Features of Jeevan Anand Life Insurance Policy: This is a combination policy of endowment and whole life policy. This policy gives the pre-decided S.A and bonus to the insured at the of the stipulated PPT but the policyholder enjoys the insurance throughout his life. This policy is good for any age group.
Newly Launched Policies of LIC
- Jeevan Vridhi by LIC.
- Jeevan Ankur Child Education Plan by LIC.
- Jeevan Vaibhav by LIC.
- Jeevan Saral by LIC.
Parameters of Jeevan Anand Policy
| Age Limit | 18 years to 65 years |
| Age Limit of PPT Maturity | Maximum 75 years |
| Sum Assured amount | Minimum 1,00,000 to without limit |
| Sum Assured in Multiples | 5,000 |
| Term | 5 years to 57 years |
| Policy Loan | Yes |
| Payment Mode | YLY/HLY/QLY/SSS/MLY |
| Assignment | Yes |
| Accidental benefit | Including T.P. |
| Housing Loan | Yes |
| Surrender of Policy | Yes |
| CIR | Yes |
| Revival | Yes |
| Term rider | Yes |
Conditions for Underwriting
| Form No. | 300 (rev.) |
| Female lives category | I/II/III |
| Age Proof | Standard NSAP – 1,2,3 |
| Non-medical (Special) | Allowed |
| Non-medical (Gen) | Allowed |
| Non-medical (Prof) | Allowed |
| Dating back @ 8% | Allowed |
| Actual sum assured | Basic SA |
| Risk Coverage | SA plus Bonus |
Benefits of the Policy
The insured will get the maturity benefit including sum assured, bonus, and FAB if the insured is at the end of the PPT.
Death benefits of the Policy
If the insured dies during PPT then he will get Sum assured and bonus but premium payment will be waived off. If the death occurs after PPT, an extra amount equals to sum assured will be paid. Whereas the bonus will not be paid if death occurs after PPT.
Accidental benefit
During PPT the double accidental benefit will be paid to the insured. The premium for this has been buit into a tabular premium rate thereafter up to 70+ age.
For example – Mr. Ramesh aged 25 years, applied for Jeevan Anand Policy for 20 years with sum assured of Rs. 1 Lacs with Rs. 5,490 as an annual premium. He will get Rs. 1,98,000 on maturity and risk cover continues till death even after PPT is over.
If Mr. Ramesh dies unfortunately at 65 years of his age then the nominee will be paid an extra amount equals to sum assured but if he dies during PPT then the nominee will be paid accumulated bonus along with extra amount equals to sum assured.