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Lic New Jeevan Anand (Plan No:815)

Lic New Jeevan Anand (Plan No:815)

Introduction

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.

Benefit:- 

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

Bonuses:-

Accrued Simple Reversionary Bonuses and if any Final Additional Bonuses

 

Maturity Benefit:

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

Rider Benefits:

LIC’s Accidental Death and Disability Benefit Rider

premiums Discounted:

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
Mode Allowed Yearly,Hly,Qly,SSS,ECS
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

Example-1

Take an example of a person who is purchasing New Jeevan Anand Plan with following details.

  1. 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)

  1. Maturity Details
  2. Policy holder service the policy term ,
  3. Maturity will be as under end of the year 2042

 

Age at Maturity 50 Years

Sum Assured 10,000,00
Bonus (Approx) 12,25,000
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

Example-II

 

 

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.



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