Endowment plans help in creating a savings corpus while at the same time providing insurance coverage. LIC New Jeevan Anand is one such endowment policy which provides you with a combination of insurance and risk-free returns under the same plan. Let’s understand the plan in details –
LIC’s New Jeevan Anand is a participating endowment assurance plan which creates a corpus for your financial needs. The plan also promises insurance coverage during the tenure which takes care of your protection needs.
Here are some of the salient features of LIC’s New Jeevan Anand policy which you should know –
Here are the benefits available under LIC New Jeevan Anand policy –
|Amount of sum assured||The applicable rate of discount|
|INR 200,000 to INR 495,000||1.50% of the sum assured|
|INR 500,000 to INR 995,000||2.50% of the sum assured|
|INR 10,00,000 and above||3% of the sum assured|
|Age at entry||18 years to 50 years|
|Maximum age at maturity||75 years|
|Term of the plan||15 years to 35 years|
|Sum assured||Minimum – INR 1 lakh
Maximum – no limit
|Premium paying term||Equal to the policy term|
|Premium amount||Depends on age, the sum assured and term|
Here are the sample premium rates which are payable for buying LIC New Jeevan Anand Plan at different ages and for different policy terms. The sum assured is taken to be INR 5 lakhs and the premiums are assumed to be paid annually.
|Age of the insured||Term 15 years||Term 25 years||Term 35 years|
|20 years||INR 26,235||INR 9207||INR 2176|
|30 years||INR 27,901||INR 10,408||INR 3327|
|40 years||INR 30,718||INR 12,686||INR 5679|
This sum assured would be used to calculate the maturity and death benefits. Moreover, the bonuses which vested before the policy became paid-up would also be paid.
Under LIC New Jeevan Anand plan, suicide would be excluded under the following instances –
The premiums paid towards buying LIC New Jeevan Anand policy would be considered as a tax-free deduction under Section 80C of the Income Tax Act. You can claim a maximum deduction of INR 1.5 lakhs on the premiums paid.
The benefit received from the policy would also be tax-free in your hands. Section 10 (10D) of the Income Tax Act allows the full amount of benefit to be exempted from tax.
You can choose to buy the policy through LIC’s office premises or from a LIC agent.
However, if you wish to buy any other endowment plan, you can do so from Turtlemint itself. The process of buying online from Turtlemint is easy and hassle-free. You would just have to provide your details like your age, gender, income, the sum assured, etc. and you would be shown a list of endowment plans. You can compare the available plans and then buy the best endowment policy for your needs. Premiums would have to be paid online and the policy would be issued quickly.
If the plan matures, the maturity claim can be availed by filling and submitting a claim discharge voucher along with the following documents –
In case of death, however, claim form number 3783 should be filled and signed by the nominee. The nominee should submit this claim form along with the following documents for the death claim to be processed –
A police FIR, post mortem report, panchnama, etc. would also be required if the death occurs in an accident.
If you are an existing Turtlemint customer, you can also make your claim through Turtlemint. Turtlemint offers its customers personalised claim services where your claims are handled by Turtlemint’s team, for speedy settlements. Just inform Turtlemint at 1800 266 0101 or by sending an email to email@example.com. Once the claiming team is informed, they take the necessary steps and get your claims settled at the earliest.
LIC New Jeevan Anand plan allows premiums to be paid monthly, quarterly, half-yearly or annually.
The grace period depends on the premium paying mode. If monthly premiums are paid, the grace period is 15 days. For all other premium paying modes, however, the grace period is 30 days or a month.
The cooling-off period also means a free-look period. This period is allowed for you to cancel the plan if you have second thoughts. LIC New Jeevan Anand plan allows you a cooling-off period of 15 days from buying the policy. During this period you can cancel the policy if you want and get the refund of your premiums.