LIC Jeevan Anand

LIC Jeevan Anand is one of the most successful policies in India and seeing this popularity, the company has issued it for the NRIs as well. Let us discuss more LIC Jeevan Anand and how is it best suited for a Non-Resident Indian (NRI).

What is LIC Jeevan Anand?

LIC’s New Jeevan Anand Plan is an individual, non-linked, life assurance, participating plan that comes with the combination of savings and protection. LIC Jeevan Anand offers financial protection to the family of the policyholder in case of the untimely demise of the assured. This plan also comes with a loan facility that takes care of the liquidity needs of the policyholder.

Jeevan Anand LIC Policy Benefits

1. Death Benefit:

   In case of the death of the policyholder, the nominee of LIC Jeevan Anand gets total Sum Assured amount + the Simple Reversionary Bonus and Final Additional Bonus, if any.

   Sum Assured on Death is Considered As:

   • 125% of the Basic Sum Assured as per policy terms, or
   • 10 X (Annualized premium), or
   • Subject to a minimum of 105% of the total premiums payable as on date of death

   Whichever is higher.

   On the insured’s death, the basic sum assured is paid as the death benefit to the nominee and the plan terminates.

2. Maturity Benefit:

   In case of complete survival throughout the policy tenure of the policyholder:

   • Basic sum assured along with final additional bonus + accrued bonus or simple reversionary bonus, if any, shall be paid to the assured as maturity or survival benefit only after the completion of the policy tenure. Under maturity benefit, the basic sum assured and the sum assured on Maturity are equal.

3. Participation in Profits:

   LIC Jeevan Anand for 15 years is eligible to participate in profit sharing of the company and is hence entitled to receive Simple Reversionary Bonuses. These bonuses completely depend on the experience of the corporation during the active years of the policy.

   Benefit Illustration

   Age of the life assured (Nearer Birthday)	30 Years
   Policy Term	35 Years
   Premium Payment Mode	Yearly
   Basic Sum Assured	Rs.1,00,000
   Premium (Excluding Taxes)	3,165

   Eligibility

   Eligibility Conditions and Other Restriction
   Minimum Basic Sum Assured	Rs.1,00,000
   Maximum Basic Sum Assured	No Limit
   (The Basic Sum Assured shall be in multiples of 5000/-)
   Minimum Age at entry	18 years (completed
   Maximum Age at entry	50 years (nearer birthday
   Maximum Maturity Age	75 years (nearer birthday
   Minimum Policy Term	15 years
   Maximum Policy Term	35 years

Additional benefit:

1. Accidental Death and Disability Benefit:

   One of the additional benefits covered under LIC Jeevan Anand Plan is the Accidental Death and Disability Benefit Rider. A policyholder can buy this additional benefit during the time of policy purchase by paying an additional amount. Under accidental death and disability benefit riders, an extra sum assured amount other than the basic sum assured amount is payable to the nominee in case of the untimely demise of the policyholder. 

   Additionally, in case of permanent or total disability, the plan offers the benefit in equal intervals of time.

   Discounted Premiums: Yearly and half-yearly premium payments and for higher sum assured chosen.

2. Option to Take Death Benefit in Installments

   This option is to receive the death benefit in installments of 5, 10, or 15 years rather than a lump-sum amount under an in force as well as paid-up policy.

   Have a look at the illustration for a better understanding

   Mode of Installment payment	Minimum installment amount
   Monthly	5,000/
   Quarterly	15,000/
   Half-Yearly	25,000/
   Yearly	50,000/

   Sample Illustrative Premium

   The sample illustrative annual premiums in rupees for Basic Sum Assured of 1 Lakh for standard lives are as under:

   Age	Policy Term
   	15	25	35
   20	7,747/-	4,341/-	2,935/-
   30	8,080/-	4,581/-	3,165/-
   40	8,644/-	5,037/-	3,636/-
   50	9,575/-	5,846/-

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   Rebates

   Mode Rebate:
   Yearly mode	2% of Tabular Premium
   Half-yearly mode	1% of Tabular premium
   Quarterly, Monthly mode & Salary Deduction	NIL
   High Sum Assured Rebate on Premium:
   B.S.A or Basic Sum Assured	Rebate
   1, 00,000 to 1, 95,000	Nil
   2, 00,000 to 4, 95,000	1.50%o B.S.A.
   5, 00,000 and 9, 95,000	2.50%o B.S.A.
   10, 00,000 and above	3.00%o B.S.A

LIC New Jeevan Anand - Product Specification

Required Documents

The list of required documents may vary as per the premiums of the policy and chosen sum assured. Below are some of the basic documents required for getting insured by the LIC policies:

• Correctly filled Application form/Proposal form
• Address Proof
• Age Proof
• Other KYC documents: PAN Card, Adhaar Card, Tax Details, etc.
• Medical History
• Medical Diagnosis Reports as required

LIC Jeevan Anand is a savings plus protection plan that helps in securing the financial future of the policyholder and their family. This plan is specifically suitable for NRIs as it is a great investment for them in their home country which gives additional benefits of high returns along with tax benefits.