LIC Jeevan Anurag Policy with profit plan (Table No. 168)

LIC Jeevan Anurag Policy: This is a policy with a profit plan developed especially for students to fulfill their educational requirements. Parents can take Jeevan Anurag policy on their own life benefits whether the insured survives until the policy ends or dies during the term of the policy. The cooling-off period is of 15 days. LIC Jeevan Anurag Policy is available for pregnant women and when the extra occupation is chargeable.

Paid-Up Value of the LIC Jeevan Anurag Policy

If a person takes Jeevan Anurag Policy and pays the regular premiums for three years but does not pay subsequent premiums then the policy will not be void rather the sum assured amount will be reduced and this will be the paid-up value of the policy. This reduced policy will be free from all kinds of liabilities within the mentioned premium but will not be entitled to any future bonuses.

Guaranteed Surrender Value of the Policy

Jeevan Anurag Policy can be surrendered if the insured has paid regular premiums at least for three years. The guaranteed surrender value will be equals to 30% of the premium paid in all modes (except premium mode is 90%) excluding premium paid for the very first year, all extra premiums, and premium paid for rider benefits.

Critical Illness Rider Benefits of the Policy

This benefit is available for an amount along with sum assured to the whole coverage under all policies of the insured with the corporation together. If the insured has opted for a premium waiver benefit then under the critical illness condition the total future premiums of the policy will be waived and sum assured will not exceed Rs. 5 Lacs.

Parameters of LIC Jeevan Anurag Policy

Entry Age 20 years to 60 years (NBD)
Maturity Age Maximum 70 years (NBD)
Term 5 years (S.P) & 10 years (regular) to 25 years
Sum Assured 50,000 to unlimited
Sum Assured in multiples 5,000
Premium paying Policy term
PPT term Policy term 3
Payment Mode YLY/HLY/QLY/SSS/MLY and single premium
Accidental Rider Is allowed with extra premium
Policy Loan Yes @ 10.5%
Revival Yes
Housing Loan Yes
Assignment Yes
Teran rider Yes
Surrender of Policy Yes

Underwriting Condition

Form No. 300
Age Proof Std/NSAP-1 (WR 5Lacs)
Female lives category I/II/III
Non-medical (Prof) Allowed
Non-medical (Gen) Allowed
Non-medical (Special) Allowed
Actual S.A 1.5 times of sum assured
Dating back @ 8% Allowed

Maturity Benefit

If the insured pays regular premiums then he/she will get at the time of maturity 40% of sum assured along with basic sum assured, the reversionary bonus of full-term and the terminal bonus, if any will be payable.

Accidental benefits

The accidental or disability benefit will be paid to the insured if the sum assured amount will not exceed Rs. 50 Lacs under all the policies of the insured with the corporation together.

Death Benefits

If the Insured of Jeevan Anurag Policy dies, the nominee will be paid the amount equals to sum assured under the basic plan and no premiums will be payable thereafter. Along with this the nominee will get 40% of the sum assured plus accrued reversionary bonus for full tern and terminal bonus as well if any is payable.

For Example – Mr. Anurag Basu aged 34 years has opted for Jeevan Anurag policy with sum assured of Rs. 2 Lacs for a term period of 15 years and the annual premium to be paid Rs. 15,323. If he pays regular premium then he will get 20% of sum assured at the starting of 13th, 14th and 15th years of policy and the 40% he will get at the end of the 15th year along with reversionary bonus from full time and terminal bonus, if any will be payable.

If Mr. Anurag Basu dies during the 10th year of his policy term then his nominee will get Rs. 2 Lacs but not be paid any premium thereafter. The nominee will also get Rs. 40,000 at the starting of 13th, 14th, and 15th years of the Policy term and on maturity Rs. 80,000 along with reversionary bonus and terminal bonus.

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