LIC of India has launched New Jeevan Anand Policy. As a non-linked participating policy this offers profit of savings and protection combined at the same time. This combined profit secures monetary protection of the policy holder family against his demise. Once the term of the policy completes the policy also ensures a lump sum payment, in case the policy holder survives till the entire policy term. By providing a loan facility the New Jeevan Anand Plan also protect the financial liquidity of the insured. Key Features
During the tenure of the policy if the policy holder dies a sudden death: An assured sum of amount is paid to the beneficiary along with the allotted bonus in a lump sum in case of death of the policy holder during the policy tenure. The Sum Assured in this case is the higher amongst 125 per cent of the Basic Sum Assured or annualized premium multiplied by 10. However, the death benefit under the LIC New Jeevan Anand Policy shall not be lower than 105% of the sum total premiums paid till the date of death. NOTE: The premiums referred to in the above statement do not include rider premiums (if any), service tax, or extra premium. In case of policyholder’s demise after the policy tenure is over: On the maturity of the policy after the completion of policy term the Basic Sum Assured, is payable to the nominee in such case.
When the death claims have been made under the LIC policies or when the survival benefit is due the policy might also result final additional bonus in the year. However, the policy should be in full force and should have completed a certain specified minimum term. Optional Benefit
Eligibility Conditions for the LIC’s New Jeevan Anand Policy: a) Minimum sum assured (basic) under the plan is Rs. 100,000 b) There is no limit to the maximum sum assured under the LIC’s New Jeevan Anand Policy (Basic Sum Assured is always in a maximum figure s Rs. 5000/-) c) The minimum entry age for the policy is 18 years. d) The maximum entry age for the plan is 50 years. e) The maximum maturity age is 75 years for this policy. f) The minimum term of the policy is 15 years g) The maximum policy term is 35 years
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