The Buyt Desk
India’s largest insurance company Life Insurance Corporation of India’s (LIC) New Jeewan Anand policy is one of the most popular policies. Besides giving financial protection against death for a lifetime, it comes with maturity benefits. The biggest advantage of this policy is the value of money that it gives. A small premium can turn into a hefty maturity. A daily premium of around Rs 75 can become a maturity of Rs 10 Lakhs. Let’s check all features of the New Jeewan Anand Policy.
Top Features of New Jeewan Anand Policy
It is a non-linked, individual, participating, life insurance saving plan. The main features of this plan include:
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The minimum age to get this plan is 18 years.
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The maximum age to get this plan is 50 years.
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The maximum maturity age of this plan is 75 years.
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The minimum policy term is 15 years.
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The maximum policy term is 35 years.
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The premium payment modes are monthly, quarterly, half-yearly and yearly.
Sum Assured In New Jeewan Anand Policy
The minimum basic sum assured in this plan is 1 Lakh. There is no cap for the maximum sum assured.
Surrender In New Jeewan Anand Policy
The policyholder can surrender the policy at any time. There is only one condition when a policyholder would want to surrender. The individual must have paid the complete premium for two years then only can he/she surrender the policy.
After the policy surrender, the policyholder will get a surrender amount equal to a higher guaranteed surrender amount and special surrender value.
What are the Loan Benefits Of New Jeewan Anand Policy?
The policyholder can take the loan against the policy. If the individual is borrowing a loan during the premium paying time, the maximum loan amount will not be more than 90% of the surrender value.
Death Benefits of New Jeewan Anand Policy
In case the policyholder dies during the term, the nominee in the policy will either receive 125% of the basic sum assured or seven times of annualized premium.
In case the policyholder dies after the policy term expiry, the nominee will get the basic sum assured.
The Maturity Benefits Of Jeewan Anand Policy
New Jeewan Anand Policy gives multiple maturity benefits. Upon the maturity of the policy, the policyholder will receive the sum assured in addition to vested simple reversionary bonuses and final additional bonus if the policy has such provision.
Understand Jeewan Anand Policy With This Simple Example.
If you plan to buy a New Jeewan Anand Policy having a sum assured of Rs 5 Lakh at the age of 24 years with a term of 21 years, the annual premium would be Rs 26, 815, which will be Rs 73.50/day. For the policy of 21 years, the investment amount will be Rs 5.63 Lakh, and at the time of maturity, you will get Rs 10.33 Lakh, including a bonus.
You can collect more information about the New Jeewan Anand policy by visiting the LIC website.
