What is the Additional Benefits of LIC New Jeevan Anand Plan? |
Posted: June 14, 2016 |
LIC life Corporation of India has launched New Jeevan Anand Policy. This is non-linked participating policy that offers benefits of savings and protection combined at the same time. This combined benefit safeguard monetary protection of the insured family against his death. The policy also ensures a lump sum payment once the term of the policy completes, in case the policy holder survives the entire policy term. New Jeevan Anand Plan also protect the financial liquidity of the insured by providing a loan facility. Key Features
Benefits
Here we have mentioned the death benefits offered by policy incase all the premium of your policy is have been dully paid. In case of sudden death of policy holder during the tenure of the policy: The sum assured is paid to the nominee along with the allotted bonus in a lump sum in case of demise during the policy tenure. The Sum Assured in this case is the higher amongst 125 per cent of the Basic Sum Assured or annualized premium multiplied by 10. However, the death benefit under the LIC New Jeevan Anand Policy shall not be lower than 105 per cent of the sum total premiums paid till the date of death. NOTE: The premiums referred to in the above statement do not include rider premiums (if any), service tax, or extra premium. In case of policyholder’s death after the policy tenure is over: On the maturity of the policy after the completion of policy term the Basic Sum Assured, is payable to the beneficiary in such case.
In case the insured survives the entire term of the policy, then with the completion of the policy term, the Basic Sum Assured along with the final additional bonus (if any) and vested simple reversionary bonus is payable in a lump sum. However, the benefit shall be payable only if the all the premiums have been duly paid.
The New Jeevan Anand Policy by LIC life insurance is a participating plan in which the policyholder participates in the earnings of the LIC and consequently entitled to be given Simple Reversionary Bonus as declared by the Corporation. However, if the policy is in full force the same shall take place only during policy tenure. When the death claims have been made under the policy or when the survival benefit is due the policy might also result final additional bonus in the year. However, the policy should be in full force and should have completed a certain specified minimum term. Optional Benefit
The Accidental Disability and Death Benefit Rider is an add-on cover available as a rider and can be obtained by paying nominal amount of additional premium. In event of the insured death due to an accident during the policy term, then the Accident Benefit Sum Assured as a lump sum in addition to the death benefit specified under the LIC’s New Jeevan Anand Plan is paid to the beneficiary. In case of a permanent disability arising out of an accident during the policy term, then the Sum Assured under Accidental Benefit Rider will be payable to the beneficiary in equal monthly installments over a period of 10 years. Also, the future premiums for the basic sum assure as well as the rider will be waived off. Eligibility Conditions for the LIC’s New Jeevan Anand Policy: a) Minimum sum assured (basic) under the plan is Rs. 100,000 b) There is no limit to the maximum sum assured under the LIC’s New Jeevan Anand Policy (Basic Sum Assured is always in a maximum figure s Rs. 5000/-) c) The minimum entry age for the policy is 18 years. d) The maximum entry age for the plan is 50 years. e) The maximum maturity age is 75 years for this policy. f) The minimum term of the policy is 15 years g) The maximum policy term is 35 years
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