LIC New Jeevan Anand Plan 2023 Benefits, Features, Details, Reviews

LIC New Jeevan Anand Plan – The LIC New Jeevan Anand is a non-linked, participating life insurance policy that provides both protection and savings. The plan provides a lump sum in the event of survival at the end of the term policy as well as financial protection in the event of the insured’s death. It is one of Life Insurance Corporation’s most popular endowment plans. Life insurance policy LIC Jeevan Anand 149 combines unique savings and protection features. Under the plan number LIC New Jeevan Anand, LIC released a new version following its withdrawal. 915). Financial security in the event of the policyholder’s death and a lump sum at the end of the chosen policy tenure in the event of their survival are its primary benefits.

Looking to improve the lives of LIC residents? The Jeevan Anand Plan 2023 has got you covered! This comprehensive plan aims to make life easier for LIC citizens by addressing their needs in a variety of areas, including education, healthcare, housing, and employment. If you’re interested in learning more about this plan, or want to get involved in its implementation, be sure to check out the LIC website.

LIC New Jeevan Anand Plan 2023

The LIC New Jeevan Anand is a non-linked, participating life insurance policy that provides both protection and savings. The plan provides a lump sum in the event of survival at the end of the term policy as well as financial protection in the event of the insured’s death. It is one of Life Insurance Corporation’s most popular endowment plans. Life insurance policy LIC Jeevan Anand 149 combines unique savings and protection features. Under the plan number LIC New Jeevan Anand, LIC released a new version following its withdrawal. 915). Financial security in the event of the policyholder’s death and a lump sum at the end of the chosen policy tenure in the event of their survival are its primary benefits.

Looking to improve the lives of LIC residents? The Jeevan Anand Plan 2023 has got you covered! This comprehensive plan aims to make life easier for LIC citizens by addressing their needs in a variety of areas, including education, healthcare, housing, and employment. If you’re interested in learning more about this plan, or want to get involved in its implementation, be sure to check out the LIC website.

LIC New Jeevan Anand Plan

LIC New Jeevan Anand Plan Details

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Overview of LIC New Jeevan Anand Plan

LIC New Jeevan Anand is an insurance product that provides cover for a variety of risks. It is an accident insurance product that allows you to cover the cost of medical expenses, loss of income, and funeral expenses if you are unfortunate enough to suffer an accident. If you are a resident of India, this product is a great way to protect yourself and your family.

LIC’s New Jeevan Anand is a partaking blessing confirmation plan which makes a corpus for your monetary necessities.

Key features of LIC New Jeevan Anand Plan

You should be aware of the following important aspects of LIC’s New Jeevan Anand policy:

  • Jeevan Anand is eligible for straightforward reversionary bonuses throughout the duration of the policy because it is a participating plan.
  • In addition, you may receive a final additional bonus upon maturity or death.
  • You may also select an optional rider benefit for a broader range of coverage.
  • premiums are paid throughout the policy’s term.
  • You receive premium discounts, which lower your premium rate.
  • Loans are available under the plan, providing liquidity in the event that you require funds.
Type Participating non linked life insurance policy
Plan basis Individual
Premium payment terms Equal to chosen policy term
Policy term Minimum 15 years and Maximum 35 years
Maturity benefit Sum assured on death + Vested Reversionary bonus + Final additional bonus
Mode of premium payment Annually, bi annually, quarterly, monthly
Free look period 15 days from the date of receipt of the policy
Grace period 30 days for all other modes
Sum assured Minimum sum assured is Rs.1 lakh
Surrender value Given that the premium has been paid for the full three years, the policy can be surrendered for cash. A percentage of the total amount paid in premiums will be used to calculate the surrender value.
Loan facility Loan can be availed only if the policy has acquired a surrender value
Lapse of policy The policy will lapse if premiums are not paid in due time
Policy revival A policy that has expired can be reinstated within two years of the first unpaid premium.

The advantages of the LIC New Jeevan Anand Plan

If you’re looking for a comprehensive health insurance plan that offers a wide range of benefits, the LIC New Jeevan Anand Plan might be the right fit for you. This plan has many advantages, including the fact that it offers comprehensive coverage for both medical and surgical treatments. You’ll also be able to take advantage of features like long-term care insurance, which can provide you with peace of mind in the event that you need long-term care. If you’re interested in learning more about this plan, or in finding out if it’s right for you, read on to learn more!

The following are the benefits of the LIC New Jeevan Anand policy:

Bonus

A portion of the profits made by LIC during a specific fiscal year are given to the plan. These reversionary bonuses are included in the policy’s guaranteed amount when LIC announces a bonus. Also used to pay out a final reward is the development

Rider

The LIC New Jeevan Anand policy includes the Accidental Death and Disability Benefit Rider. This rider provides protection against accidental fatalities and injuries. A rider sum assured is also paid in the event of an unintended death of the insured, in addition to the death benefit. However, the rider sum guaranteed is paid in monthly instalments for 10 years if the insured becomes disabled as a result of an accident, and the following premiums are also waived.

