New Jeevan Anand Policy Introduction :
Lic new jeevan anand plan (815) is a participating non-linked plan which offers an attractive combination of risk cover and savings.LIC New Jeevan Anand Policy is a pure investment plan with high bonus facility and liquidity facility incorporated and saving point Because it is not market based plan.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 or her survival. as average premium, high bonus rate and great features. One of the main whole life features is that the nominees get the sum assured when the policyholder dies. LIC New Jeevan Anand Policy is whole life risk coverage even after maturity and full payout at maturity (Basic Sum Assured + Bonus).
New Jeevan Anand Policy Terms and Eligibility Conditions:
Lic New Jeevan Anand Plan no 815 parameters helps you to calculate the premium, maturity & death benefits. As per these conditions you can get the details in Lic New Jeevan Anand Premium Calculator.
Term : 15 to 35 years
Min.Entry Age : 18 Year Completed
Max.Entry Age : 50 Year (Nearest Birthday)
Max.Maturity Age : 75 Year
Min.Sum Assured : 1,00,000
Max.Sum Assured : NO LIMIT (Depending upon Income)
Premium Pay Mode : Yearly, Halfly, Quarterly, Monthly(ECS)
Maximum Accidental Death and Disability Benefit Rider up to age 70.
New Jeevan Anand Policy Rebates :
Mode = Percentage
Yearly = Table premium 2%
Half yearly = Table Premium 1%
Sum Assured Rebates:
Sum Assured = Rebate
Rs.1,00,000 to Rs.2,00,000 = NIL
Rs.2,00,000 to Rs.4,95,000 = Every Rs.1000,Sum assured is Rs.1.50
Rs.5,00,000 to Rs.9,95,000 = Every Rs.1000,Sum assured is Rs.2.50
Rs.10,00,000 and above = Every Rs.1000,Sum assured is Rs.3.00
New Jeevan Anand Policy Benefits :
- On Death : Provided all due premiums have been paid, the following death benefit shall be paid:
- On Death during the policy term: Death benefit, defined as sum of “Sum Assured on Death”and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable.Where, “Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium.
- This death benefit shall not be less than 105% of all the premiums paid as on date of death.The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
- On death of policyholder at any time after policy term: Basic Sum Assured
- On Survival : Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.New Jeevan Anand Policy Surrender Value :
The policy can be surrendered for cash provided atleast three full years premiums have been paid.The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered
New Jeevan Anand Policy Loan :
Loan can be availed under New jeevan anand policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).