LIC New Jeevan Anand Plan 2024 Benefits, Features, Details, Review

LIC New Jeevan Anand Plan 2024 – LIC provides term insurance as well as savings plans to meet the needs of all customers. Since its inception in 1956, LIC has been providing individual services for more than 60 years. Throughout its history, the company has provided a variety of appealing insurance plans to assist people in meeting their financial responsibilities. Bima Bachat is one such LIC policy that assists individuals in setting up a savings account for their needs.

Life Insurance Corporation of India has launched LIC’s New Jeevan Anand Plan 2024, LIC’s New Jeevan Anand Plan is a Non-linked, Participating, Individual, Life Assurance plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

LIC’s New Jeevan Bima Plan 2024

The LIC New Jeevan Anand insurance plan is a tNon-linked, Participating, Individual, Life Assurance plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

LIC’s New Jeevan Anand plan, 2024 will help foster inclusive growth for all. This new plan will provide LIC with the resources it needs to provide access to basic banking services, housing, health, and other essential services to all Filipinos. The Jeevan Anand plan will also facilitate social and economic inclusion by creating quality jobs and strengthening the rural economy.

LIC’s New Jeevan Anand Plan Details

Benefits of the New Jeevan Anand Policy of LIC

The benefits of the LIC Jeevan Anand plan are as follows:

1. Death benefit:
Provided all due premiums have been paid, the following death benefit shall be paid:

• On Death during the policy term i.e. before the stipulated Date of Maturity:
  Death benefit, equal to “Sum Assured on Death”
• On death after the expiry of the policy term i.e. from the stipulated Date of Maturity:
  Basic Sum Assured shall be payable.

2. Benefits payable at the end of the Policy Term (i.e. On Maturity):
On Life Assured surviving to the stipulated Date of Maturity provided the policy
is in force, i.e. all due premiums have been paid “Sum Assured on Maturity” along
with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall
be payable; Where “Sum Assured on Maturity” is equal to Basic Sum Assured.

3. Participation in Profits: The policy shall participate in the 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.

Surrender Value:

The policy can be surrendered at any time provided two full years’ premiums have been paid. On surrender of the policy, the Corporation shall pay the Surrender Value equal to the higher Guaranteed Surrender Value or Special Surrender Value.

Policy loan

The loan can be availed under the policy provided at least two full years’ premiums have been paid and subject to the terms and conditions as the Corporation may specify from time to time.
The maximum loan allowed under the policy, as a percentage of Surrender Value, shall be as under:
• For in-force policies – upto 90%
• For paid-up policies – upto 80%

Click Here: LIC’s New Bima Bachat Plan Benefits, Features, Details, Review

LIC’s New Jeevan Anand Plan eligibility norms

Who should buy the new LIC Jeevan Anand Plan?

The LIC Jeevan Anand policy is suitable for financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

Tax of LIC’s New Jeevan Anand Policy

The amount of applicable taxes as per the prevailing rates shall be payable by the policyholder on premiums (for base policy and rider(s), if any) including extra premiums, if any, which shall be collected separately over and above in addition to the premiums payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

LIC’s New Jeevan Anand 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.

Grace Period

A grace period of 30 days shall be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums from the date of the First unpaid premium. During this period, the policy shall be considered in force with the risk cover without any interruption as per the terms of the policy. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

Revival

If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 5 consecutive years from the date of the first unpaid premium but before the end of the policy term, as the case may be.

Paid-up Policy

If less than two years’ premiums have been paid, and any subsequent premium is not duly paid, all the benefits under the policy shall cease after the expiry of the grace period from the date of the first unpaid premium and nothing shall be payable.

How do I apply for LIC’s New Jeevan Anand policy?

The LIC Jeevan Anand plan is available in person or online. Offline policies are sold by LIC agents and branches. You can approach either of them to purchase the policy. The policy must be purchased online through a LIC of India agent or the company’s official website. The online method is much simpler and more user-friendly.

Documents needed to apply for the LIC’s New Jeevan Anand Plan

To purchase a LIC Jeevan Anand policy, the following documents must be submitted:

• valid identification document
• a valid age document,
• a valid address document,
• income documentation if premiums are high,
• recent coloured photographs,
• bank account information,
• and any other documents required by the insurance company.

Key Highlights of the New Jeevan Anand Plan LIC

The Life Insurance Corporation of India has introduced the new Jeevan Anand Plan (LIC). This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.

The following are the most important features of the LIC Jeevan Anand Policy:

a. Rider Benefits:
The policyholder can opt between either the LIC’s Accidental Death and Disability Benefit Rider or LIC’s Accident Benefit Rider

• Accidental Death and Disability Benefit Rider
• LIC’s Accident Benefit Rider
• New Term Assurance Rider
• LIC’s New Critical Illness Benefit Rider

b. Option to take Death Benefit in instalments:
This is an option to receive the death benefit in instalments over the chosen period of 5 or 10 or 15 years instead of a lump sum amount under an in-force as well as paid-up policy.

c. Settlement Option for Maturity Benefit:
The settlement Option is an option to receive Maturity Benefits in instalments over the
chosen period of 5 or 10 or 15 years instead of a lumpsum amount under an in-force as well as paid-up policy

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