LIC Jeevan Anand Plan
Jeevan Anand plan is life endowment plan that is available with lots of benefits for the policyholder. In this insurance plan, you will find coverage benefits even after completing the term of premium payment. In the case of the death of policyholder in any accident, it will provide additional coverage sum that is capped at Rs 5 lakhs.
In the situation of any permanent disability due to the accident, it will take complete care of the financial needs and requirements with installments of sum assured for the policyholder. for all these additional benefits of LIC Jeevan Anand insurance plan, you do not have to go through any additional amount of premium. By making the payment of the extra premium amount, you can also avail the benefits in the case of critical illness with Rider plan with LIC Jeevan Anand.
Because of the uncertainties of life, it is important to ensure the financial protection of the future by getting a good insurance plan. there are lots of plans available for the individuals in the market. If you want to invest in endowment plan for excellent advantages for your life, you can make choice for LIC Jeevan Anand plan as the best option.
With this plan, you will also find bonus facilities. Because of its double death benefits, you will also find advantages of discipline in the case of survival till the maturity date of the plan. This insurance policy will be a good option because of its high reward, normal premium and lots of benefits for the policyholder.
Working of LIC Jeevan Anand Insurance Policy
Before making the choice for any insurance plan, you always want to make a decision on its working. While getting this insurance plan, you will choose coverage amount and term of the policy.
In the case of the survival of an insured person, sum assured value and bonus amount will be paid by the insurer. after maturity, you don’t have to pay a premium amount but you will get protection with the plan. In the case of the death of the policyholder, the nominee will get sum assured amount. If the insured person will die during the term of this policy, the nominee will get sum assured and accumulated bonus. After that, the plan will be terminated.
If you also make choice for LIC Jeevan Anand insurance policy, it will be available with the benefits given below:
- Maturity benefits:
Under this plan, the insured person will get maturity benefits. At the time of maturity, the person will get sum assured and accumulated bonus by the company.
- Death benefits:
This benefits will depend on the time of death of the insured person. If policyholder dies during the term of policy, sum assured and accumulated bonus will be paid to the nominee. If the policyholder will die after completing the time of plan, he already got maturity benefits then sum assured value will be paid to the nominee after that.
Eligibility Criteria to Get LIC Jeevan Anand Plan
|Sum Assured (in Rs.)||1,00,000||No Limit|
|Policy Term (in years)||5||57|
|Premium Payment Term (in years)||5||57|
|Entry Age of Policyholder (last birthday)||18 years||65 years|
|Age at Maturity (last birthday)||–||75|
|Single Premium (in Rs.)||NA||NA|
|Payment Modes||Yearly, Half-yearly, Quarterly, Monthly|
Key Features of LIC Jeevan Anand Insurance Plan
- LIC Jeevan insurance policy is endowment cum whole life insurance plan
- In this plan, the policyholder will get maturity benefits of sum assured and accrued bonus
- The life coverage benefits will continue even after maturity and it will continue till the death of the policyholder
- After maturity time, there will be death benefit of sum assured for the nominee
- Before maturity of policy, death benefits will be sum assured value and accrued bonus for the nominee
- On the time of maturity or early death of policyholder, simple reversionary bonus will be paid by the company
- With this insurance policy, you will find the benefits of accidental death or permanent disability
- The option of additional Rider plan is available with an extra premium for critical illness benefits
- The people having hazardous occupation can also avail the benefits of this policy with an additional premium
With all these features, it is an excellent choice for people who are looking to make choice for a perfect endowment insurance policy to find benefits for entire life and even after death.
Tax Benefits with LIC Jeevan Anand Policy
If you make choice for LIC Jeevan Anand policy to avail the benefits, you will also get tax-related benefits with it. Under section 80C of Income Tax Act, the policyholder will get tax benefits with the maximum exemption ofRs1.5 lakhs on all paid premiums.
According to section 10D of Income Tax Act, death or maturity claim received by insured person will be completely tax-free. There is no limit ofthe amount of claim that policyholder or nominee will receive. The entire claim amount will be tax-free with this plan.
Additional Details about LIC Jeevan Anand Policy
In this plan, the policyholder will get Grace period of 30 days to make the payment of due premiums. This Grace period is very helpful if there is any kind of delay in the payment of premium. If the policyholder still fails to make payment of premium amount after the grace period, the policy will Lapse in this kind of situation.
Free look period:
There may be situations when the policyholder finds that the insurance plan is not right as per the needs and requirements. Well, you will find the option of free cancellation of LIC Jeevan Anand policy within first 15 days.
