LIC's New Jeevan Anand
Product Name: LIC New Jeevan Anand
Product UIN: 512N279V02
Product Type: LIC’s New Jeevan Anand is a Non-Linked, Participating, Individual, Life insurance saving plan which provides a combination of protection and savings. (Endowment Plan)
Death Benefit: In the case of Death during the policy term, Sum assured on death, along with a vested simple reversionary bonus. The final additional bonus is payable, provided all due premiums are paid. Sum assured on Death is higher of: a. 125% of Basic sum assured b. 7 times of Annualised premium The premium mentioned above excludes taxes, extra premium, and rider premium(s) if any. In case of Death after the policy term, the Basic sum assured is payable.
Maturity Benefit: Maturity benefit is the total of basic sum assured, vested simple reversionary bonus, and final additional bonus if any. SIMPLE REVERSIONARY BONUS: It is the surplus/profit declared by the corporation at the end of each fiscal year and is added to the benefits under the policy according to the terms and conditions stated. Under this policy, there is an option to avail Maturity or Death Benefit in installments of 5 or 10 or 15 years instead of lumpsum amount.
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 the policy term provided the policy is in force. Final Additional Bonus may also be declared under the policy in the year when the policy results in a claim by death during the policy term or due for the maturity benefit provided the policy is in force. Final Additional Bonus shall not be payable under paid-up policies.
Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly, or monthly intervals (through NACH only) or through salary deductions over the Policy Term.
Rider Benefits: Optional riders can be availed under this plan by payment of an additional premium. A maximum of 3 riders can be availed under this policy: a. LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) or LICs Accidental Benefit Rider (UIN: 512B203V03) b. LIC’s New Term Assurance Rider (UIN: 512B210V01) c. LIC’s New Critical Illness Benefit Rider (UIN: 512A212V01)
Option to take Death Benefit in installments/ Settlement Option for Maturity Benefit: Under this option, death benefit/ maturity benefit is paid in installment over the chosen period of 5 or 10 or 15 years instead of lump-sum amount under both in-force and paid-up policy. The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum installment amount for different modes of payments.
The policy can be surrendered at any time provided 2 full-year’s premiums have been paid. The Surrender Value equal to the higher of Guaranteed Surrender Value or Special Surrender Value is payable on surrender of the policy.