LIC Jeevan Anand Policy

Jeevan Anand is a life endowment plan that comes with a multitude of benefits for the policyholders throughout the term period. As per the plan, the insurance cover continues even after completion of the premium payment term. In the event of death of an individual due to an accident, the plan offers an additional cover sum which is capped at Rs.5 lakhs. But in case the accident leaves a policyholder with permanent disability, the plan takes care of the regular financial needs by paying the sum assured in installments. These additional benefits offered under LIC Jeevan Anand do not impose extra charges on the premium amount.

Prime features of LIC Jeevan Anand Plan:

  • It’s a traditional endowment policy which offers sum assured and additional bonuses
  • On survival, the maturity benefits are paid to the policyholder and the plan continues to be in force
  • In the event of policyholder’s death, the sum assured is paid to the nominee
  • Additional top-up covers are available on payment of a nominal sum along with premium
  • This Life Insurance Policy Provides financial protection throughout the lifetime of the person insured
  • Offers a lump sum at the end of the chosen term period
  • The policy participates in the profits of the corporation

Table of Features:

Minimum entry age 18 years
Maximum entry age 50 years
Premium payment modes Yearly, Half-Yearly, Quarterly, Monthly (only through ECS)
Policy term 15 to 35 years
Basic sum assured Rs.1,00,000
Revival Within 2 years
Rebate
  • 2% for yearly
  • 1% for half-yearly
  • None for quarterly
Loan eligibility After 3 years of entry
Surrender Eligible only after 3 years of full premium payments
Bonuses Simple reversionary bonuses plus additional bonuses
Death benefit
  • Sum assured and accrued bonuses are paid to the nominee.
  • The plan continues to be in force
Maturity benefits
  • Payable to policyholder after the maturity period
  • Includes basic sum assured and bonuses accrued from time to time
Sum assured on death The sum assured on death of the policyholder is:
  • 125% of the basic sum assured
  • 10 times the annualized premium subject to a minimum of 105% of the total premiums paid
Riders
  • LIC’s Accidental Death Benefit Rider
  • Disability Benefit Rider
Premium discounts Available on higher sum assured and yearly and half-yearly premiums
Tax benefits Available under Section 80C and Section 10 (10 D) of the Income Tax Act
Switching of policy Not allowed

Documents Required for Jeevan Anand Policy:

A duly filled form along with the following documents are to be submitted at the time of application:

  • Proof of residence
  • Age proof
  • KYC documents such as copy of Aadhaar card, PAN card, etc.
  • Medical test reports
  • Other necessary documents specified by LIC

Documents Required for Making Death Claims:

To make a death claim, the nominee shall have to produce the following documents along with the claim form:

  • Original policy documents
  • Documents pertaining to riders
  • Bank account details
  • Death certificate
  • Treatment records of the policyholder (if any)

Illustration of Benefits:

Let’s consider the following details for illustration of how the Jeevan Anand policy works:

Age of the policyholder: 25 years

Policy Term: 25 years

Yearly Premium: Rs.21,472

Total Premium Paid: Rs.5,36,800

Year of purchase: 2014

Scenario 1:

Let’s assume that the policyholder survives the policy term, in which case the benefits will be paid as under:

Year of maturity 2039
Age at maturity 50 years
Sum Assured Rs.5,00,000
Bonus additions Rs.8,00,000 (approx.)
Total amount payable Rs.13,00,000

Scenario 2:

If the individual expires before completion of the policy term, his nominee will be eligible for 125% of the Sum Assured, reversionary bonuses, and final additional bonuses. If the individual dies due to an accident, then additional benefits equal to the minimum sum assured is added to the claim amount. The below table illustrates the approximate values of sum assured and associated accidental life cover:

Year of Premium Payment Total Premiums Paid Life Cover (approx) Accidental Cover (approx)
1st year Rs.21,472 Rs.6,10,000 Rs.11,30,000
5th year Rs.1,07,360 Rs.7,50,000 Rs.12,60,000
10th year Rs.2,14,720 Rs.9,00,000 Rs.14,00,000
15th year Rs.3,22,080 Rs.10,52,000 Rs.15,50,000
20th year Rs.4,29,440 Rs.12,63,125 Rs.17,70,000
25th year Rs.5,36,800 Rs.15,80,000 Rs.20,00,000

Free Look Period:

The look in period is a provision whereby customers can cancel the policy within a specific time after its purchase. Jeevan Anand policy provides a free look period of 15 days, provided no claims have been made by the policyholder.