Policy surrender or termination benefits:
After completing 3 years of policy, the insurance policyholder will also avail the benefits of surrender value. With this insurance policy, you will also find alone advantages so the insured person can avail the facility of loan against LIC JeevanAnand policy.
Required Documents for Jeevan Anand Policy
If you are looking to get benefits of LIC JeevanAnand policy to find the right solution for a better future in your life, you can apply it with all the required documents. The list of basic required documents is given below that you should carry:
- Duly filled application form
- Address proof
- Proof of age
- KYC documents: Aadhar card, PAN card, Tax details etc.
- Medical diagnosis reports
- Medical history details
There may be some additional documents that you may require when you choose to buy LIC JeevanAnand policy for a better future. If you are looking to get details about additional required documents for this policy, you can make a visit at official website of LIC or you can contact the nearest branch or any agent of LIC for it.
Exclusions from Jeevan Anand Insurance Policy
Before making choice for any insurance policy, always get details about exclusions to avoid any kind of inconvenience. If you are getting LIC JeevanAnand policy, it will also come with few exclusions. In the case of suicide of policyholder within one year of inception of policy, 80 % of all paid premiums will be paid back to the nominee point in the situation of the death of policyholder after renewal of the policy, higher of 80 % paid premium or acquired surrender value of insurance plan will be paid.
Things to Consider before Getting Jeevan Anand Insurance Plan
As you know, lots of different kinds of insurance policies and plans are available for the individuals. If you want to avail the benefits of any life insurance plan, it will be better to get complete information about all the benefits provided by the company. If you are looking to make a better choice, you should check the claim settlement ratio of company so that you can find better chances of successful claim with your plan. You should also check all the terms and conditions of company before getting any plan. It will be better to visit the official website of insurance service provider to get complete details about terms and conditions of the plan. After that, you can compare all available plans in the market and can know what will be the best one for your requirements.
To make choice for the best insurance plan, you should consider your individual needs and requirements. It will be better to focus on your current financial situation and future financial requirements so that you can pick the plan having right benefits according to your requirements. If you are able to consider all these factors, you will definitely get a better plan to make your future secured with it. LIC JeevanAnand plan can be a great choice because of its excellent benefits for the policyholders.
LIC Jeevan Anand FAQ’s
Is this LIC insurance plan available for NRI?
Yes, it is possible for NRI people to avail the benefits of LIC new JeevanAnand plan. According to the terms and conditions, any NRI is eligible to purchase insurance policies from any insurance provider company in the country. To get the insurance plan, it is important to submit the required documents with filled registration form. After verification and all the formalities, you can make choice for the plan.
Is it possible to switch to any Term plan from LIC JeevanAnand policy?
No, you will not get the feature of switching with LIC JeevanAnand plan. If you bought this insurance plan, it will continue till the duration of its maturity. In the situation of stopping the premiums, the policy will lapse.
Will I get loan benefits against LIC JeevanAnand policy?
Yes, the policyholders will be allowed to avail the benefits of loan against LIC JeevanAnand policy. If you want to get a loan against the policy, there will be a limit according to the surrender value with your insurance policy.
If I am getting writer plan for critical illness benefits and not suffering from illness, will I avail the additional benefits on maturity or death?
No, there will not be any kind of additional Rider benefit if you are not suffering from illness. It is an additional benefit that you will avail in the case of diagnosis of any critical illness according to terms and conditions of the plan. The company will not make payments or additional benefits on the time of maturity or death.
What will be the basic requirements to make a death claim?
If you are looking to claim LIC JeevanAnand policy in the situation of death of policyholder, you must be a Nominee with all the original documents related to the policy as per terms and conditions of LIC. Additionally, you will require the proof of nomination to avail of the benefits in the situation of death claim. After verification of all the documents and details, the company will follow the process to provide the benefits and claim of LIC JeevanAnand policy after death of policyholder.
What will be basic requirements for surrender claim or maturity claim?
To make claim at the time of maturity, the policyholder will need to provide the duly filled claim form with all the required documents. You will also require original policy-related documents at the time of claim. You will need to provide bank details to avail the maturity benefits with NEFT transfer. The company will follow the process of verification of all the documents and they will provide maturity claim into your bank account after all the formalities and verifications.
Is it better to get a life insurance policy online?
As you know, most of the companies are providing online services to the customers who want to buy Life Insurance plans. If you are able to access the website of LIC, you can make choice for the plan. Instead of going to a nearest branch or any LIC agent, it can be a good option to buy the policy online. You will be able to compare all available plans and will get complete details about the policies before making the right choice.