LIC life insurance of India has launched New Jeevan Anand Policy. This plan offers profit of savings and protection combined at the same time as a non-linked participating policy. This combined profit offered by the policy secures the family and provide monetary protection to the insured loved ones against in case of the uncertain demise of him. Once the term of the policy completes the policy holder can also avail a lump sum payment as maturity benefit, in case if he/she survives till the entire tenure of the policy. Moreover, the LIC Jeevan anand policy additionally provide a loan facility that protect the financial liquidity of the insured.
Key Features of LIC Jeevan Anand
Death Benefit- If the policy holder dies a sudden death during the tenure of the policy a death benefit is offered to the beneficiary. Under which an assured sum of amount is paid to the beneficiary along with the allotted bonus in a lump sum in case of uncertain death of the insured 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 per cent of the sum total premiums paid till the date of death. NOTE: The premiums that is referred in the above statement do not include rider premiums (if any), service tax, or extra premium. Maturity Benefit- The maturity benefit is offered to the insured in case the policyholder’s survives at the end of the policy tenure and dully pays all the premiums of the policy. This benefit can also be availed in case of the demise of the insured after the policy term is over. After the completion of policy term a maturity benefit is offered to the policy holder under which the basic Sum Assured along with the additional benefit if any is provided to the insured, in case of demise of the policyholder the sum assured amount is payable to the nominee in such case. This policy is payable of the Basic Sum Assured along with the final additional bonus (if any) and vested simple reversionary bonus in a lump sum to owner of the policy.
When the death claims have been made under the policy 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. Moreover under section 80 C of income tax act the policy also provides an advantage of tax saving. One can avail the tax benefit and can save a handsome amount on taxes by zeroing in on the policy. Optional Benefit
Along with the basic coverage provided by the insurance company the plan also provide add-on coverage as riders to the insured. The Accidental Disability and Death Benefit Rider is add-on riders offered by the policy. The insured can take benefit of this rider and can obtain this by paying nominal amount of sum as additional premium along with the basic preium. In event of the insured death due to an any accident during the policy term, then the Accident Benefit Sum Assured as a lump sum in addition to the death benefit specified under the LIC’s New Jeevan Anand Plan is paid to the beneficiary. In case of a permanent disability arising out of an accident during the policy term, then the Sum Assured under Accidental Benefit Rider will be payable to the beneficiary in equal monthly installments over a period of 10 years. Also, the future premiums for the basic sum assure as well as the rider will be waived off. 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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LIC Jeevan Lakshya Policy was introduced on March 2015. This plan is a conventional plan with limited premium paying option and is classified as With- Profit Endowment Assurance plan. The plan offers annual income benefit to fulfill the requirements of the family and is mainly beneficial for minor. In case of uncertain demise of the policy holder during the tenure of the policy a sum assured amount is paid to the children. Moreover, at the time of policy maturity the LIC Jeevan Lakshya Policy also deliver a lump-sum amount regardless the survival of insured. The LIC Jeevan Lakshya has a Unique Identification Number i.e. 512N297V01 which is quoted in all the relevant documents furnished by the policy holder and others.
Features of LIC Jeevan Lakshya Policy Some of the exquisite features is offered by the policy depending on the needs of the customer. Some of the silent features offered by the plan are
Some of the Benefits offered by LIC Jeevan Lakshya are Buying the LIC Jeevan Lakshya policy has several benefits. Here for your knowledge we have discussed the benefits offered by the policy.
2.Death Benefits- Death benefits is provided to the beneficiary in case of the uncertain demise of the policy holder before the completion of the policy tenure or during the term of the policy. Under the death benefit the sum assured of the on demise of the policy holder with addition to the final additional bonus and the simple reversionary bonuses is offered to the nominee of the policy. At the time of buying policy the insured can buy accidental death benefit rider that provide add on coverage with the basic policy coverage.
LIC Jeevan Lakshya Also offer optional benefits as Riders According to your own choices you can also avail the optional benefit offered by the [policy as riders. Riders are the add-on coverage offered to the insured on addition with the basic coverage. To avail the different types of riders offered by the policy one has to pay an extra charge along with the premium.
New Term Assurance Rider- This rider is available on the payment of additional premium at the beginning of the policy. The amount is to be paid along with the basic plan of LIC Jeevan Lakshya Policy. One of the advantage offered by this rider is that in case of death of the insured during the tenure of the policy, an additional amount equal to the term assurance rider sum assured is payable to the insured as long as coverage of the plan rider is applicable. |
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