Surrender Benefits:

The policy attains its surrender value only after completion of 3 full premium years. The amount paid to the policyholder while surrendering the policy will be a percentage of the total premiums paid, and it will be exclusive of the premiums for riders. However, the guaranteed surrender value will be inclusive of simple reversionary bonuses.

Grace Period:

The policy allows a grace period of 30 days for payment of outstanding premium amount, after which the policy will lapse. But it can be revived within 2 years from the date of last unpaid premium by clearing all dues and applicable penalty charges.

Exclusions:

If the policyholder commits suicide within 12 months of commencement of the plan, then LIC is not liable to pay any of the assured benefits. But the nominees will be paid a sum equal to 80% of the premiums paid. In case policyholder commits suicide after completion of 1 year from the date of policy inception, then the beneficiary will receive a sum higher than 80% of the premiums paid.

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

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LIC Jeevan Anand Reviews

Page 1 of 50 1 2 3 4 5
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from LIC more than 5 years.The agent is very supportive and providing proper guidance and this is a JEEVAN ANAND policy. Policy is valid for life long and the tenure is 20 years after some years. I am paying annual premium is Rs.24k, this is a death benefit plan after that my wife will be getting some returns.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 07, 2019
  • LIC
    LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have purchased many policies from LIC and the main one in Jeevan Anand policy. Its because of the Government undertaken policy and this company has many more benefits so that i have chosen it. I have been paying the premium amount of Rs. 19,400 per year. They are giving a sum assured amount of Rs. 8 lakhs.
    Was this review helpful? 1
    , bulandshahr
    Reviewed on Dec 03, 2019
  • LIC Life Insurance
    "Very Good Policy"
    0.5 5.0/5 "Blown Away!"
    LIC is providing the good service to the customers. Since I'm working as a LIC agent, i bought the Jeevan Anand policy. This is a life security policy. I have been paying the premium amount of Rs. 7,500 on a annual basis. Total term period of the policy is 17 years.
    Was this review helpful? 0
    , parvathipuram
    Reviewed on Dec 03, 2019
  • LIC Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    I have taken a life insurance in LIC for 20 years . The policy maturity get after my retirement only. I am paying premium on monthly package the amount which is nominal Rs.14,000 and it will get auto debit from my salary account. While getting a policy my agent has given an information about the policy details. It covers myself. It is a jeevan anand policy and the policy coverage was Rs. 25,00,000.
    Was this review helpful? 1
    , haveri
    Reviewed on Nov 29, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have taken the life insurance policy that is LIC JEEVAN ANAND. The first thing is, its a Nationalized and this is a term policy for 16 years after tenure over i will be getting some good returns of Rs. 8,00,000. In case of my death amount goes to the nominee.
    Was this review helpful? 0
    , rajahmundry
    Reviewed on Nov 28, 2019
  • LIC Life Insurance
    "Important policy for life"
    0.5 5.0/5 "Blown Away!"
    LIC is Government undertaken policy and many people have taken the policy. This policy safe for life. I bought the Jeevan Anand policy. They have given me coverage amount of Rs. 2 lakhs and it has good benefits. This policy term period is 20 years. I have selected the half yearly premium with the amount of Rs. 6700.
    Was this review helpful? 1
    , tirupur
    Reviewed on Nov 26, 2019
  • LIC Life Insurance
    "Useful policy for family"
    0.5 4.0/5 "Great!"
    Chosen the life insurance policy from LIC because its a helpful for future purpose and its a good savings plan as well. My friend is working as a LIC agent when he approached me i have taken the Jeevan Anand policy. Have chosen the half yearly premium amount of Rs. 6000. Its a 15 years term period policy.
    Was this review helpful? 0
    , tirupur
    Reviewed on Nov 20, 2019
  • LIC Life Insurance
    "Golden Policy"
    0.5 5.0/5 "Blown Away!"
    LIC- Jeevan Anand policy is really good. After the end of the term, we get the entire amount as per the plan after that it will cover upto 100 years so we get double benefits thats the reason i have chosen the Jeevan Anand policy. I pay the premium amount of Rs. 9600 per annum. They give me a sum assured amount of Rs. 3 lakhs.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Nov 12, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Its term 10 year period policy. I got the Jeevan Anand policy from LIC. After policy holder's death, they will provide Rs. 1 lakh to their family. 15 years after, we can get the sum assured amount with some rate of interest. This is the best policy in Life Insurance Corporation of India.
