Review of LIC New Jeevan Anand

A few months back, Mr. Varun bought the LIC Jeevan Anand plan. He was looking for a plan that will offer him the benefits of life protection and investments. After talking to him for a while and understanding his insurance needs, our expert advised him to buy the LIC New Jeevan Anand plan. After doing his research, he agreed to buy this LIC plan and is fully satisfied with everything that the plan is offering.

LIC New Jeevan Anand is an endowment plan that is designed to offer comprehensive coverage to the policyholder and his family by providing death benefits and maturity benefits. 

Let’s explore the other key benefits and features of LIC New Jeevan Anand that convinced Mr. Varun to choose this plan.

Key Features of LIC New Jeevan Anand

• LIC New Jeevan Anand is a participating plan wherein one can gain profits along with assured benefits.

• One can choose to pay premiums regularly at yearly, half-yearly, quarterly, or monthly intervals.

• A grace period of 30 days is provided to the policyholder in case he/she forgets to pay their premium on time.

• One can avail loan against their LIC New Jeevan Anand plan in order to meet their financial emergency needs.

What are the Benefits of LIC New Jeevan Anand?

With this plan, Mr. Varun and his family will also be entitled to the below mentioned benefits:

1. Death Benefits

   In case the policyholder dies during the policy term, the family of the policyholder will be entitled to the death benefit. The death benefit payable will be 125% of the Base Sum Assured or 7 times the annual premium amount, whichever is higher at the time of death.

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

2. Maturity Benefits

   If the policyholder survives till the maturity date, the plan will offer the basic sum assured to the insured. The maturity amount will be calculated as the sum assured along with the vested Simple Reversionary Bonuses and Final Additional Bonus, if any,

3. 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.

4. Availability of Riders for enhanced protection

   The plan offers four additional riders namely LIC Accidental Death and Disability Benefit, LIC Accident Benefit Rider, LIC New Term Assurance Rider and LIC New Critical Illness Benefit Rider. These riders can be added for extra protection against natural death, death or disability by accident, and critical illnesses. 

5. Option to receive Death and Maturity Benefit in Installments

   The policyholder or the nominee has the option to receive death/ maturity benefits in installments. The installments must be paid in advance at intervals of a year, a half-year, a quarter, or a month, depending on the choice, with the minimum installment amount for each manner of payment being as follows: 

   Mode of Installment payment	Minimum installment amount (in Rs.)
   Monthly	5,000
   Quarterly	15,000
   Half-yearly	25.000
   Yearly	50,000

To Sum it Up

Along with Mr. Varun, other customers who have bought LIC New Jeevan Anand are happy with the benefits offered by the plan. The plan not only offers comprehensive coverage but also is pocket-friendly. The affordable LIC New Jeevan Anand plan is one of the best choices for those individuals who are looking for dual benefits under a single plan.

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