LIC’s New Jeevan Anand Plan - Features
LIC’s New Jeevan Anand plan is a combination of the Whole Life and Endowment Assurance Plan. After the completion of Policy term the Maturity amount will be equal to The Basic Sum Assured + Simple Reversionary Bonus + Final Additional Bonus as applicable and declared by LIC of India. Even after getting the Maturity amount the Life Insurance cover equal to the Basic Sum Assured continues for LIFETIME of the Policyholder without any Premium i.e. FREE of Cost. This is one of the most Popular and highest selling plans of LIC of India and hot favorite amongst every NRI's.
LIC's New Jeevan Anand Plan – Benefits
- Survival Benefit : (provided all due premiums have been paid)
Maturity : Basic Sum Assured + Vested Simple Reversionary Bonuses + Final Additional Bonuses (as applicable and declared)
- Death Benefit : (provided the policy is In force)
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 Annualized premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
After the Policy Term: Basic Sum Assured
- Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80C of Income Tax Act
Maturity under this plan is 100% Tax free under sec 10(10D)
LIC's New Jeevan Anand Plan – Details
- Endowment Plan with Guaranteed Return.
- Whole Life Plan with Life Insurance Cover continuing even after Maturity till death.
- Simple Reversionary Bonus & Final Additional Bonus is payable as applicable on Maturity or earlier death.
- Rider Benefit - Accidental Death and Disability Benefit Rider and Term Rider.
- Rebate on Higher Sum Assured and Mode of Payment.