Double benefit Endowment with Whole life plan. In this plan, Sum assured with Bonus will be paid back on maturity. But the policy will continue till the death of the life insured or they complete 100 yrs of age, whichever occurs earlier. A Sum assured will be paid to the nominee when the life insured expires after the policy term. So it provides a risk coverage throughout the life of the insured person.
An Accidental Death Benefit rider is available with some extra cost in this policy till the age of 70 years. Special feature of this plan is High bonus, High liquidity and Savings oriented
1. Endowment cum whole life plan, 2. Life Cover continues till death, 3. Simple Reversionary Bonus is payable on maturity or earlier death, 4. Optional Rider - Accidental Death and Disability Benefit Rider LIC New Jeevan Anand Plan Benefits: Maturity Benefit – On survival till the end of the Policy Tenure, the Policyholder gets the BasicSum Assured + accrued Simple Reversionary Bonus + Final Addition Bonus as Maturity Benefit and the policy continues to provide Life Coverage to the Insured for the rest of his life.
Death Benefit – In case of death of the Life Insured, Before the end of the Policy Term, the Sum Assured on Death + accrued Simple Reversionary Bonus + Final Addition Bonus are paid to the nominee as Death Benefit and the policy is terminated
The Sum Assured on Death has been defined as higher of 125% of Basic Sum Assured or 10 times the Annualized Premium
After the Policy Term, only the Basic Sum Assured is paid as Death Benefit whenever the Life Insured dies and the policy gets terminated thereafter
Income Tax Benefit –
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.
Eligibility of LIC Jeevan Anand:
Minimum Entry Age: 18 Years, Maximum Entry Age: 65 Years , Policy Term: Minimum-5 Maximum-75 minus Age at Entry, Premium Payment Term: Regular Term, Minimum Sum Assured: Rs 100,000 per annum,
Premium Payment Mode: Yearly, Half Yearly, Quarterly or Monthly.
LIC Claim Settelment Ratio is almost 100% specially in term plan.So,customer don't have any type of risk in LIC's term Plan.