example:- If you have taken policy for 15 years you will have to pay the premium for whole 15 years.

  • One can pay the premium annually, half yearly, quarterly or monthly as per the convenience.

Documents required for LIC new Jeevan Anand plan

  • Fully filled up 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.

New Jeevan Anand LIC

Terms related to new Jeevan Anand endowment plan

Look up period

LIC provides 15 days to the customer after the delivery of the documents for the complete satisfaction. If the customer don’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.

Grace period

There is 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 get lapsed. It can be revived under 2 years from the date of last premium paid. After that if the policy will not be revived within 2 years the policy will get terminated.

Endowment Policy

Endowment Policy

Endowment Plan Summary:

It is one of the oldest and popular LIC plan. Endowment policy (Table 14) provides financial assistance to the family of the life assured in the event of policy holders early death or a lump sum amount on policyholders survival upto the selected term. Hence, Endowment plan (Table 14) provides for family income in the event of unfortunate death of the life assured or makes provision for retirement in case of living too long. Endowment Plan is best for every reason, for all long and short term financial needs.

Endowment Policy Benefits:

  • Natural Death:
    Sum Assured + Bonus for number of years premium paid + Terminal Bonus if any.
  • Accidental Death:
    Double Sum Assured + Bonus for number of years premium paid + Terminal Bonus if any.
  • Maturity:
    Sum Assured + Bonus + Terminal Bonus.
  • Accident And Permanent Disability Benefit:
    Accident benefit is maximum Rs.50 lakh.
  • Tax Benefit:
    Tax benefit on your premium u/s 80C and Maturity/Death Claim u/s 10 (10D)
  • Loan:
    Loan Facility is available on this policy after 3 years, you can also use it as Housing Loan collateral.

Endowment policy

Premium Payment:
You can pay premium Yearly, Half-yearly, Quarterly, Monthly or Single premium.

Endowment plan Eligibility Conditions and Restrictions:

  • Minimum age: 12 years
  • Maximum age: 65 years
  • Maximum age at Maturity: 75 years
  • Min. Term: 5 years
  • Max Term: 55 years
  • Minimum SA: Rs.50,000/-
  • Max. Sum Assured: No Limit

Example:

Mr. Rajesh buy an Endowment policy under Table-14 for Rs.1 Lakh for 25 years term. He dies due to a disease after 3 yrs. In this case, Mr. Rajesh’s family/nominee will receive Rs.1, 14,400(Rs.14, 400 being Bonus for 3 yrs at an estimated Rs.48 per 1000 p.a.). If Rajesh survive till maturity he would receive Rs.2,70,000 as maturity benefit (Rs.1,20,000 being Bonus for 25 yrs at an estimated Rs.48 per 1000 p.a. + FAB @ 500/- per 1000 = 50,000/-)

How to Apply for Endowment policy?


Update: Endowment plan Table No. 14 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

Limited Payment Endowment Policy

Limited Payment Endowment Plan Summary:
This is an Endowment policy similar to Table No.14. LIC’s Limited Payment Endowment (Table no.48) provides the flexibility of choosing the Premium Paying Term (PPT). If you want to pay premium only for few years then this is right endowment plan for you. All other features are quite similar to Endowment Assurance plan.

The best part of “Limited Payment Endowment” policy is that, even you are paying premium for limited term but Bonus is paid for entire term. However premium is marginal higher then Endowment with Profit (Table No.14) but at the end you end up paying less premiums.

Key Features:

  • Flexibility of choosing Premium Paying Term.
  • Bonus is paid for the entire term irrespective of PPT.
  • Life Risk covered for entire term, irrespective of PPT.
  • Maturity amount is paid at the end of term and not at the end of PPT.
  • Tax Benefit

Benefits:

Natural Death:
Sum Assured + Bonus for number of years till death + Final Additional Bonus (FAB) if any.

Accidental Death:
Sum Assured + Additional SA for DAB + Bonus for number of years till death + FAB if any (If accidental benefit is taken)

Maturity Benefit:
Sum Assured + Bonus for entire term + Final Bonus.

Accident And Permanent Disability Benefit:
You can avail this benefit by paying Rs.1 extra per 1000 sum assured. Accident benefit is maximum Rs.50 lakh and available only upto premium paying term.

Tax Benefit:
Tax benefit on your premium u/s 80C
and Maturity/Death Claim u/s 10 (10D)

Loan:
Loan Facility is available on this policy after 3 years, you can also use it as Housing Loan collateral.

Premium Payment:
You can pay premium Yearly, Half-yearly, Quarterly, Monthly or Single premium.

Eligibility Conditions and Restrictions:
Minimum age: 12 years
Maximum age: 60 years (Regular)
Maximum age for single Premium: 65 years
Maximum age at Maturity: 75 years for all.
Min. Sum Assured: Rs.50,000/-
Max. Sum Assured: No Limit
Min SA for Single Premium Rs.30,000/- (Without DAB)

Policy Term:
For Regular: 15, 20 and 25 years
For Single Premium: 5 years ti 50 years (In multiple of 5 years)

Premium Paying Term for Regular Premiums:
For 15 years term: 5 and 10 years
For 20 years term: 5, 10 and 15 years
For 25 years term: 5, 10, 15 and 20 years

How to Apply for LIC Of India’s Endowment policy?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)

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Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.

