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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 4.5 / 5.0   by 1685 users
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LIC Jeevan Anand Reviews

Page 1 of 50 1 2 3 4 5
  • LIC Life Insurance
    "Good Life insurance policy"
    0.5 4.0/5 "Great!"
    No particular reason for choosing the policy of Jeevan Anand. Since my Dad's friend who is working as a LIC agent, hence i have bought the policy from LIC. I'm paying the premium amount of Rs. 32000 which is a annual payment mode. I'm not aware of the sum assured amount.
    Was this review helpful? 0
    , greater noida
    Reviewed on Jul 15, 2019
  • LIC
    LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Life Insurance policy directly through LIC agent .This policy tenure is for 20 years and this policy name was Jeevan Anand .I am paying the premium on monthly basis and the premium was nominal .I have got all the required details about the policy through the agent .This policy was still active as well .
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 15, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    The name of the policy is JEEVAN ANAND plan i am using from last 4 years with LIFE INSURANCE CORPORATION OF INDIA, it gives the coverage for self. The maturity period is for 20 years with the policy, the premium paying was on time, overall experience is good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 13, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the life insurance policy of JEEVAN ANAND plan and using from last 9 years, where the premium paying for 6 months also the maturity period of the policy is for 20 years. The executive explained the details of the policy which is good.
    Was this review helpful? 0
    , thane
    Reviewed on Jul 13, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Recently i came to know that the Jeevan Policy benefits which i have received based on the share market growth. I got my Jeevan Anand policy in the year of 2006. I have taken it 22 years term period. The agent from LIC is well know to use hence he has given me a suggestion to take the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 13, 2019
  • LIC Life Insurance
    " Benefits can be increased"
    0.5 2.0/5 "Expected more"
    LIC is not prompt in terms of loan term investment, I won't recommend this company. I took Jeevan anand policy, I used to pay Rs. 84,000 per annum it has the duration of 16 years then I will get less benefits only from their end, instead of this plan we can go head for the mutual fund.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 12, 2019
  • LIC Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with Life Insurance corporation of India,i took this insurance long bank , and the agent had suggested me to take jeevan anand policy , he had explained me clearly and advise me which insurance is good for me and i pay premium on quarterly basis, i use to pay through off line mode.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 11, 2019
  • LIC Life Insurance
    "Safe and secure investment"
    0.5 4.0/5 "Great!"
    I do have LIC policy, the agents are professional interms of resolving the queries. I am holding Jeevan anand, I used to pay the premium of Rs.2999 it has the duration of 10 years, then I get sum assured and life covers gets continue. The tax cover is also there under 80c.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 11, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I am using the JEEVAN ANAND policy since from last few years with LIC. The maturity period of this policy for 20 years and premium paying 6 months once. The policy coverage is for self. The executive explained the details of the insurance policy.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jul 09, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 3.0/5 "Satisfactory"
    I have taken Life insurance directly through LIC agent.The name of the policy was Jeevan Anand and the policy tenure was for 15 years .I am paying the premium through Monthly basis and the premium is paid on ECS ,The agent gave all the information about the policy ,I have not faced any drawbacks so far .
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 08, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My brother is working as a LIC agent and the company is a best one hence i have taken the Jeevan Anand policy from Life Insurance Corporation of India. Per year, I'm paying the premium amount of Rs. 7600. The term i have chosen was 18 years. I make the premium through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 06, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Chosen my life insurance from Life insurance Corporation of India because its a Government approved company and very old traditional company. I took the Jeevan anand policy because agent has recommended me. I pay the premium amount of Rs. 13000 every year and the total term period is 21 years. I get the sum assured amount of Rs. 5 lakhs.
    Was this review helpful? 0
    , rewari
    Reviewed on Jul 05, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    The reason for purchasing is because of trust. The name of the policy is JEEVAN ANAND, the maturity period is for 20 years. The coverage is for family. The premium paying for 16000 rupees for 6 months once split paying. The executive explained the details of the policy and very helpful to do the payment. I got the hard copy too at the beginning.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 04, 2019
  • LIC Life Insurance
    "Best"
    0.5 4.0/5 "Great!"
    I have taken a Jeevan Anand policy by last January with LIC because my friend is working and also its a Government sector. Their customer service is good. The policy tenure is 15 years and have to pay premium of 1850 rupees on a monthly basis. The payment mode is ECS. I am happy with the benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 02, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    The reason for getting the policy with LIFE INSURANCE CORPORATION OF INDIA because of it is a trusted one. I have purchased JEEVAN ANAND plan where the benefit of the plan is after the insurer the sum assured goes to the nominee. The maturity is of long term of 21 years.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 30, 2019
  • LIC Life Insurance
    "Jeevan Anand is the best policy in LIC"
    0.5 4.0/5 "Great!"
    Jeevan Anand is the old policy which covers for 100 years. Its cover for life time. I pay the premium amount of Rs. 25000 every year. I have selected the annual payment. Their branch response is fine. The agent explained me about the Jeevan Anand policy. This is more selling product in LIC.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 29, 2019
  • LIC Life Insurance
    "Good Life cover plan"
    0.5 5.0/5 "Blown Away!"
    LIC agents are proactive interms of handling customer queries, I have policy called Jeevan Anand, I used to pay Rs. 5650 per year it has the term of 21 years. After maturity also the life cover get continue upto till death, my sum assured value is Rs. 1 lakh.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jun 28, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    The policy coverage is 5L for Jeevan Anand which I took in 2005 from LIC. Am doing online premium yearly 12,500rupees. Agent used to call me for the payments. I took this plan for future savings. The tenure is 20years, the maturity is less but risk coverage is high. I have not contacted the customer service. The benefits are average.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 26, 2019
  • LIC Life Insurance
    "Anonymous"
    0.5 4.5/5 "Excellent!"
    I have a life insurance policy with LIC and it was purchased in 2009 for savings benefits. The customer service is not contacted. It is a long term with the tenure of 20years. Am paying online premium for Jeevan Anand. Its 4k per quarter and the benefits are okay.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 26, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    The life insurance policy of JEEVAN ANAND plan has been purchased with LIFE INSURANCE CORPORATION OF INDIA and it has the maturity period of 21 years also the premium paying for yearly once added on that the policy has the good sum assured amount.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jun 26, 2019
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