Life Insurance Corporation of India is the largest insurance company in India which is backed by the government. LIC has a widespread network of 2000+ branches and 1400+ satellite and central offices across the country. The insurance company also has its presence in various other countries with offices functioning there. LIC offers a wide array of life insurance products starting from endowment plans, term plans, pension plans, and special plans to unit-linked insurance plans etc. LIC New Jeevan Anand is one of the endowment plans offered by LIC.
LIC New Jeevan Anand –an Overview
LIC New Jeevan Anand is a traditional, participating and non-linked savings cum protection plan. The plan offers whole life protection that continues to provide risk cover until the death of the policyholder even after the plan gets matured. The plan comes with numerous advantages like a bonus, whole life cover, riders, flexible features, liquidity and tax benefits etc. Let’s take a detailed look at the plan.
Features of LIC New Jeevan Anand Plan
Below are the key features of the LIC New Jeevan Anand Plan
- The plan is a participating policy that provides a return in the form of a bonus
- The premium for the policy needs to be paid for the entire term which means premium payment terms is equal to the chosen policy term
- Death cover continues for the whole life even after the maturity benefits are paid. Maturity benefits include the sum assured, vested reversionary bonus and final additional bonus.
- On the death of the insured, the sum assured will be paid to the nominee
- Additional coverage for accidental death and disability is offered as a rider in the policy
- Tax benefits are offered on the policy premium and tax exemptions on the settlement sum.
- The policy offers a free look period of 15 days from the date of receipt of the policy
- The policy offers a grace period of 15 days (for monthly premium) and 30 days for all other premium payment modes.
- The policy can be surrendered for cash after the continuous premium payment for three whole years. If the policy has acquired the surrender value, a loan facility can also be availed.
- Lapsed policies can be revived within two years from the date of the first unpaid premium.
LIC’s New Jeevan Anand Plan is a whole life-cum-endowment plan that offers the dual benefits of saving as well as safety. You can know further about this plan by clicking below:
Eligibility Conditions and Other Terms in LIC New Jeevan Anand
18 years to 50 years
Maximum maturity age
Basic sum assured
INR 1,00,000 to no limit
15 years to 35 years
Premium payment term
Same as the policy term
Premium payment mode
Yearly, half-yearly, quarterly or monthly (monthly instalments only through ECS or salary deductions)
The eligibility conditions for LIC’s New Jeevan Anand plan are simple but if you do not qualify for this plan, you can check out other plans by LIC by visiting this page.
Eligibility conditions for accidental death and disability benefit rider
18 years to 70 years
Maximum cover ceasing age
INR 1, 00,000 to INR 100 lakhs
LIC’s New Jeevan Anand Plan is one of the many endowment plans from LIC with easy and convenient eligibility conditions. However, you might want to check out other endowment plans offered by LIC to expand your range of options as per your requirement by clicking the button below and exploring other endowment options by LIC.
Benefits of LIC New Jeevan Anand Plan
Following are the exclusive benefits offered under LIC New Jeevan Anand plan –
- Death benefit:
In the case of death of the policyholder, death benefits are paid to the nominee/beneficiary of the policy. Following benefits are paid out on the death of an insured
- Death during policy term –
Death benefits payable is the sum assured on death + vested simple reversionary bonuses + final additional bonus (if any)
- Death after policy term –
The death benefit payable is the basic sum assured
Where the sum assured on death is higher of the following –
- 125% X basic sum assured
- 10 X annualised premium
- 105% of all the premiums paid
- Maturity benefit:
In the case, the policyholder survives until the end of the policy term, survival/maturity benefit will be paid to the policyholder on the date of maturity. Maturity benefit payable is basic sum assured+ vested simple reversionary bonuses + final additional bonuses if any. The approximate value of maturity can be known by using the LIC New Jeevan Anand Maturity Calculator.
As the policy participates in the profit of the company, policyholders are entitled to simple reversionary bonuses every year (declared as per the company’s performance). The vested bonuses are paid on maturity or death during the policy term. The final bonus may also get added (if declared by the company) at the time of maturity or death benefit payouts.
- Optional benefit:
The policy offers additional optional benefits on accidental death and disability which can be availed at an extra cost of the premium. The rider offers the additional benefit of sum assured which will be paid in case of accidental death and disability suffered by the insured.
The benefits offered by LIC Jeevan Anand are plentiful, however, if these benefits do not fit your exact requirement, you can browse through the most relevant plans after entering a few details so that our system can show the most relevant plans to you.