Premium discounts

The insurance coverage provides two different sorts of premium discounts. For the annual premium and the half-yearly premium, the discount is 2% and 1%, respectively. Higher levels of coverage can be chosen to receive the second discount. The total guaranteed that you choose will determine the markdown rates for this class. The key ones are as follows:

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

Eligibility criteria for LIC New Jeevan Anand Plan

The Lic New Jeevan Anand plan is an insurance policy that provides protection for people who are both unemployed and trying to start a new job. To be eligible for the plan, you must have been unemployed for at least six months, and have been looking for a new job for at least four months. You must also be able to provide proof that you are making reasonable efforts to find a new job. The plan is available to both Indian and foreign nationals, and has a minimum premium of Rs 500.

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

Sample premium rates of LIC New Jeevan Anand Plan

You can find here sample premium costs for buying the LIC New Jeevan Anand Plan at various ages and for different policy terms. The sum assured is assumed 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

Other LIC New Jeevan Anand policy details

LIC New Jeevan Anand has been announced and here are the policy details. The policy will be available from 15th July onwards and will have a minimum tenure of 5 years. The policy will be available in two variants- Self- Acquisition Policy and Family Shareholding Policy. The Self-Acquisition Policy will allow an individual to invest in LIC directly without having to go through a LIC agent. The Family Shareholding Policy will allow family members to invest in LIC collectively.

The agreement gains a settled up value if you have paid the costs for the majority of the first three years of the plan. If future premiums were waived, plan benefits would not be denied to you. In that scenario, the policy would continue at a lower paid-up value. The decreased sum assured would be calculated using the formula below: Paid-up sum assured is equal to sum assured minus the number of premiums paid.

Surrender value

By giving up the plan, you can get the surrender value if the policy has a paid-up value. You can use the surrender value to get rid of the coverage. The surrender value will be the higher of the special surrender value or the guaranteed surrender value. The sum of all fees paid and rewards received would be used to calculate the reliable acquiescence value. The special surrender value, on the other hand, would be established on a periodic basis based on LIC.

Revival

Within two years of the policy’s expiration date, it is possible to reinstate an expired policy. Payment of the outstanding premiums and evidence of insurance eligibility would be required to reactivate.

Loan

The premiums for the first three years must be paid in order to get a loan. The loan’s size is determined by the plan’s acquisition of surrender value.

Exclusions under LIC New Jeevan Anand Plan

Suicide would not be covered by the LIC New Jeevan Anand plan in the following circumstances:

  • If suicide occurred within a year of purchasing the policy, it would not be covered. 80 percent of the premiums paid would be reimbursed in this scenario. If suicide occurred within a year of revival, it would be excluded. In this scenario, the higher of the acquired surrender value or 80% of paid premiums would be reimbursed.
Minimum Maximum
Sum Assured (in Rs.) 1,00,000 No-Limit
Policy Term (in years) 15 35
Premium Payment Term (in years) 5 57
Entry Age of Policyholder (last birthday) 18 years 50 years
Age at Maturity (last birthday) 75
Payment modes Yearly, Half-yearly, Quarterly, Monthly

Tax implications of LIC New Jeevan Anand Plan

With the recent announcement of LIC New Jeevan Anand, many taxpayers are starting to ask themselves some questions about the tax implications of this plan. Here’s a brief rundown of what you need to know, based on the latest information. First and foremost, it’s important to note that this plan is not yet effective. That means you don’t have to worry about paying taxes on your contributions yet. If you’re eligible and want to participate, you should start making your contributions as soon as possible.

The LIC New Jeevan Anand policy’s premiums would be eligible for a tax-free deduction under Section 80C of the Income Tax Act. Up to a maximum of INR 1.5 lakh can be deducted from paid premiums. The benefit from the policy would also be exempt from tax when held in your hands.

How to buy LIC New Jeevan Anand Plan?

Nevertheless, you can acquire any other endowment plan from it. The process of making a purchase from them online is straightforward and painless. Only personal information, such as your age, gender, income, and insurance coverage, would be required. and you would be shown a list of plans for the endowment. You can contemplate the available plans and a while later buy the best gift system for your necessities. The policy would be issued quickly, and online payment of premiums would be required.

Claim process of LIC New Jeevan Anand Plan

If you are an LIC owner and have not registered your Jeevan Anand Plan (JAP) with the insurance company yet, now is the time to do so. The JAP registration process is simple and can be completed online. The registration process will allow you to claim any losses that you may have suffered due to the floods in Chennai. You will also be able to get insurance cover for any damage to your property that was caused by the floods. Make sure you complete the process as soon as possible to protect your interests.

The maturity claim can be used in the event that the plan ends by filling out and submitting a claim discharge voucher along with the following documents.

  • Identity proof
  • Policy bond
  • Bank account details
  • Death certificate
  • Policy bond
  • Identity proof
  • Bank account details

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