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An excellent combination of endowment and whole life plans, LIC’s Jeevan Anand not only give survival benefits at the end of the term of policy, but also guarantees life cover to continue till the death of the policyholder.
What was even more exciting about the scheme was the fact that the amount of life cover (sum assured) is payable two times. One, at the end of the premium paying term to the policyholder, and after that, to nominee upon the death of the policyholder.
The following illustration explains the features of this plan:
Prashant , aged 31 years old, take Jeevan Anand for a period of 25 years for a sum assured of Rs Ten lakh. He will accordingly pay premiums on this policy till he become 65. At the end of the policy term, when Prashant is 56 years old, he will get maturity proceeds Rs 10 lakh, that is the sum assured, by the policy, and the amount of accrued bonuses, accumulated over 25 years.If in case Prashant dies at the age of 75, his nominee will once again get the sum assured of Rs 10 lakh from LIC.
During the previous three years, the bonus rates declared by LIC for Jeevan Anand have been Rs 34, Rs 37, Rs 41 and Rs 45 per Rs 1,000 sum assured for policy terms of 10, 15, 20 and 25 years, respectively.
But, in case of the death of the policyholder during the policy term, that is in the above illustration, if Prashant were to die during the 25 year policy term, his nominee will get the sum assured of Rs 10 lakh and the amount of accrued bonuses and the policy shall come to an end. There will be no additional receipts from LIC .
The main highlight of this plan is that even after the maturity of policy the risk coverage on your life continues for your lifetime to the extent of the sum assured without the payment of any further premiums.
General Terms of this Plan
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Minimum Age At Entry
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18 years completed
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Maximum Age At Entry
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65 years (Age Nearer Birthday)
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Maximum Premium Ceasing Age
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75 years (Age Nearer Birthday)
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Premium Paying Term
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5 years to 57 years
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Minimum Sum Assured
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Rs. 1,00,000
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Maximum Sum Assured
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No Limit
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Double Accident Benefit
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Exclusively available upto Rs.5,00,000 during the Premium paying term and thereafter upto age 70. No additional premium is required to be paid
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Loans
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Available after payment of 3 full years premiums
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