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New Jeevan Anand – Review

New Jeevan anand policy is the most selling product of LIC of India, its purely non-linked plan and profit shared in this policy is totally based on bonus and loyalty bonus. This policy provides double benefits of maturity and life time risk cover after premium paying term.

Jeevan Anand (815) Policy Example

To Illustrate the benefits of New Jeevan Anand, Ramesh purchasing New Jeevan Anand Plan with following details.

Sum Assured (Rs.)  4,00,000
Age (Years)  25
Policy Term(Years)  16
Purchase Year  2018
Yearly Premium (Rs.)  30,514/-
Total Paid Premium (Approx)(Rs.)  4,78,369/-

In this new Jeevan Anand example Ramesh will get starting risk cover of Rs. 5,18,000/- and the risk cover will increase every year with the help of yearly bonus addition in the policy. (In this policy you receive risk cover + bonus at the time of claim on death).

Ramesh will be entitle for free risk cover after maturity of this policy (in this example maturity time is 16th year of policy)

Ramesh can surrender this policy after completion of 3 year of this policy or as a better option you can take loan from LIC on Ramesh’s policy. Loan amount would be around 70%-85% of your premium paid, for example if Ramesh have paid 4,00,000 in four year, Ramesh will receive around 2,80,000/- to 3,00,00/- in Ramesh’s account within 7 to 21 days of request.

Maturity

Sum Assured+Bonus

4,00,000/- + 2,98,000/-(approx)  = 6,98,000/- (approx as bonus rates changes on regular basis)

Tax Saving

In this policy you can save tax under section 80CCE each premium paid year.

Eligibility and Parameter

Eligibility Conditions and Other Restriction :
For Basic plan

1) Minimum Basic Sum Assured : Rs. 100,000
2) Maximum Basic Sum Assured : No Limit
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
3) Minimum Age at entry : 18 years (completed)
4) Maximum Age at entry : 50 years (nearest birthday)
5) Maximum Maturity Age : 75 years (nearest birthday)
6) Minimum Policy Term : 15 years
7) Maximum Policy Term : 35 years

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