Lic New Jeevan Anand (Plan No:815)
LIC’s New Jeevan Anand (Table No.815)Plan is one of the Whole Life Endowment Plan, this endowment plan continues to provide risk coverage even after maturity for life time
Features of LIC New jeevan Anand plan
This With-Profits Assurance plan is a combination of Endowment and whole life Assurance plan, wherein the premium is paid regularly during the selected policy term.
Death benefit :
Icase of the death of the policy holder
Provided all due premiums have been paid, the following death benefit shall be paid:
Sum Assured on Death and Accrued Bonuses ,Final Additional bonus, if any shall be payable.Payable to the nominee
Accrued Simple Reversionary Bonuses and if any Final Additional Bonuses
On survival to the end of the policy term.
Basic Sum Assured + alongwith Vested Simple Reversionary Bonuses and
Final Additional Bonuses , if any, shall be payable
LIC’s Accidental Death and Disability Benefit Rider
High Sum Assured Rebate per 1000
|l,00,000 to 1,95,000||Nil|
|2,00,000 to 4,95,000||Rs.1.50|
|5.00.000 to 9,95,000||Rs.2.50|
|10,00,000 & above||Rs.3.00|
|Min. Age at entry||18 years (complited)|
|Max. Age at entry||50 years|
|Mim.age at entry||18 Years (complited)|
|Max.age at entry||50 Years|
|Max maturity age||75 Years|
|Min. Policy Term||15 Years|
|Max. Policy Term||35 Years|
|Min.Basic Sum Assured||RS.1 Lakh|
|Max.Basic Sum Assured||No Limit|
|Policy Loan||Yes , after 3 Years of full premium payment (Surrender Value Calculator)|
|Mode Rebate||Yearly—2%, Hly-1%|
Jeevan Anand (815) Policy with Example
Illustrate of the benefits of New Jeevan Anand
Take an example of a person who is purchasing New Jeevan Anand Plan with following details.
- A (Rs.) 10,00,000
Age (Years) 25
Policy Term(Years) 25
Purchase Year 2017
Yearly Premium 1st year Premium (Rs.)-44,353
After 1st year Premium -43,398
Total Paid Premium (Approx) (Rs.) 1085905
Maturity Calculator for this plan.
Above details, after taking policy there are two possible cases are, either policy holder service 25 years policy term or before death (25 years before)
- Maturity Details
- Policy holder service the policy term ,
- Maturity will be as under end of the year 2042
Age at Maturity 50 Years
|Final Additional Bonas||4,50,000|
|Total Appoximate Return at Maturity Time||26,75,000|
Normal Risk Cover continues even after maturity. Following table provides details of year-wise risk cover.
Year Age Normal Life Cover
2042+ 50+ 10,00,000
Death Claim Details
If death happens during the policy term ( Before 25 years ), 125% of Sum Assured + Bonus + Final Addition Bonus(FAB) is paid to nominee and Normal Life Cover.
In case of accidental death, additional amount equal to Sum Assured is also added death claim amount, the calculation is indicated as Accidental Life Cover.
Above example has been prepared for illustration purpose. The Bonus rate has been taken as Rs. 49 per thousand of sum assured which is as per last. for More details, please refer to LIC Website and in case of any query please write your comment below.
Income Tax Benefit
Maturity under this plan is free under Sec.10(10D)
Tax Rebate under Section 80c.