Features and benefits of LIC Jeevan Anand 2013

One of the best LIC plans in India is  LIC Jeevan Anand (T. No. 149) which is a combination of endowment cum whole life policy plan; it provides financial protection against death throughout the lifetime or the selected term (extended term), with the provision of lump sum payment at the end of the selected term in case of his survival. Meaning, if the Insured survives the extended term or selected term (generally 65 to 70 years from the date of purchasing the policy), the insured receives Sum Assured along with the vested bonuses in lump sum, thereafter, an additional Sum Assured is payable on death. One could benefit three Sum assured amount's in entirety but conditionally, i,e, Sum assured on policy maturity, Sum assured if you survive to the end of the selected term, and thereafter an additional Sum Assured payable against your death. There could be three instances pertaining to Death benefits, find it below.

 Death benefits: (Accidental death and Normal death are two different things here I guess)

1) Death benefit during (Policy Term) or before the Premium Paying Term (PPT), The Sum Assured + accrued Bonus is paid to the Nominee and the policy would terminate.

2) Death benefit after the PPT, during the extended policy term (selected term), only Sum Assured is paid as Death Benefit to the Nominee.

3) Benefits in case of survival to the end of selected term, the insured receives sum assured and vested bonus as lump sum amount for the same, and thereafter an additional (double) Sum Assured is payable on death.

In this example, Sum assured is 5 Lakhs, Plan - Jeevan Anand, Policy term & Premium Payment Term (PPT) is 21 years, which means Year of Maturity is year 2032, extended policy term is 65 years (from the date of the purchase of this policy) during which the Insured is covered for life against death, for the same (Sum assured) amount of 5 Lakhs. 

Maturity benefit of this plan: At the maturity of the policy, the insured will get Sum Assured + accrued Bonus + Final Addition Bonus (FAB).

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

Premium: Premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death.

Surrender Value: Yes, buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract.

Guaranteed Surrender Value: Yes, The policy may be surrendered after it has been in force for 3 years or more.  The guaranteed surrender value is 30% of the basic premiums paid excluding the first year’s premium. Any extra premium(s) paid and premium(s) towards Accident Benefit are also excluded

You want a loan against your policy – Loan facility is available under this policy

EXTRA BENEFIT:

Accidental Death benefit: An additional (double) Sum Assured is paid if death is due to accident till 70 years of age.

Disability benefit: In case of permanent disability of the life assured/Insured due to accident, additional Sum assured (Double) is payable in installments to you.

    Illustration guide

Sum Assured (in Rs.)	1,00,000	No Limit
Policy Term (in years)	5	57
Premium Payment Term (in years)	5	57
Entry Age of Policyholder	18	65
Age at Maturity	-	75
Single Premium (in Rs.)	NA	NA
Payment modes	Yearly, Half-yearly, Quarterly, Monthly and SSS

Note: The above is the product summary giving the key features of the plan.  This is for illustrative purpose only.  This does not represent a contract and for details please refer to your policy document