How does LIC New Jeevan Anand Plan Works?
The policyholder can choose the policy term and sum assured at the time of buying the policy. Premium needs to be paid throughout the policy term. In case the insured dies during the chosen policy period, the death benefit will be paid to the nominee/beneficiary. In case, the insured survives the policy period, maturity benefit will be paid on the date of policy maturity. However, the policy continues to stay in force even after maturity benefits are paid until the date of the insured’s death. Death benefits will be paid on death even after maturity. Let’s understand this with an example.
Mr Mohan, aged 30 years buys LIC New Jeevan Anand plan for 30 years tenure with INR 10 lakhs sum assured. The yearly premium payable would be around INR 39,500 for 30 years. Premium can be easily calculated using the LIC Jeevan Anand Calculator.
Let’s assume, LIC declares a simple reversionary bonus of 50 per 1,000 sum assured and a final additional bonus of 15 per 1,000 sum assured. This means annual simple reversionary bonus will be 50/1,000 (10, 00,000) = 50,000. And, the final bonus would be 15/1,000 (10, 00,000) = 15,000.
(Please note bonuses are dependent on the company’s performance. Above rates are assumed for illustration purposes only.)
Let’s take different scenarios to understand the working of the policy.
Scenario 1: Mohan dies in the 15th year of the plan
As per the policy terms, Mohan’s nominee would get the following death benefits on his death.
Death benefit = sum assured on death + vested simple reversionary bonuses + final additional bonus (if any)
= 12, 50,000 + 15X50, 000 + 15,000 = INR 20, 15,000
Where Sum assured on death is higher of the following
- 125% X basic sum assured = 125% X 10, 00,000 = INR 12, 50,000
- 10 X annualised premium = 10 X 39,500 = INR 3, 95,000
- 105% of all the premiums paid till death = 105% of 15 X 39,500 = INR 6, 22,125
Scenario 2: Mohan survives the policy term of 30 years
Mohan would get the following maturity benefits for surviving the policy term.
Maturity benefit = basic sum assured + vested simple reversionary bonuses + final additional bonuses, if any
= 10, 00,000 + 30X 50, 000 + 15,000 = INR 25, 15,000
After the payment of maturity benefit, the policy will continue to provide risk cover for the whole life. If Mohan dies any time after maturity, his nominee would be entitled to the death benefit of INR 10, 00,000 (basic sum assured).
LIC New Jeevan Anand Premium and Maturity Calculator
The premium and the maturity amount for the LIC New Jeevan Anand plan can be calculated easily by using the online LIC New Jeevan Anand Premium and Maturity Calculator. LIC New Jeevan Anand Premium Calculator is an exquisite online tool that comes in a tabular form, wherein you are required to input certain basic details. The details you need to provide are the amount of sum assured desired by you for the LIC New Jeevan Anand Policy, age and the policy term suitable for you. Along with this, you need to provide your name and contact details and selection of rider, if you need. Once all the information is filled in, you need to click on the ‘calculate’ tab to know the premium. LIC New Jeevan Anand Premium Calculator instantly calculates the premium amount for the details inputted. You can also calculate the premium amount for various premium payment modes. Maturity Calculator for the LIC New Jeevan Anand Plan helps you easily calculate the maturity amount of the policy based on the age and policy term. Based on the risk cover, the maturity amount varies depending on the year of policy purchase and the policyholder’s age. You need to input the sum assured, policy term, current age and year of purchase along with your contact details to calculate the maturity amount. The LIC New Jeevan Anand Maturity Calculator uses the year-wise bonus rate (including the latest bonus rate for the future years and already declared bonus for the past years) to calculate the benefits. Benefits are instantly calculated based on the past and expected data to arrive at the maturity figure.
Benefits of using the LIC New Jeevan Anand Premium Calculator
LIC New Jeevan Anand Premium Calculator provides a lot of benefits to the user apart from calculating their premium on the insurance plan. Some of the highlighting and striking benefits of this calculator are-
- Premium Calculations
This is one of the most basic benefits of a premium calculator. The LIC New Jeevan Anand Premium Calculator lets you calculate the premium you will have to pay. So, it becomes easier for you to make further decisions based on these results.
- Better Accuracy
LIC New Jeevan Anand Premium Calculator is a digital tool where the premiums are calculated by the digital system itself. Hence, it is quite obvious for the automated results to be accurate as compared to the human generated reports.
- A Practical Plan
Upon calculating the premium, the customer can have a better understanding of the investment they will have to make. So, it lets them decide a better and practical plan that does not affect the financial situation of a person.
