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LIC's Jeevan Anand
Features
LIC's Jeevan Anand is a With
Profit assurance plan. The plan is a combination of the Whole Life Plan and the
most popular Endowment Assurance Plan. Jeevan Anand Policy provides pre-decided
Sum Assured and bonuses at the end of the stipulated premium paying term, but the
risk cover on the life continues till death.
Special Features
• Moderate Premiums
• High bonus
• High liquidity
• Savings oriented.
Jeevan Anand Plan Premiums are usually payable for the selected term of years or
until death if it occurs during the term period. This policy not only makes provisions
for the family of the life assured in the event of his early death but also assures
a lump sum at a desired age. The lump sum can be reinvested to provide an annuity
during the remainder of his life or in any other way considered suitable at that
time.
Benefits
Survival Benefits:
Sum Assured along with all vested bonuses payable at the end of the premium
paying term ( Endowment term).
Accident Benefit:
The Double Accident benefit is available during the premium paying term
and thereafter up to age 70. The premium for this has been built into the tabular
premium rates. Maximum accident cover available under this plan will be Rs. 5 lakh
(this limit excludes accident benefit taken under other plans).
Premium Stoppage:
If payment of premiums ceases after at least three years’ premiums have
been paid , a free paid-up policy for a reduced Sum Assured will be automatically
secured provided the reduced sum assured, exclusive of any attached bonus, is not
less than Rs. 250/-. The reduced sum assured will become payable on the event as
stipulated in the policy.
Bonus:
If it is a With Profits Policy note that every year the
LIC distributes its surplus among
policyholder to with profits polices in the form of bonuses. Substantial bonuses
have been declared in the past after each valuation of policy liabilities.
Death Benefits:
Sum Assured along with vested bonuses are payable on death during the premium
paying term and when policy ceases. An amount equal to the Sum Assured is payable
if death occurs after the premium paying term.
Simple Reversionary Bonus accrues during the premium paying term and is payable
at the end of the premium paying term or on earlier death along with final additional
bonus, if any. No Bonus is paid on death after the premium paying term.
Suitable
for
Being an
endowment assurance +
whole life policy, this plan
is apt for people of of all ages and social groups who wish to protect their families
from a financial setback that may occur owing to their demise. The amount assured
if not paid by reason of his death earlier will payable at the end of the endowment
term where it can be invested in an annuity provision for the rest of the policyholders
life or in any other way he may think most suitable at that time.
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