The Life Insurance Corporation of India (LIC) has a legacy of offering innovative insurance solutions, and LIC New Jeevan Anand Plan is one of its most popular policies. This participating, non-linked plan combines the benefits of savings and protection, ensuring financial security for your family while helping you build a corpus for the future.
In this guide, we’ll provide a detailed overview of the plan, its features, benefits, and why it’s a top choice for long-term financial planning. For personalized assistance, you can contact Sathya Prakash Urs, a trusted LIC advisor in Bangalore, at +91 98805 26164.
What is LIC New Jeevan Anand Plan?
LIC New Jeevan Anand Plan is a traditional endowment policy that offers a combination of life insurance and savings. It provides financial protection to the policyholder’s family in case of untimely demise and a lump sum payout at the end of the policy term if the policyholder survives. Additionally, the plan offers lifelong coverage, ensuring continued financial security even after the policy term ends.
Key Features of LIC New Jeevan Anand Plan
| Feature | Details |
|---|---|
| Plan Type | Non-linked, participating individual life assurance plan. |
| Policy Term | Flexible terms ranging from 15 to 35 years. |
| Premium Payment Term | Equal to the policy term; premiums are payable throughout the duration. |
| Sum Assured | Minimum: ₹1,00,000; Maximum: No upper limit (subject to underwriting). |
| Bonus Participation | Eligible for Simple Reversionary Bonuses and a Final Additional Bonus, depending on LIC’s profits. |
Benefits of LIC New Jeevan Anand Plan
1. Death Benefit
This plan offers comprehensive death benefits, ensuring financial security for your loved ones:
- During the Policy Term:
In case of the policyholder’s demise during the policy term, the nominee receives:- Sum Assured on Death, which is the higher of:
- 125% of the Basic Sum Assured, or
- 7 times the annualized premium.
- Vested Simple Reversionary Bonuses and Final Additional Bonus (if any).
- The total death benefit is subject to a minimum of 105% of the total premiums paid up to the date of death.
- Sum Assured on Death, which is the higher of:
- After the Policy Term:
Once the policy term ends, the plan continues as a whole life policy. If the policyholder passes away after the term, the Basic Sum Assured is paid to the nominee.
2. Maturity Benefit
If the policyholder survives the policy term, they receive:
- Basic Sum Assured,
- Vested Simple Reversionary Bonuses, and
- Final Additional Bonus (if applicable).
This lump sum amount can be used to achieve long-term financial goals, such as retirement planning, children’s education, or starting a business.
3. Lifelong Coverage
One of the unique features of LIC New Jeevan Anand Plan is its lifelong coverage. Even after the policy term ends, the plan continues to provide life cover without requiring additional premiums.
4. Participation in Profits
As a participating policy, this plan earns bonuses declared by LIC. These bonuses enhance the overall returns, making the policy a lucrative long-term investment.
5. Optional Rider Benefits
To enhance the coverage, policyholders can opt for additional riders, such as:
- Accidental Death and Disability Benefit Rider,
- Accident Benefit Rider,
- New Term Assurance Rider,
- New Critical Illness Benefit Rider, and
- Premium Waiver Benefit Rider.
These riders provide extra protection against unforeseen events.
Eligibility Criteria for LIC New Jeevan Anand Plan
| Criteria | Details |
|---|---|
| Minimum Entry Age | 18 years (completed). |
| Maximum Entry Age | 50 years (last birthday). |
| Maximum Maturity Age | 75 years (last birthday). |
| Policy Term | 15 to 35 years. |
| Minimum Sum Assured | ₹1,00,000. |
| Maximum Sum Assured | No limit (subject to underwriting). |
Premium Payment Details for LIC New Jeevan Anand Plan
1. Premium Payment Term
Premiums are payable throughout the policy term. For instance, if the policy term is 20 years, premiums must be paid for 20 years.
2. Modes of Payment
LIC offers flexible premium payment modes, including:
- Annual,
- Half-yearly,
- Quarterly, and
- Monthly (through salary deductions or ECS).
3. High Sum Assured Rebates
Policyholders opting for higher sum assured amounts enjoy premium discounts, making the plan more affordable for substantial coverage.
Additional Features
1. Loan Facility
Once the policy acquires a surrender value, policyholders can avail loans against the policy. This ensures liquidity during financial emergencies without surrendering the policy.
2. Surrender Value
The policy acquires a Guaranteed Surrender Value after the payment of at least two full years’ premiums. The surrender value includes:
- A percentage of the total premiums paid (excluding taxes and extra premiums), and
- The cash value of any vested bonuses.
3. Tax Benefits
- Premiums Paid: Eligible for deductions under Section 80C of the Income Tax Act.
- Benefits Received: Death and maturity benefits are generally tax-free under Section 10(10D), subject to prevailing tax laws.
How LIC New Jeevan Anand Plan Works
Here’s a simplified example to illustrate the working of this plan:
| Policy Details | Example |
|---|---|
| Policyholder’s Age | 30 years |
| Policy Term | 20 years |
| Sum Assured | ₹10,00,000 |
| Annual Premium | Approximately ₹55,000 |
| Death Benefit (During Term) | ₹12,50,000 + Bonuses (if applicable) |
| Maturity Benefit | ₹10,00,000 + Vested Bonuses + Final Bonus |
Why Choose LIC New Jeevan Anand Plan?
- Dual Benefits: Combines life insurance and savings, ensuring financial protection and wealth accumulation.
- Lifelong Coverage: Offers financial security even after the policy term ends.
- Participation in Profits: Bonuses enhance the overall returns, making it a lucrative long-term investment.
- Flexibility: Wide range of policy terms and premium payment modes to suit individual needs.
- Trusted Brand: Backed by LIC, India’s most trusted insurance provider.
For expert guidance, contact Sathya Prakash Urs, a renowned Top LIC advisor in Bangalore. With over 16 years of experience, he ensures clients choose the most suitable LIC policies.
Contact Sathya Prakash Urs
For personalized assistance with LIC New Jeevan Anand Plan, reach out to:
- Name: Sathya Prakash Urs
- Phone: +91 98805 26164
- Email: licsathyaprakash@gmail.com
- Address: 26/1, 8th Main, Dattatreya Nagar, Banashankari 3rd Stage, Bangalore – 560085, Karnataka, India.
Frequently Asked Questions (FAQs)
1. How does LIC’s New Jeevan Anand Plan provide lifelong coverage?
After the policy term ends, the plan continues to provide life cover without requiring any additional premium payments. This ensures lifelong financial protection for your family.
2. What is the minimum and maximum policy term for LIC’s New Jeevan Anand Plan?
The minimum policy term is 15 years, and the maximum is 35 years. You can choose the term based on your financial goals and needs.
3. What happens if I surrender LIC the policy before the term ends?
If you surrender the policy after it has acquired a surrender value (usually after paying premiums for two years), LIC will pay the Guaranteed Surrender Value along with the cash value of any vested bonuses.
4. What is the free-look period for LIC’s New Jeevan Anand Plan?
The free-look period is 15 days from the date of receiving the policy document. During this time, you can review the terms and conditions and cancel the policy if you are not satisfied.
14. What is the minimum premium amount for LIC New Jeevan Anand Plan ?
The minimum premium depends on the sum assured and policy term. Contact Sathya Prakash Urs at +91 98805 26164 for a personalized premium quote.