LIC's New Jeevan Anand Plan

LIC New Jeevan Anand is a participating non linked life insurance policy that offers the double benefit of protection and savings.The plan offers financial protection in case of death of the insured and also provides a lumpsum amount in case of survival at the end of the term policy. It is one of the most sold endowment plans from Life Insurance Corporation.

Eligibility Criteria for LIC's New Jeevan Anand

Minimum age at entry 18 years
Maximum age at entry 50 years
Minimum sum assured Rs. 10,00,000
Maximum sum assured No limit on the maximum basic sum assured
Minimum policy term 15 years
Maximum policy term 35 years
Maximum maturity age 75 years

Key Features of LIC's New Jeevan Anand

Type Participating non linked life insurance policy
Plan basis Individual
Premium payment terms Equal to chosen policy term
Policy term Minimum 15 years and Maximum 35 years
Maturity benefit Sum assured on death + Vested Reversionary bonus + Final additional bonus
Mode of premium payment Annually, bi annually, quarterly, monthly
Free look period 15 days from the date of receipt of the policy
Grace period 15 days for monthly mode and 30 days for all other modes
Sum assured Minimum sum assured is Rs. 10,000
Surrender value The policy can be surrendered for cash given that the premium has been paid for three whole years. The surrender value to be paid will be a percentage of the total premiums paid.
Loan facility Loan can be availed only if the policy has acquired a surrender value
Lapse of policy The policy will lapse if premiums are not paid in due time
Policy revival A lapsed policy can be revived within two years from the date of first unpaid premium

Benefits and Advantages of LIC's New Jeevan Anand

Listed below are the important benefits and advantages of LIC’s New Jeevan Anand policy.

  • The policy offers the double benefit of financial protection in case of death of the policyholder and savings.
  • Death benefit- Sum assured on death along with reversionary bonus and final additional bonus(if any) will be paid as death benefit to the nominee in case of unfortunate death of the policyholder.
  • Maturity benefit- The plan qualifies for Maturity benefit which will be paid at the end of policy term considering all the premiums have been paid in full. Sum assured along with reversionary bonus and final additional bonus will be paid as maturity benefit.
  • Convenience- The plan can be purchased online with no hassles.
  • Flexibility-The plan offers the flexibility of paying premiums monthly, quarterly, biannually or annually depending on what the customer is comfortable with.

How does the Plan Work?

Let’s consider the example of Mr. Arjun, a 26 year old professional who opts for LIC’s New Jeevan Anand plan with a sum assured of Rs. 5,00,000 for a policy term of 21 years. Let’s assume Arjun will be paying an yearly premium of Rs. 27, 454.In case Arjun survives the policy, he will get a maturity benefit of Rs.11,02,000. If Mr. Arjun passes away before the termination of the policy, his nominee will receive 125% of the sum assured along with various bonuses.

Riders

The plan offers riders in the form of LIC’s Accidental Death and Disability benefit rider. One can avail this optional rider by paying additional premium during the policy term. Accident benefit sum assured benefit will be paid in case of death due to accident during the policy term. In case of permanent disability due to the accident, an amount equal to the Accident benefit sum assured will be paid but in monthly installments.

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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LIC's New Jeevan Anand Plan Reviews

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  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have got the life insurance with the LIC of India and the policy name is New Jeevan anand . Policy life insurance coverage value is really good. Response is also depends up on the agent and everything could be dealt with online only.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 22, 2017
  • LIC
    LIC Life Insurance
    "LIC POLICY"
    0.5 5.0/5 "Blown Away!"
    I had taken a LIC New Jeevan Anand policy for a period of 16 years and I used to pay the premium of Rs.14816 per annum with the tenure of 16 Years with the policy coverage of Rs. 2 lakhs amount I have not faced any difficulties with them till now because customer service is really good they have explained about he policy very well.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Feb 21, 2017
  • LIC Life Insurance
    "Good..."
    0.5 5.0/5 "Blown Away!"
    One of my relatives is there in LIC and he convinced me to get the life insurance policy. New Jeevan anand policy is mine as benefits were explained accurately while taking the plan. Two lakh is the coverage value on my plan and that might be double.
    Was this review helpful? 0
    , new delhi
    Reviewed on Mar 14, 2016
  • LIC Life Insurance
    "guaranteed insurance company"
    0.5 4.0/5 "Great!"
    LIC is a guaranteed insurance company and where we can get what we have invested. I was planning for some savings so took life insurance plan. In new jeevan anand we can get sum assured and bonus at the end of the maturity period. Accidental insurance is also there in this plan. Permanent disabilities also being covered.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 08, 2015
  • LIC Life Insurance
    "Trustworthy.."
    0.5 5.0/5 "Blown Away!"
    My trust for LIC is high than any other competitors in the market. I am been insurance for 10lakhs. Plan is of new jeevan anand and the premium is 26 thousand for one year. I knew an agent for such a long time and that person is fine in updating.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 03, 2015
  • LIC Life Insurance
    "LIC "
    0.5 4.5/5 "Excellent!"
    LIC's New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility. 1. Benefits: Death benefit : Provided all due premiums have been paid, the following death benefit shall be paid: On Death during the policy term: Death benefit, defined as sum of Sum Assured on Death and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, Sum Assured on Death is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
    Was this review helpful? 0
    , veraval
    Reviewed on Jun 08, 2015
  • LIC Life Insurance
    "Direct customer should get benefits!!!"
    0.5 5.0/5 "Blown Away!"
    Several policies are going on with the LIC for more than 9 years. One of the policy is new Jeevan Anand that I have taken it two years ago. New Jeevan Anand is the complete coverage that covers entire life till the end. Moreover I get good amount for my kids education where availed children plans as well. If we approach the agent to open the plan, commission is high so great if LIC do something for customers or they can allow customer to avail the policy on online or visiting directly the branch.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Apr 30, 2015
  • LIC Life Insurance
    "Just follow your customer more!!!"
    0.5 5.0/5 "Blown Away!"
    It is a new jeevan anand policy and as like other insurance providers they are giving 2.5 times of returns after twenty years. I have to invest it for 20 years and it provides life coverage and accidental coverage. After the age of 60 no accidental coverage instead natural death benefit is there. Jeevan Anand is best soul policy and great if people choose long term plan. LIC is depend on agent so if we get good agent nice to travel and I got very good agent.
    Was this review helpful? 1
    , kolkata
    Reviewed on Apr 11, 2015
  • LIC Life Insurance
    "new jeevan anand policy"
    0.5 3.5/5 "Pretty good"
    I have taken New jeevan anand from LIC 1 year back. the best thing about LIC is, it is available everywhere through out india. this policy provides life time insurance coverage even after the end of your maturity period. as well as it is a good option if you are looking for a long term investment for future prespective.
    Was this review helpful? 0
    , sheopur
    Reviewed on Mar 27, 2015
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