LIC's New Jeevan Aanand (Table No. 915)

LIC's New Jeevan Aanand (Table No. 915)

The table number of LIC's New Jeevan Anand policy is 915. This LIC plan provides financial security to the family along with promoting savings. Under LIC's Jeevan Anand plan, the policyholder can choose the premium depositing term as per his wish. But LIC's plan number 915 provides life insurance cover to the policyholder for life even after completing the premium depositing period. LIC's New Jeevan Anand policy offers loan facility, so that the policyholder can meet his/her urgent needs.

Life Insurance Corporation of India has launched Jeevan Anand Policy 915 on February 01, 2020. This article of Jeevan Bima Bazaar will prove to be very beneficial for the Policyholders and Agents of LIC, because with the help of this article, LIC's Jeevan Anand policy is being presented in very simple language.

Features of the Plan -

Often life insurance plans offer Life Insurance cover till or near the premium paying term. Whereas a person always needs the protection of Life Insurance.

Often a person buys a life insurance policy in his youth. By the time the policy purchased by the insured person matures, he himself is quite old.

Now if a person wants to buy a Life Insurance Policy in his higher age, then due to higher age, the premium of the Life Insurance Policy is very high or that person is not able to buy the Policy of his choice.

In terms of risk cover, consider-

The basic objective of life insurance plans is to provide the benefits of life insurance. So before buying a life insurance policy, you should think whether the life insurance policy you are going to buy is really giving you the benefit of life insurance?

A person buys an insurance policy at his earning age. He deposit his life insurance policy premium of as long as he continues to earn. By the time his policy matures, he is quite old.

Eligibility conditions and other restrictions-

Benefit payable at the end of the policy term -

In Jeevan Anand Policy Plan No. 915, if the Life Assured survives till the end of the policy term (Premium Paying Term). Then the Basic Sum Assured along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable to him. Provided that the Life Assured has paid all the premiums of the policy.

Death Benefit-

Till the date of death of the Life Assured, if the policy is in full force. Then the death claim is admissible in LIC's Jeevan Anand policy. In this plan, the death claim is paid based on the term of the policy. which is like this.

On death during the policy term i.e. within the premium paying term -

If the Life Assured in Jeevan Anand Policy dies within the premium paying term of the policy, "Sum Assured on Death" will be payable along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any.

Where "Sum Assured on Death" is the highest out of the 3 given below, that will be considered.

1. 125% of Basic Sum Assured
2. 10 times the annual premium
3. 105% of the total premium paid by the insured

The above premium does not include service tax, additional premium and rider premium.

On death after the policy term i.e. after the premium paying term -

If the Life Assured in Jeevan Anand policy dies after the premium paying term of the policy, the Basic Sum Assured will be payable to the nominee.

Jeevan Anand Policy is the plan with benefits -

LIC's New Jeevan Anand Policy is a with-profit plan. Which means that this scheme will be entitled to get bonus i.e. Life Insurance Corporation of India will show its profits for this scheme every year on the basis of its experience.

In simple words, it can be understood that the corporation will display the bonus for this scheme every year. This bonus will continue to be added to the policy every year. This bonus accrued in the policy will be paid on the death of the Life Assured on or before the maturity of the policy.

LIC will announce the final additional bonus of this plan. Final Additional Bonus in LIC's New Jeevan Anand policy will be paid only in case of death on or before the maturity of the policy. When the policy is in full force.

Optional Benefits -

A. Rider Benefits -

The policyholder can avail the benefit of four types of riders under LIC's New Jeevan Anand Policy, Plan No. 915 by paying an additional premium. However, the policyholder can choose either LIC's Accidental Death and Disability Benefit Rider or LIC's Accident Benefit Rider. Thus, a maximum of three riders can be availed under a policy.

The following riders are available for LIC's New Jeevan Anand policy-

1. LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02)
2. LIC’s Accident Benefit Rider (UIN:512B203V03)
3. LIC’s New Term Assurance Rider (UIN: 512B210V01)
4. LIC’s New Critical Illness Benefit Rider (UIN: 512A212V01)

B. Option to take Death Benefit in instalments -

The policyholder can choose to receive the death claim payment in installments during his life time. The death benefit under this option can be paid in 5 or 10 or 15 years.

C. Option to take Maturity Benefit in instalments -

Settlement Option is an option to receive Maturity Benefit in instalments over the chosen period of 5 or 10 or 15 years instead of lumpsum amount under an in-force as well as paid-up Jeevan Anand policy.

Payment of Premiums -

The premiums for LIC's New Jeevan Anand policy can be paid in yearly, half-yearly and quarterly modes. The premium of this policy can also be deposited through monthly mode under NACH or Salary Savings Scheme.

Grace Period -

If the premium payment method of LIC's New Jeevan Anand Policy (Plan No. 915) is chosen as Annual, Half Yearly or Quarterly, a grace period of 30 days is given for premium payment. But if the premium of the policy is paid monthly, then a grace period of 15 days is given for premium payment. The additional time given for depositing premiums of LIC's New Jeevan Anand policy is called the grace period of this policy.

Plan No. 915 offers the benefit of risk cover without any interruption during this grace period. If the policy premium is not paid before the expiry of the grace period, the policy laps.

The grace period rule is applicable to the basic policy premium as well as the rider premium.

Rebates -

Revival of Policy-

If the premium is not deposited within the grace period in the new Jeevan Anand policy of LIC, the policy lapses. A lapsed policy can be revived anytime within a period of five years from the date of first unpaid premium.

All outstanding premiums and late fees have to be paid for the policy to be revived. At the time of revival of the policy, certain necessary documents may be demanded by the Corporation and proof of good health will be required. According to the rules of LIC, the corporation can ask for medical. The insured person will have to get it done at his own cost by the doctors of the Medical Corporation.

Surrender of Policy -

LIC's New Jeevan Anand policy can be surrendered at any time provided all premiums for two years have been paid.

Policy Loan -

Loan from LIC's new Jeevan Anand policy can be availed at any time provided all premiums have been paid for two years. If LIC's new Jeevan Anand policy is in force, loan can be taken up to 90% of the surrender value of the policy and up to 80% loan can be taken from paid-up policies

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