LIC Jeevan Anand Lifetime Life Insurance Policy: Death and Maturity Benefits, Premium Payment
LIC’s New Jeevan Anand plan is an individual, unlinked, participating life insurance policy. It offers financial protection against death throughout the life of the insured.
Eligibility Criteria, Policy Duration: LIC Jeevan Anand
For Jeevan Anand policy, the minimum basic sum insured is Rs. 100000. There is no limit to the maximum basic sum insured, but the basic sum insured will be in multiples of rupees. 5000. The minimum entry age is 18 and the maximum entry age is 50. The maximum maturity age of the plan is 75 years.
The minimum term of the LIC Jeevan Anand policy is 15 years and the maximum term of the policy is 35 years. Premiums can be paid regularly at annual, semi-annual, quarterly or monthly intervals.
Death Benefits and Maturity Benefits
On death, during the term of the policy, the death benefit will be paid, which will be equal to the “sum insured on death” plus the simple reversion premiums acquired. The “sum insured at death” will be greater than 125% of the basic sum insured or 7 times the annualized premium. This death benefit will not be less than 105% of the total premiums paid up to the date of death. In addition, in the event of death after the expiry of the term of the policy, a basic sum insured will be paid.
As a benefit at maturity, the “sum insured at maturity” as well as the vested simple reversion bonuses will be paid out. The “Sum insured at maturity” will be equal to the Basic sum insured.
LIC offers the option of taking the death benefit and maturity benefit in installments over the chosen period of 5, 10 or 15 years, instead of a lump sum under an in-force policy and a liberated police. As an investor, you can take the death benefit in monthly, quarterly, half-yearly or annual modes, and the minimum payout amount will be Rs. 5000, Rs. 15,000 rupees. 25,000 and rupees. 50000, respectively.
The sample of illustrative annual premiums for the basic sum insured of Rs. 1 Lakh for standard lives have been mentioned below as reported by LIC.
|Age||Policy term||Policy term||Policy term|
|20||Rs. 7,747||Rs. 4,341||Rs. 2,935|
|30||Rs. 8,080||Rs. 4,581||Rs. 3,165|
As an investor, you can also take a loan facility to pay the premiums. Additionally, the policy can be surrendered at any time provided 2 full years of premiums have been paid.
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Article first published: Sunday, July 24, 2022, 6:00 a.m. [IST]