MODIFIED VERSION OF “LIC’s NEW JEEVAN ANAND” (Plan No. 915)
The modifications are as under:
i) Definition of “Sum Assured on Death” during Policy Term has been modified from “higher of 125% of Basic Sum Assured or 10 times of annualised premium” to “higher of 125% of Basic Sum Assured or 7 times of annualised premium”.
ii) In addition to the existing Riders available under the plan, LIC’s Accident Benefit Rider (UIN:512B203V03) has also been allowed.
iii) The following Options have also been allowed:
a) Settlement Option for Maturity Benefit
b) Option to take Death Benefit in instalments
iv) Revival period has been extended from 2 years to 5 years.
v) Policy shall now acquire Surrender Value if premiums are paid for at least two consecutive years as against earlier condition of three years. Accordingly, the policy shall become paid-up and policy loan shall also be available after payment of two full years’ premiums.
vi) Guaranteed Surrender Value factors applicable to “total premiums paid” have been modified.
vii) Special Surrender Value factors have been annexed to this Circular.
viii) Quantum of policy loan as a percentage of Surrender Value has been modified.
ix) Grace Period has been modified from “one calendar month but not less than 30 days to “30 days” for yearly/ half-yearly/ quarterly mode of premium payment.
x) The relaxation of claim payment under discontinued policy shall not be applicable for the death due to Suicide and same is mentioned under Suicide Clause.
xi) “CEIS Rebate” has been renamed as “CIS Rebate” which shall also be available for Final Additional Bonus may also be declared under the policy which will be payable on the expiry of the Policy Term or on earlier death provided the policy has run for certain minimum term as per valuation circular issued by Actuarial Department, Central Office.
Final Additional Bonus shall not be payable under the paid-up policies.
LIC’s New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lump sum at the end of the selected policy term in case of his/her survival.
• Minimum Basic Sum Assured: Rs. 1,00,000/-
• Maximum Basic Sum Assured: No Limit
• Minimum Policy Term: 15 years
• Maximum Policy Term: 35 years
• Minimum Entry Age: 18 years (completed)
• Maximum Entry Age: 50 years (nearer birthday)
• Maximum Age at Maturity for Life Assured: 75 years
• Mode of Premium Payment: Yearly, Half-yearly, Quarterly & Monthly
• Accidental Death & Disability Benefit Rider is available on payment of additional premium.
LIC’s New Jeevan Anand Benefit Details
• On Death during the policy term: “Sum Assured + Vested Bonus + FAB if any.”
• Where ‘Sum Assured on Death’ is defined as the higher of 125% of Basic Sum Assured. OR
• 7 times of annualised premium.
• This death benefit shall not be less than 105% of all the premiums paid as on date of death.
• The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
• On death of policyholder at any time after policy term:Basic Sum Assured
• On Survival : On survival Basic Sum Assured + Vested Bonus + FAB if any.
• Surrendered Value: The Policy can be surrendered at any time during the policy term provided at least 2 full years premiums have been paid.
• Loan : Loan Facility is available under this plan, after payment of premiums for at least 2 full years.
• Income Tax Benefit: Premium paid under this plan is eligible for TAX rebate under section 80c.
• Maturity under this plan is free under sec 10(10D).