LIC New Jeevan Anand T-815 is one of the most popular endowment plan of LIC, owing to the risk cover it provides even after maturity.The plan becomes even more attractive with Accident and Disability Benefit, Additional Term Insurance, Critical Illness Rider Benefit etc. which are available as riders. This article provides you complete information on premium and all available benefits of LIC New Jeevan Anand Plan, with illustrations and calculators.
|Plan Details – LIC New Jeevan Anand|
|Age at entry||18 to 50 years|
|Premium payment modes||Yearly, Half Yearly, Quarterly, Monthly(NACH and SSS)|
|Policy Term||15 to 35 years|
|Basic Sum Assured||100000 and above in multiples of 5000|
|Mode Rebate||2% for Yearly,1% for Half Yearly Nil for other modes|
|Sum Assured Rebate||1,00,000 to 1, 95,000 – Nil|
|2,00,000 to 4, 95,000 – 1.50 / thousand of basic sum assured|
|5,00,000 and 9, 95,000 – 2.50 / thousand of basic sum assured|
|10,00,000 and above – 3.00 / thousand of basic sum assured|
|Loan||After 3 years|
|Surrender||After 3 years of full premium payment|
|Revival of lapsed policy||Up to two years from date of lapsation|
LIC New Jeevan Anand T-815 – Important points to remember
- New Jeevan Anand is an Endowment type of policy, where the maturity is given as a single lump sum payment after completion of the term.
- Maturity amount of New Jeevan Anand is the total of Sum Assured, Bonus and Final Addition bonus(if any).
- Normal insurance coverage equal to 1.25 times of basic Sum Assured plus the bonus accrued in the policy is available during the term of the policy.
- Life long insurance coverage equal to basic sum assured of the plan is available for throughout the life period – even after maturity of the policy.
- Additional accident coverage equal to basic sum assured and extended permanent disability benefit is available under the plan as a rider.
- Critical Illness Benefit is also available as a rider under this plan.
- Loan is available after the completion of three years.
- Income Tax benefit under section 80C of Income Tax Act is available for the premium paid under this policy. You can calculate your income tax liability using this Income Tax Calculator
- Maturity value of the LIC New Jeevan Anand plan is full exempted from income tax u/s 10(10d) of Income Tax Act. Read more on the Income Tax rules applicable for insurance policies.
LIC New Jeevan Anand – Online Premium, Insurance and Benefit Calculator
New Jeevan Anand – Calculator is a powerful online calculator to provide complete idea on premium, maturity and insurance coverage benefits, in a simple and user-friendly manner. Riders such as Critical Illness Benefit Rider (CIR), and Accident and Disability Benefit (DAB) has been incorporated in to this calculator.
Jeevan Anand Policy T-815 – Example with benefit tables
In order to get a clear idea on the benefits of LIC New Jeevan Anand Policy, let us take an example of a person with following details and assume that he is taking a new policy.
|Plan Details Considered for Illustration|
|Total Premium Paid||10,81,771|
Three possibilities after taking a New Jeevan Anand policy are,
- Policy holder survives the term of the policy of 25 years and receives the maturity benefit – (scenario 1)
- Death occurs before the completion of 25 years – (scenario 2)
- Death occurs after receiving the maturity benefit – (scenario 3)
|Maturity Benefit of New Jeevan Anand Policy (An Illustration)|
|Term Of The Policy||25 Year|
|Final Addition Bonus*(C)||4,50,000|
|Total Maturity (A+B+C)||26,75,000|
|Life Long Coverage||10,00,000|
If death occurs before the completion of the policy term, normal life coverage is paid to the nominee. Normal Life coverage includes 125 % of the basic Sum Assured + Bonus accrued till date + Final Addition Bonus. If the death occurs due to an accident, an additional basic sum assured is paid along with the normal life coverage.
The table provided here will help you to get a clear idea on the insurance coverage available on various years.
Life long insurance coverage is one of the most important feature of LIC New Jeevan Anand policy. If the death occurs after completion of premium paying term and after receiving the maturity, an amount equal to basic Sum Assured is paid to the nominee.
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