New Jeevan Anand (Table No: 815) is one of the most sold endowment plans of LIC, which provides Risk Cover even after maturity for life time. Accidental Death and Disability Benefit Rider makes this plan more beneficial as it provides additional amount equal to basic sum assured in case of death. This article gives comprehensive details of policy and various benefits associated with New Jeevan Anand Plan with help of example.

Plan Parameters

Age of Entry: 18 to 50 years

Premium Paying Mode: Yearly, Half Yearly, Quarterly, Monthly (ECS Only)

Policy Term:  15 to 35 Years

Basic Sum Assured:  100000 and above ( in multiple of 5000)

Max No Limit:  Policy Revival within 2 year

Rebate:  2% on yearly, 1% on Half Yearly, Nil on Quarterly

Loan: After 3 years

Surrender:  After 3 years of full premium payment

Key Features:
 
> Guaranteed returns plan with bonus facility
> Life cover continues till death of the policyholder
> Option to add Accidental Death and Disability Benefit Rider
> Rebate offered if policyholder opts for high sum assured Benefits
 
Death Benefit:
Sum Assured on Death + vested Simple Reversionary Bonuses + Final Additional bonus (if any) shall be paid to the nominee

• Where, Sum Assured on Death = Higher of 125% of Basic Sum Assured or 10 times of annualised premium.

• This death benefit shall not be less than 105% of all the premiums paid as on date of death.

 
Maturity Benefit:
Sum Assured on Death + vested Simple Reversionary Bonuses + Final Additional bonus (if any) shall be payable
 
Tax Benefits on Premiums: Yes, under section 80C
 
Tax Benefits on Death Benefit: Yes, under section 10(10D)
 
Tax Benefits on Maturity Amount: Yes, under section 10(10D)
 
 LIC’s Accidental Death and Disability Benefit Rider
If the policyholder adds this rider to his policy, then an amount equal to the Basic Sum Assured (subject to the maximum of Rs.50 lakh) will be paid.

The overall limit will be considered taking all existing LIC policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with LIC.