LIC's New Jeevan Aanand (Table No. 815)

The Table Number of LIC's New Anand policy is 815. LIC's New Jeevan Anand policy offers the benefits of a Whole Life Plan along with an Endowment Plan. The main feature of this plan is that the policyholder is free to choose the premium depositing period. But, the benefit of life insurance continues to be available to that policyholder throughout his life.

LIC's New Jeevan Anand policy, whose table number is 815, has been discontinued by the Life Insurance Corporation of India on February 01, 2020. This means that this LIC plan is not available for sale after February 01, 2020. But those who have purchased this policy of LIC before the above date. They will continue to get all the benefits of this policy.

This article of Jeevan Bima Bazaar will be beneficial for those Policyholders and Agents of LIC who have bought or sold LIC's New Jeevan Anand Policy 815.

Features of the Plan -

The table number of LIC's New Jeevan Anand policy is 815. LIC plan Number 815 offers attractive benefits of life insurance cover and savings. Under LIC plan number 815, the policyholder himself can choose the premium paying term. But even after paying all the premiums, the policyholder continues to get the benefit of life insurance cover for life.

Eligibility conditions and other restrictions-

Minimum Basic Sum Assured	₹1,00,000/-
Maximum Basic Sum Assured	No Limit
(The Basic Sum Assured shall be in multiples of ₹5,000/-)
Minimum Age at entry	18 years (completed)
Maximum Age at entry	50 years (Nearer Birthday)
Maximum Maturity Age	75 years (Nearer Birthday)
Minimum Policy Term	15 years
Maximum Policy Term	35 years
Premium Payment Term	Equal to the policy term
Payment Mode	Yearly, Half Yearly, Quarterly, Monthly (ECS only)
Accidental Benefit	Available Under Rider
Disability Benefit	Available Under Rider
Tax Benefits on Premiums	Yes, Under Section 80C
Tax Benefits on Death	Yes, Under Section 10(10D)
Tax Benefits on Maturity	Yes, Under Section 10(10D)

Benefit payable at the end of the policy term -

If the policyholder survives the premium paying term and pays all the premiums of his policy. The Basic Sum Assured along with vested Simple Revision Bonus and Final Additional Bonus (if any) at the end of the policy term is paid.

Death Benefit-

Provided all due premiums have been paid, the following death benefit shall be paid

On Death during the policy term -

Death benefit, defined as the sum of Sum Assured on Death and vested Simple Revisionary Bonuses and Final Additional Bonus, if any, shall be payable. Where Sum Assured on Death is defined as a higher of 125% of Basic Sum Assured or 10 times the annualized premium. This death benefit shall not be less than 105% of all the premiums paid as on the date of death.

The premiums mentioned above exclude service tax, extra premium, and rider premiums if any.

On Death after the policy term -

If the policyholder dies after the policy term, the Basic Sum Assured will be paid to the nominee.

Plan No 815 is the plan with benefits-

The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Revisionary Bonuses declared as per the experience of the Corporation during the policy term provided the policy is in full force.

Final Additional Bonus may also be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for a certain minimum term.

Optional Benefit-

LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan.

In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly instalments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

Simple Reversionary Bonus -

Simple Reversionary Bonus is declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan.

Bonuses will be added during the selected term or till death if it occurs earlier. Simple Reversionary Bonus accrues during the premium paying term and is paid at the end of the premium paying term or on earlier death along with the final additional bonus if any. No bonus is paid on death after the premium paying term.

Final Addition Bonus -

Final Addition Bonus may also be payable provided the policy has run for a certain minimum period. This is not guaranteed.

Surrender of Policy-

The policy can be surrendered for cash provided at least three full years’ premiums have been paid.

Surrender Value -

The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid excluding extra premiums and premiums for riders if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered.

28 May 2020