Jeevan Anand is a combination of Endowment Assurance (a life insurance designed to pay a lump sum after a specified term, usually on its ‘maturity’ or on death, whichever is earlier) and Whole Life Plan (a type of life insurance contract that provides for insurance coverage of the contract holder for his/her entire life). Under this plan, you have to pay a fixed premium amount for a particular term. On survival, you will get a lump sum amount, which will be equal to the Sum Assured (SA) plus Accumulated Bonuses and Final Additional Bonus at the end of selected term. If death happens before the maturity, the survivor/nominee gets all the aforementioned benefits. The main feature of this plan is you are insured for your whole life, even after your maturity period is over. If death happens after the maturity period, the survivor/nominee will only get the Sum Assured(SA). Hence, it has been marketed with a tag-line Zindagi ke saath bhi Zindagi ke baad bhi
Policy Rules
- Minimum Entry Age: 18 Years
- Maximum Entry Age: 65 Years
- Policy Term: Minimum-5 Maximum-75 minus Age at Entry
- Premium Payment Term: Regular Term
- Minimum Sum Assured: Rs 100,000 per annum
- Premium Payment Mode: Yearly, Half Yearly, Quarterly or Monthly
BENEFITS OF THE POLICY
- Maturity benefit: S.A. + Bonus + Final Additional Bonus, if any.
- Special Benefits: Even after the Term is over, Risk cover continues till the death of the policy holder
IN THE EVENT OF DEATH
- During Premium Paying Term: S.A + Bonus
- After Premium Paying Term: S.A. ( Since the Bonus was already paid. Second time bonus is not payable)
Prashant , aged 30 years old, takes Jeevan Anand policy for a period of 25 years for a sum assured of Rs 10 lakhs. He will accordingly pay premium on this policy till he becomes 55. At the end of the policy term, when Prashant is 55 years old, he will get maturity proceeds Rs 10 lakh, that is the sum assured and accrued bonuses accumulated over 25 years. If Prashant dies at the age of 75, his nominee will once again get the sum assured of Rs 10 lakh from LIC.
But, in case of the death of the policyholder during the policy term, that is in the above illustration, if Prashant were to die during the 25 year policy term, his nominee will get the sum assured of Rs 10 lakh and the amount of accrued bonuses and the policy comes to an end. There will be no additional receipts from LIC .
The main highlight of this plan is that even after the maturity of policy the risk coverage on your life continues for your lifetime to the extent of the sum assured without the payment of any further premiums.
How to Apply this policy?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
refer About Me section on this page at the top right
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