• LIC Jeevan Anand Plan

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    LIC 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:

    • 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

    LIC Jeevan Anand Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,the premium amount is 3800.i make direct payments at the branch.The policy coverage amount is one lakh, i feel its very less.The policy is for 15 years,I submitted documents via an agent.Plan name is Jeevan anand.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 16, 2018
    • LIC Life Insurance
      "Very good policy to use"
      0.5 4.0/5 "Great!"
      Got the jeevan anand life insurance policy around 10 years ago. The customer support is better with the LIC and what ever we need we can login to the website and we can fulfill our query. This policy has the tenure of 15years .I pay the premium of Rs,20,000 per year.
      Was this review helpful? 0
      , kolkata
      Reviewed on Feb 15, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 6-7 years and it is a long term policy. The tenure of this life insurance policy is 20 years. I pay my premium once in 3 months through cash and i am convenient with the payment options which they are giving. The name of the policy is Jeevan Anand and i am happy with the coverage and benefits of this policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 15, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken my life insurance policy with LIC. I am using this service for 10 years. It is a Jeevan Anand policy, the tenure period is 20 years. The customer service is very good. The policy coverage and benefits are best. I used to pay the premium of Rs.5000 monthly.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Feb 14, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken Life Insurance with LIC.The premium amount is 24,000 paid per annum through online.The policy is taken since 2009.The plan name is jeevan anand,money back policy.I do payments annually as well on a quarterly basis.The agent gives prompt response.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 13, 2018
    • LIC Life Insurance
      "Trusted policy "
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,i pay a premium amount of 36,000 including the family members.The plan name is jeevan anand,the policy is for 20 years.I get a sum assured of three lakhs for an individual.I have no claim experience with them.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 13, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken Life Insurance with LIC,i pay a premium amount of 3000 very months is debited from my salaried account.The plan name is Jeevan anand,jeevan akshai and money back policy.The total policy coverage amount is two lakhs,The total policy is taken till 2023.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 09, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy with LIC. It is a long term policy. The tenure period is 20 years and the policy name is Jeevan Anand. The customer service was good. I am happy with the policy coverage and the plan benefits. I am paying 30,000 rupees yearly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Feb 07, 2018
    • LIC Life Insurance
      "Better Jeevan anand policy "
      0.5 4.0/5 "Great!"
      I have got the jeevan anand life insurance policy from the LIC around 8years ago. This policy has the tenure of 21years. The customer support is good with the LIC and they send their executives in time to collect the premium amount before the time.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 06, 2018
    • LIC Life Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have got the Jeevan anand policy around a 12years ago. The customer support is good with the LIC. This policy has the tenure of 20years and I got good plan benefits and better policy coverage with this policy. I pay the premium of Rs,3200 every 6months once.
      Was this review helpful? 0
      , new delhi
      Reviewed on Feb 06, 2018
    • LIC Life Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I hold the Life Insurance policy from LIC and I got this Jeevan anand life insurance policy around 6 years ago. The customer support is good with the LIC. This policy has the tenure of 20years. I pay the premium of Rs,12600 in every 6 months once.
      Was this review helpful? 0
      , hosur
      Reviewed on Feb 06, 2018
    • LIC Life Insurance
      "Good Jeevan anand policy"
      0.5 3.0/5 "Satisfactory"
      I have got the life insurance policy with the LIC around 6 years ago. This policy has the tenure of 22years. I pay the premium amount of of Rs,449 every month to the Jeevan anand policy. The plan benefits and the policy coverage is average with the Jeevan anand policy.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Feb 01, 2018
    • LIC Life Insurance
      "Best policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 7 years and it is a long term policy. The tenure of this life insurance policy is 21 years and the name of the policy is Jeevan Anand. I pay my premium once in 6 months through cheque and i am convenient with the payment options which they are giving. I have a coverage of Rs 11 lakhs and i have filed IT returns for tax benefits.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 29, 2018
    • LIC Life Insurance
      "Good Policy to Go"
      0.5 5.0/5 "Blown Away!"
      I have Jeevan Anand policy, it has the term of 20 years. First ten years I should make the premium after ten years they will provide the benefits. After the tenure period I will get the sum assured value around Rs. 6 lakhs, I make the yearly premium around 12,000 they are providing life cover with tax benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 29, 2018
    • LIC Life Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have started using this Jeevan anand life insurance policy when the policy got introduced. The customer support of LIC is good and they will come to my place to collect the premium amount on time. This policy has the tenure till I turn to 70years. The plan benefits and the coverage is very good with the JEEVAN ANAND.
      Was this review helpful? 0
      , nalgonda
      Reviewed on Jan 28, 2018
    • LIC Life Insurance
      "Best policy to use"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with LIC from last 5-6 years and it is a long term policy. The tenure of this life insurance policy is 15 years. I pay my premium once in 3 months through net banking. The name of the policy is Jeevan Anand. I am happy with the coverage and i have filed IT returns for tax benefits.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 25, 2018
    • LIC Life Insurance
      "Average service"
      0.5 3.0/5 "Satisfactory"
      Got the JEEVAN ANAND life Insurance policy around 12years ago. This policy has the tenure of 20years. The plan benefits and the coverage is good with this policy. I pay the premium of Rs,2500 in every 6 months once. The customer support is good with the LIC.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 25, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken 2 policies with LIC. Jeevan Anand and Jeevan Jothi, both are long term policies. The tenure is 15 & 17 years. The monthly premium is 1700 & 1300 rupees, it was paid through ECS. The coverage and benefits are good. I am using it more than 2 years. The customer service was good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 24, 2018
    • LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy with LIC before 3 years. The Jeevan Anand policy was taken through an agent. The customer service was good. I am satisfied with the policy coverage and the plan benefits. It is a long term policy.
      Was this review helpful? 0
      , guntur
      Reviewed on Jan 20, 2018
    • LIC Life Insurance
      "Stable but sure"
      0.5 3.0/5 "Satisfactory"
      I have a life insurance with LIC for the past 10 years. It is a Government organization, the services are okay. I have taken Jeevan Anand policy and the tenure period is 15 years. I would say it is a best investment for the future. The payment was made through ECS. I believe, LIC have better investment choice.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 19, 2018
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