    Was this review helpful? 0
    , bangalore
    Reviewed on Nov 06, 2019
  • LIC Life Insurance
    "Best service"
    0.5 4.5/5 "Excellent!"
    I have taken Life Insurance policy directly through LIC agent.This policy tenure is for 20 years. I am paying the premium on half yearly basic around Rs.14,000 and this is a Jeevan Anand policy. The amount is Rs.5,00,000, after the maturity i get double the amount in a single shot. I pay the premium online and receive the notifications on time.
    Was this review helpful? 0
    , guntur
    Reviewed on Nov 03, 2019
  • LIC Life Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy directly through LIC agent.This policy tenure is for 21years. I am paying the premium on monthly basis and this is a Jeevan Anand policy .I have got the policy documents on time .The agent gave all the details about the policy very clearly. This policy is still active and the service was satisfied .
    Was this review helpful? 0
    , nagpur
    Reviewed on Nov 02, 2019
  • LIC Life Insurance
    "Safe and secure policy"
    0.5 3.0/5 "Satisfactory"
    For the income tax savings purpose, i have purchased the life insurance policy. Its because of the Government company, i have chosen LIC. I chose the Jeevan Anand policy. I pay the premium amount of Rs. 32000 annually. They have provided me a sum assured amount of Rs. 3 lakhs and this is a 20 years term period policy.
    Was this review helpful? 0
    , mumbai
    Reviewed on Oct 29, 2019
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    From LIC I have taken a life insurance on 15 years before. The policy is for 20 years. I am paying premium on quarterly package the amount which is nominal. While getting a policy, my agent has given an information about the policy. Jeevan Anand policy covers up to myself.
    Was this review helpful? 0
    , bangalore
    Reviewed on Oct 29, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was directly taken through LIC agent.This was a Jeevan Anand policy and the tenure is for 16 years ,I have to pay the premium once in 6 months .I am paying the premium through online and got all the relevant details about the policy through the agent .I am satisfied with the service .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Oct 18, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken direclty through LIC agent.This was a Jeevan Anand policy which is a Maturity benefit policy for the tenure of 20 years .The premium is paid on quarterly basis and there was no difficulties faced so far when availed this policy.I will be paying the premium through the agent.
    Was this review helpful? 0
    , mumbai
    Reviewed on Oct 16, 2019
  • LIC Life Insurance
    "Believable policy"
    0.5 4.0/5 "Great!"
    I bought the life insurance policy from LIC because we all believe in LIC and its undertaken by the Government. I bought the jeevan Anand policy. I am paying the premium amount of Rs. 1599 for every quarter. They are providing the sum assured amount of Rs. 2 lakhs. The policy term is 20 years.
    Was this review helpful? 0
    , bikaner
    Reviewed on Oct 13, 2019
  • LIC Life Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance with LIC and it was purchased before 3 to 4 years. The policy called JEEVAN ANAND with the tenure of 21years. I am paying 1547rupees annually through cheque to the LIC agent. I am happy with the benefits. It was taken for savings.
    Was this review helpful? 1
    , jalgaon
    Reviewed on Oct 11, 2019
  • LIC Life Insurance
    "Policy is best"
    0.5 4.0/5 "Great!"
    I have bought the life insurance policy by last year and the plan name is Jeevan Anand. I get the maturity benefit and life cover. Once the policy got matured, life cover will continue till the life ends. I have been paying the premium amount of Rs. 13000 in a year. I'm satisfied with the sum assured amount of Rs. 1.30 lakhs.
    Was this review helpful? 0
    , nalbari
    Reviewed on Oct 06, 2019
  • LIC Life Insurance
    "Excellent policy"
    0.5 5.0/5 "Blown Away!"
    LIC is a very renovate company in India so i have this company compared to all others. There are lots of policy associated with this company. Its a very old company as well and huge claim settlement and they do the settlement in a proper way. I have chosen the Jeevan anand policy because its a endowment and whole cover life policy.
    Was this review helpful? 0
    , jamshedpur
    Reviewed on Oct 05, 2019
  • LIC Life Insurance
    "Good policy for family"
    0.5 3.0/5 "Satisfactory"
    Bought the Jeevan Anand policy from the year of 2008. Agent explained me about the policy details and this is suitable policy for every person. I pay the premium amount of Rs. 15000 and i have chosen the annual payment mode. Agent used to collect the money and provide the receipt by the next day.
    Was this review helpful? 0
    , chennai
    Reviewed on Sep 22, 2019
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