LIC’s New Jeevan Anand Plan 2023-LIC is unquestionably a veteran in the insurance industry in India. Life insurance has been synonymous with LIC for a long time. LIC is one of the most dependable insurance providers in the country, with over 250 million customers. LIC’s New Jeevan Anand is one of many insurance plans it has offered to its customers over the past six decades. As the name suggests, the New Jeevan Anand plan provides coverage for as long as the insured person is alive, even after the plan has expired.
A partaking non-connected strategy, New Jeevan Anand is the ideal blend of saving as well as security.
The New Jeevan Anand Plan, which combines elements of an insurance and traditional savings plan, provides financial assistance to the beneficiary or beneficiaries when the life insured passes away. The New Jeevan Anand Plan from LIC is a lifetime accumulation plan. Because of its dual benefits, it is one of the most popular endowment plans.
LIC’s New Jeevan Anand Plan 2023
- 1 LIC’s New Jeevan Anand Plan 2023
- 2 Key features of LIC New Jeevan Anand Plan
- 3 Benefits offered by LIC New Jeevan Anand Plan
- 4 Eligibility criteria for LIC New Jeevan Anand Plan
- 5 Sample premium rates of LIC New Jeevan Anand Plan
- 6 Other LIC New Jeevan Anand policy details
- 7 Tax implications of LIC New Jeevan Anand Plan
- 8 Claim process of LIC New Jeevan Anand Plan
The New Jeevan Anand plan from LIC is a participating endowment assurance plan that builds a fund for your needs. In addition, the plan guarantees insurance coverage throughout the term to meet your protection requirements. Endowment plans provide insurance coverage while also contributing to the accumulation of a savings corpus. One such endowment policy is LIC New Jeevan Anand, which gives you both insurance and risk-free returns in one plan.
LIC’s New Jeevan Anand Plan 2023 Overview
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Key features of LIC New Jeevan Anand Plan
You should be aware of the following important aspects of LIC’s New Jeevan Anand policy:
- As a participating plan, Jeevan Anand receives straightforward reversionary bonuses throughout the policy’s duration. In addition, a final bonus may be paid upon maturity or death.
- You have the option of selecting a rider benefit for additional coverage.
- During the policy’s duration, premiums must be paid.
- You can save money on your premiums by taking advantage of discounts.
- If you need money, you can get loans through the plan, which gives you liquidity.
Benefits offered by LIC New Jeevan Anand Plan
In a recent development, the LIC has come up with a new policy for new Jeevan Anand policies. The new policy will require Jeevan Anand policies to be backed by investments in alternative assets. In addition, the LIC will also impose a cap on the total investment in Jeevan Anand policies to Rs 2 lakhs. The new policy stipulates that all Jeevan Anand policies must be registered with the insurance regulator and adhere to the regulatory framework issued by it. The LIC has also come out with a set of guidelines for companies who wish to offer Jeevan Anand policies.
A maturity benefit is paid in the event that the plan’s chosen term expires while the insured is still alive. The sum assured, vested reversionary bonuses, and any final additional bonuses are all included in this benefit.
The sum assured on death, vested reversionary bonuses, and a final additional bonus are all paid out in the event of the insured’s death during the coverage period. The sum assured upon death is either ten times the annual premium or 125% of the sum assured you selected, whichever is greater. In addition, the death benefit would not be less than 105 percent of the total premiums paid.
The plan shares in LIC’s profits for a given fiscal year. At the point when LIC proclaims a reward, such reversionary rewards are added to the aggregate guaranteed of the strategy. In addition, the maturity or death benefit is used to pay out a final bonus.
The Accidental Death and Disability Benefit Rider is available as part of the LIC New Jeevan Anand plan. Incidental injuries and deaths are covered by this rider. An additional rider sum assured is paid in addition to the death benefit in the event of the insured’s accidental death. However, if the insured becomes disabled as a result of an accident, the rider sum assured is paid in monthly installments for ten years, and the subsequent premiums are also waived.
The policy offers two different kinds of discounts on premiums. The first discount is called the modal discount, and you can get it if you pay your premiums every year or every half year. The discount is 2% for the annual premium and 1% for the half-yearly premium. The second discount is available for selecting higher levels of coverage. The discount rates in this category are determined by the amount of insurance you select. These are the main ones:
|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
|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
The sample premium rates for purchasing the LIC New Jeevan Anand Plan at various ages and for various policy terms can be found here. The premiums are assumed to be paid annually, and the sum assured is assumed to be INR 5 lakhs.
|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 policy details have been released. The policy, which will come into effect from 1st April. provides detailed guidelines on how LIC can provide financial assistance to entrepreneurs. The policy aims to promote entrepreneurship, help startups scale up quickly, and create jobs.
The policy gains a paid-up value if you have paid the premiums for at least the first three years. You would not be denied plan benefits if future premiums were waived. The policy would continue at a lower paid-up value in that scenario. The amount guaranteed would be calculated and reduced. The maturity and death benefits would be calculated using this assured sum. Additionally, the rewards which vested before the strategy became settled up would likewise be paid.
If the policy has a paid-up value, you can get the surrender value by surrendering the plan. If you don’t want to keep the coverage, you can use the surrender value. The acquiescence worth will be higher of the dependable acquiescence worth or exceptional acquiescence esteem. The sum of the surrender values of paid premiums and bonuses would be used to calculate the guaranteed surrender value.
A policy that has expired can be revived as long as it is done within two years of the expiration date. In order to reactivate, the outstanding premiums and proof of insurance eligibility would need to be paid.
Loans can only be obtained with the payment of the premiums for the first three years. The plan’s acquisition of surrender value determines the size of the loan.
Sample Premium rates
|Age (in years)||Policy Tenure = 15 years||Policy Tenure = 25 years||Policy Tenure = 35 years|
|20 years||79.05/ per INR 1,000 sum assured||44.3/ per INR 1,000 sum assured||29.95/ per INR 1,000 sum assured|
|30 years||82.45/ per INR 1,000 sum assured||46.75/ per INR 1,000 sum assured||32.3/ per INR 1,000 sum assured|
|40 years||88.2/ per INR 1,000 sum assured||51.4/ per INR 1,000 sum assured||37.1/ per INR 1,000 sum assured|
|50 years||97.7/ per INR 1,000 sum assured||59.65/ per INR 1,000 sum assured||NA|
Tax implications of LIC New Jeevan Anand Plan
However, you are able to purchase any other endowment plan from it. When you buy from them online, the process is simple and painless. You can choose the best endowment policy for your needs by comparing the plans that are available. The policy would be issued quickly, and premiums would have to be paid online.
Claim process of LIC New Jeevan Anand Plan
By completing and submitting a claim discharge voucher along with the following documents, the maturity claim can be utilized in the event that the plan comes to an end.
- Identity proof
- Policy bond
- Bank account details
- Death certificate
- Policy bond
- Identity proof
- Bank account details