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Jeevan Pramukh – The Insurance Plans For High Worth Individuals

Jeevan Pramukh – The Insurance Plans For High Worth Individuals

LIC Jeevan Pramukh (Plan No. 167) is the best plan for high worth individuals i.e. Managers, CEOs, corporates, professional, industrialist, estate owner, NRI, film stars etc. Jeevan Pramukh plan comes with convenient premium paying term of 3, 4 and 5 years. However, Life insurance cover continues for a longer term even after premium paying term.

Jeevan Pramukh also provides guaranteed addition of Rs.50/- per thousand Sum Assured per year for first 5 years and revisionary bonus thereafter in addition to your basic sum assured.

LIC Jeevan Pramukh Plan No. 167

 

Summary:
This is an Endowment Assurance plan offering the choice of three premium paying terms. It provides financial protection against death throughout the term of the plan with the payment of maturity amount on survival to the end of the policy term.

Modes of Premium Payment:
Premiums are payable yearly, half-yearly, quarterly or monthly, as opted by you, throughout the premium paying term or till earlier death.

Guaranteed Additions:
The policy provides for the Guaranteed Additions at the rate of Rs. 50/- per thousand Sum Assured for each completed year for first five years of the policy. The Guaranteed Additions are payable along with the Sum Assured at the time of claim.

Bonuses :
The policy participates in the profits of the Corporation’s life insurance business from the 6th year onwards. It will get a share of the profits in the form of bonuses. Simple Reversionary Bonuses will be declared per thousand Sum Assured annually at the end of each financial year. Once declared, they will form part of the guaranteed benefits of the policy.

Maturity Benefit:
The Sum Assured along with accrued guaranteed additions and vested simple reversionary bonuses and Terminal Bonus, if any, is payable in a lump sum on survival to the end of the policy term.

Death Benefit:
On death of the Life Assured during the term of the policy an amount equal to the Sum Assured along with accrued Guaranteed Additions and vested Simple Reversionary Bonuses and Terminal Bonus, if any, shall be payable provided the policy is in full force.

Paid-up Value:
If, after more than one full years’ premiums have been paid in respect of the Policy, any subsequent premium be not duly paid, the Policy shall not be wholly void but the Sum Assured shall be reduced to such a sum which shall bear the same ratio to the full Sum Assured as the number of premiums actually paid shall bear to the total number of premiums originally stipulated for in the Policy.

The policy so reduced shall thereafter be free from all liabilities for payment of the within-mentioned premium and shall not be entitled to the future Guaranteed Additions and bonuses.

However the existing accrued Guaranteed Additions and vested Simple Reversionary Bonuses, if any, will remain attached to the reduced paid-up policy.

The paid up value along with accrued Guaranteed Additions and vested Simple Reversionary Bonuses, if any, shall be payable on maturity or earlier death of the Life Assured.

Surrender Value:
The policy can be surrendered for cash after more than one year’s premiums have been paid.
The Guaranteed Surrender Value allowable under this plan will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and extra premiums, if any.

The cash value of any accrued Guaranteed Additions and vested Simple Reversionary Bonuses, if any, will also be payable after completion of 3 years.

Special Surrender Value will be available after the policy has completed 3 years from the date of commencement. The cash value of any accrued Guaranteed Additions and vested Simple Reversionary Bonuses, if any, will also be payable after completion of 3 years.

Grace period for payment of premium:
A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.

Revivals or reinstatements of lapsed policy:
If the policy has lapsed, it may be revived during the lifetime of the Life Assured, but within a period of 5 years from the date of first unpaid premium and before the date of maturity on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium together with interest at such rate as may be prevailing at the time of the payment.

Transferability:
Where a policy under this plan has been taken by an employee under Keyman Insurance and such Keyman leaves the services and joins another employer, the policy may be transferred in favour of the new employer subject to fulfillment of the following conditions:

1) The old employer requests for the transfer of the policy and is prepared to execute an assignment in favour of the new employer

2) The Life Assured employee is a keyman of the new employer, and

3) The policy is in full force

The terms of transfer may be decided by both the employers mutually. Needless to add that such transfer will be subject to the approval from LIC.

Cooling-off period:
If a policy holder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days.

Loan:
Loan is permissible subject to the usual terms and conditions. The rate of interest on loan shall be charged at the rate of 10.5% p.a. payable half-yearly. The Corporation may revise the rate of interest in future.

Claim:
The normal documents which the claimant shall submit while lodging the claim in case of death of the policyholder shall be the claim forms, as prescribed by the Corporation, accompanied with original policy document, proof of title, proof of death, proof of accident/disability, medical treatment prior to death, employer’s certificate, whichever is applicable, to the satisfaction of the Corporation. If the age is not admitted under the Policy, the proof of age of the Life Assured shall also be submitted.

Where the policy results into a maturity claim or in case of surrender of the policy, the Life Assured shall submit the discharge form along with the original policy document. The Life Assured shall also submit proof of age, if the age is not admitted earlier.

ELIGIBILITY & CONDITIONS:

  • Minimum Age at entry: 18 Years completed
  • Maximum Age at entry: 65 Years (Age nearer birthday)
  • Maximum Maturity Age: 75 Years (Age nearer birthday)
  • Policy Term: 5, 10, 15, 20, or 25 years
  • Sum Assured: Minimum sum assured 10 lakh, thereafter in multiples of Rs. 1,00,000

Rebate ( Discount on policy):

  • Yearly: 2% of tabular premium
  • Half yearly: 1% of tabular premium
  • Quarterly: Nil
  • Monthly: 5% extra of tabular premium
  • Sum Assured rebate: Rs. 0.50 per thousand Sum Assured on above Rs.50 lakh SA.

 


Update: LIC Jeevan Pramukh Plan No. 167 Has Been Discontinued.