- Saves Manual Effort
Calculating premiums manually can consume a lot of time and effort. Also, the end report may sometimes be wrong and not accurate. However, with LIC New Jeevan Anand Premium Calculator, all you need to do is mention a few details and the report is generated in a few clicks.
Sample Illustration for LIC New Jeevan Anand
Following is the sample premium (yearly payment mode) illustration for a healthy, non-smoker male for Sum assured of INR 10, 00,000 for various combinations of age and policy terms. Premiums below are calculated using the LIC Jeevan Anand Calculator.
LIC’s New Jeevan Anand Premium Calculator makes the task of calculating the maturity amount much easier. If you are curious to know the little details related to this plan, you can click the button below!
How to use the LIC New Jeevan Anand Premium Calculator?
Calculating the premium using LIC New Jeevan Anand Premium Calculator is quite easy. With 3 simple steps, you can get the reports immediately. The steps are-
- Open the calculator
- Mention the amount of sum assured as desired and the policy term
- Mention the age of the insured person
After mentioning all these simple details, click on calculate. The digital platform will immediately calculate the result and present it in front of you.
Information needed by the LIC New Jeevan Anand Premium Calculator
LIC New Jeevan Anand Premium Calculator requires a few details in order to show the result and based on which, the user can make further payment. These are-
- Name of the person-to-be-insured
- Contact information
- The age of the person
- The desired policy term
- The desired sum assured
- Rider details
Surrender or revival of LIC New Jeevan Anand plan
In case, insured fails to make premium payment within the due date to pay, the policy offers a grace period of 15 days to 30 days (depending on the mode of payment). If the insured fails to make payment within the grace period given, the policy will lapse. However, the policy can be revived within a period of two consecutive years from the date of the first unpaid premium by paying all the premiums due along with interest.
If the policy has completed three years with full premium payments, the policy can be converted to ‘paid-up’ status wherein the policy continues to stay in force without any further payment of premium. However, the sum assured will be reduced to ‘paid-up sum assured’ (basic sum assured X number of premiums paid/number of premiums payable).
The policy can be surrendered at any time during the policy term. The surrender value payable would depend on the number of policy years and premiums paid to date. There are two scenarios to this.
- Surrendering the policy within three years of inception: If the policy is surrendered during the first three years, the surrender value will be nil and nothing is payable to the policyholder.
- Surrendering the policy after completion of three years: After three years of full premium payment, the policy can be surrendered for cash. Guaranteed surrender value applicable for the particular policy year (percentage of total premiums paid) will be payable to the policyholder after deduction of surrender charges if any. In the case of paid-up policies, the paid-up sum assured will be payable to the policyholder.
Exclusions in LIC New Jeevan Anand
Suicide exclusion: If the life assured commits suicide within 12 months from commencement of the policy or 12 months from date of revival of the policy, insane or insane state, no death benefit will be payable to the beneficiary. However, an amount equivalent to 80% of total premiums paid till the date of death is paid to the beneficiary. After the payment, all the benefits under the policy will be ceased.
How to Buy LIC New Jeevan Anand Plan?
LIC New Jeevan Anand Plan can be directly bought through LIC by visiting their nearest branch. However, you can conveniently buy LIC New Jeevan Anand Plan online on the Turtlemint platform. Here is a simple process to follow:
- Log on to the turtlemint homepage and click on the ‘life’ insurance tab
- Go to the ‘investment and tax planning category’ and fill in the details to access all the plans
- Fill in details like gender, age and approximate annual income, payment frequency, amount and premium payment term.
- Provide your name and contact details and click on ‘next’ to get all the plans suitable for your search
- Click on ‘LIC New Jeevan Anand’ under the ‘Traditional Plan’ category
- Click on the ‘view details’ tab to get all the plan and investment details
- Click on the ‘buy now’ option, select the payment mode (only cheque mode is available)
- Fill in the proposal form and submit the filled form, all the other relevant documents along with the cheque for the issuance of the policy.
For a smooth experience, you can purchase the plan by clicking on the button below & entering your requirements. We can also help compare top insurance endowment policies based on your requirement.
Documents required for buying the LIC New Jeevan Anand
- PAN Card (mandatory)
- Identity proof: PAN card/Aadhaar card/passport/Voter’s ID card/driving license etc
- Age proof: Birth certificate/ school certificate/ passport /Driving license etc
- Income proof: Salary certificate/IT return
- Address proof: Bank account statement/electricity bill/telephone bill/passport etc.