LIC New Jeevan Anand-715

LIC New Jeevan Anand- An Overview

LIC's New Jeevan Anand Plan, previously known as LIC Jeevan Anand, is a Non-linked, Participating, Individual Life Assurance plan. The plan combines protection and savings, ensuring financial security for policyholders throughout their lifetime. It offers twin benefits of full payout on maturity and continued lifelong coverage thereafter.

LIC New Jeevan Anand 715 Plan - Key Features

Below are the key features of LIC Plan 715 (previously known as LIC Plan 149):

• LIC New Jeevan Anand plan 715 is a participating whole-life endowment plan, which means you earn profits and assured benefits.

• The plan provides an option of regular premium payment to the insured.

• The insurance holder is paid the maturity benefit on survival until the end of the plan term.

• The risk covered in the policyholder's life continues until the age of 100. This means the death benefit is paid out if death occurs during and after the policy term.

• The benefits are paid along with a bonus, increasing the final earnings of life.

• Top-up covers as riders are available upon payment of a nominal premium amount.

LIC New Jeevan Anand 715 - Eligibility Criteria

LIC New Jeevan Anand 915 Plan Benefits

1. Death Benefit

   Nominees can claim the following death benefits if all the due premiums have been paid:

   • If death occurs during the policy tenure or before the maturity date:

   125% of the Base Sum Assured or 7 times the annual premium amount, whichever is higher at the time of death.

   The final additional bonus and simple reversionary bonuses are added to this amount.

   • If death occurs after the maturity date:

   Only the basic sum assured is payable.

2. Maturity Benefit

   If the life assured survives until the set maturity date and has paid off all due premiums, LIC offers the basic sum assured to the insured. The applicable bonuses are added to this amount. The insured can receive this amount in a lump sum or installments over 5, 10, or 15 years.

3. Participation in Profits

   LIC plan 715 (previously LIC plan 915) participates in the company’s profits. Based on the profits, LIC shares a percentage with LIC New Jeevan Anand 715 customers as a simple reversionary bonus. A final additional bonus may also be declared based on the company’s experience during the policy term. These are, however, not guaranteed.

4. Loan Facility

   The LIC New Jeevan Anand policy allows the policyholder to avail of a loan against the policy. The loan facility is available after the policy acquires a surrender value, and the maximum loan amount is typically a percentage of the surrender value.

5. Tax Benefits

   The LIC New Jeevan Anand policy offers tax benefits to the insured on the premium paid and on the claims received under Sections 80C and 10(10D) of the Income Tax Act.

Riders Benefits with LIC New Jeevan Anand – Plan No. 715

Four optional LIC riders are available under the policy that can be added for extra protection against natural death, death or disability by accident and critical illnesses. With these riders, nominees can claim an extra sum assured amount on top of the assured death benefit. You can avail yourself of a maximum of 3 of the following options:

• LIC Accidental Death and Disability Benefit

• LIC Accident Benefit Rider

• LIC New Term Assurance Rider

• LIC New Critical Illness Benefit Rider

How Does LIC New Jeevan Anand Policy Work?

Let us discuss the Jeevan Anand LIC policy details with Mr Mathur as an example and understand how the plan works.

Mr Mathur, a 30-year-old individual, purchases a New Jeevan Anand policy from LIC. He wants to secure his family's financial future while also building a savings corpus. After thorough research, he chooses the following policy details:

• Policy Term: 25 years - the duration the policy remains in force.

• Sum Assured: Rs. 20 lakhs - the amount payable to the nominee in case of the policyholder's demise.

• Premium Payment Term: 20 years - the period for premium payments.

• Premium Amount: Rs. 25,000 per year - the annual payment to keep the policy active.

Now let's understand how the Jeevan Anand policy works:

• Life Insurance Coverage: As long as Mr. Mathur pays the premiums regularly, he will have life insurance coverage for the entire policy term of 25 years. In the unfortunate event of his demise during the policy term, the nominee will receive the sum assured of Rs. 20 lakhs.

• Maturity Benefit: If Mr Mathur survives the 25-year policy term, he will be eligible to receive a maturity benefit. The maturity benefit consists of the sum assured plus any accumulated bonuses.

• Bonus: LIC New Jeevan Anand is a participating policy, which means it participates in LIC's profits. The policy earns bonuses based on the performance of the participating funds. LIC declares these bonuses yearly and accumulates them over the policy term. The accumulated bonuses are paid out either on maturity or death.

• Death Benefit: In case of the policyholder's demise, the nominee will receive the sum assured and any accumulated bonuses as the death benefit.

LIC New Jeevan Anand 715 - Additional Plan Details

1. Grace Period

   If the insurance holder delays the premium payment, he/she is allowed a grace period of 15 to 30 days. If the premiums are not paid during the grace period, the policy will lapse.

2. Revival of Lapsed Policies

   If the insurance holder pays all of it within 5 years from the due date of the first unpaid premium, he/she can still revive the lapsed LIC New Jeevan Anand Plan. However, it has to be done before the maturity date.

3. Free Look Period

   The policyholder has a free 15-day cancellation period during which he/she can cancel this plan if it is found unsuitable

4. Policy Termination or Surrender Benefit

   On completing two policy years, the policy gets charged with a surrender value and a paid-up value. This means that even if you stop paying premiums after 2 years, you still get back some of the benefits/premiums. However, if you surrender the policy at any point after the chosen policy term ends, you won’t incur any losses.

Sample Premium Rates of LIC New Jeevan Anand 715 Plan

The below table illustrates the annual premium rates in Rs. for a basic sum assured of Rs. 1 Lakh for standard lives under LIC New Jeevan Anand plan 715:

The above premium rates are exclusive of taxes*

Exclusions of LIC New Jeevan Anand Plan 715

In case the policyholder commits suicide within 12 months of the policy inception, 80% of the premiums paid to date shall be returned to the nominee. In case of death after the plan renewal, a higher of 80% of the paid premium or the acquired surrender value shall be paid.

Required Documents for Buying LIC New Jeevan Anand 715

The documents required to be insured under LIC New Jeevan Anand (previously LIC plan no. 915) are:

• 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

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