Features of Jeevan Anand plan
Jeevan Anand plan is the combination of whole life policy
and endowment insurance policy the plan provides the
per-decided S.A. and bonus at the end of the stipulated
PPT, but the risk cover on the life continues till death.
This policy is suitable for the people of all ages and
social groups. The policyholder will be benefited by
giving protection to their families from a financial
setback that may occur owing to their demise The amount
assured if not paid by reason of his death earlier will
be payable at the end of the endowment term where it
can be invested in an annuity provision for the rest
of the policyholder's of this plan is moderate premiums,
high liquidity, saving oriented.
Premiums are usually payable for the selected term of
years or until death if it occurs during the term period.
Accident benefit is available during engaged in hazardous
occupations attracting occupational extra.
Latest Lic Policy by Lic of India:
- Jeevan Ankur Child Education Plan
- Jeevan Saral by Life Insurance Corporation of India
- Jeevan Vridhi by Life Insurance Corporation of India
- Jeevan Vaibhav by Lic of India
Age at entry: Min.18 yrs Max. 65 yrs.
PPT maturity age: Max. 75 yrs
Sum assured: Min. 1,00,000 Max. No. Limit
S.A. in multiples: 5000
Term: Min.5 yrs Max. 57 yrs
Mode of payment: YLY/HLY/QLY/SSS/MLY
Accident benefit: Incl. in. T.P.
Policy loan: yes
Housing loan: yes
Surrender of policy: yes
Term rider: N.A.
Form no: 300 (rev.)
Age proof: std/ NSAP- 1,2,3
Female lives category: I/II/III
Non-medical (Gen): Allowed
Non-medical (Prof): Allowed
Non-medical (special): Allowed
Actual sum assured: Basic SA
Risk coverage: SA+ Bonus
Dating back @ 8%: Allowed
Maturity benefit: S.A. +Bonus + FAB, if any is at the
end of the premium paying term (PPT)
If death occurs during the premium paying term S.A.
+ Bonus +FAB, if any is payable and premium payment
is ceased. An extra amount equal to the S.A. is payable
if death occurs after the premium paying term. No bonus
is paid on death after the premium paying term.
Accident benefit: The double accident benefit
is available during the premium paying term and thereafter
up to age 70. the premium for this has been built into
the tabular premium rate.
Example: Mr. Sharad Pawar 25 years, opts for
jeevan anand policy for 20 years with S.A. Rs.1 Lac.
He has to pay annual premium of Rs.5490/- on maturity,
Mr. Sharad Pawar will get Rs.1,98,000/- (S.A. + Bonus
as per 2005 rates i.e. Rs.43 per thousand per annum
which become 43 x 100 x 20 = 86,000/-). Even after the
premium paying term is over, risk cover continues till
the death of Mr. Sharad Pawar.
But if, Mr. Sharad Pawar dies at the age of 65 years
his nominee will get an additional amount equal to the
S.A. i. e. Rs.1 Lac in cash, Mr. Sharad Pawar dies during
premium paying term his nominee will receive Rs. 1Lac
+ accumulated Bonus.
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