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LIC Jeevan Anand Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

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

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LIC Jeevan Anand Reviews

Page 1 of 50 1 2 3 4 5
  • LIC Life Insurance
    "Very Good Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this Jeevan Anand insurance policy almost seven years back and i am paying the premium half yearly. The premium amount was around 8944 which was not too high. The payment method has been simple and has been done easily. It is a good policy and suggestible to others.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 20, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I had taken this LIC Jeevan anand insurance policy a long time back and i had been paying the premium half yearly. I had been paying the premium online and the payment method has been convenient. It has been a good policy and it is suggestible to others.
    Was this review helpful? 1
    , navi mumbai
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    5 years back, i have purchased the life insurance policy with Life insurance corporation of India. The plan name is jeevan anand and its a good policy to take. I forgot to make the payment on time hence the policy got lapsed. The service of LIC is good. They have sent a regular notification regarding the premium payment.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 18, 2019
  • LIC Life Insurance
    "Must Have"
    0.5 5.0/5 "Blown Away!"
    Its is feasible and I can get the loan based on the policy coverage. I took the Jeevan anand policy probably I make the premium around Rs. 15,000 per year it has term of 20 years, Almost I paid it for 15 years , remaining 5 years to go. LIC Is good for tax benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with Life Insurance corporation of India,i took jeevan anand policy , and the agent is my brother , he had explained me clearly and advise me which insurance is good for me and i pay premium on half yearly basis and monthly basis as i have two policy, i use to pay through off line mode.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 17, 2019
  • LIC Life Insurance
    "Good for tax benefits with safe investment"
    0.5 4.0/5 "Great!"
    I have one LIC Policy for Rs. 60,000 in an annual basis I make the premium, its good for the tax benefits. The policy which I took is jeevan anand has the policy term of 20 years. However it has the locking period of three years. I can view the statement through online.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good policy"
    0.5 5.0/5 "Blown Away!"
    I have a life insurance policy with LIC and it was taken almost now 10 years through an agent. The tenure period is 21 years and its a JEEVAN ANAND. The benefits are quite good. I never contacted the customer service, I go through with an agent. I make the premium through online every quarter.
    Was this review helpful? 0
    , thiruvananthapuram
    Reviewed on Jan 14, 2019
  • LIC Life Insurance
    "Good for me and for my nominees"
    0.5 4.0/5 "Great!"
    I have purchased Jeevan anand policy with LIC, my policy has the tenure period of 20 years. As per my policy I need to pay the premium for 15 years, I make Rs. 30,000 per annuam. At last I get the premium cover upto Rs. 20 lakhs and one other good benefits even after the policy expiry there is a maturity benefits of 14 lakhs will provide to the nominees for certain demise its good. But I suggest they need more improvement on the customer support,
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 11, 2019
  • LIC Life Insurance
    "Good Investment"
    0.5 5.0/5 "Blown Away!"
    Agents are professional in LIC, and they have flexi in the payment options. I have Jeevan anand policy it has the term period of 15 years, I need to pay the premium for whole year after 24 years I get the return value also they provide life coverage.
    Was this review helpful? 0
    , dandeli
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Good Policy to take"
    0.5 4.0/5 "Great!"
    LIC is providing lots of tax benefits policy hence i have chosen the policy with them. I have taken the Jeevan Anand policy. I used to make the premium amount through online. I'm very much satisfied with the sum assured amount. Total tenure period of the policy is 15 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 10, 2019
  • LIC Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with Life insurance corporation of India, i have taken Jeevan anand policy like from my childhood my dad had taken this insurance, i have paying premium on half yearly , it is nominal for me ,and the policy coverage is up to 1,00,000, i use to pay through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 08, 2019
  • LIC Life Insurance
    "Good Tax Benefits"
    0.5 4.0/5 "Great!"
    LIC service is good, its a reputed bank in the market, the agent are profession they helped to take the policy. The payment option is good through online, I used to get the receipt on the mail. The plan has the tenure of 15 years, I have Jeevan anand policy, they give coverage even after policy gets expired.
    Was this review helpful? 0
    , nagpur
    Reviewed on Jan 08, 2019
  • LIC Life Insurance
    "Its Better"
    0.5 5.0/5 "Blown Away!"
    I have Jeevan anand policy from LIC, they are providing good service to the customer. My policy has the tenure of 30 years, I need to pay the premium upto 25 years but the coverage value is nice for whole year. They are providing tax benefits for the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 07, 2019
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My life was insured with LIC. I have bought the Jeevan Anand policy. In 2011, i have taken this policy. I am paying the premium amount of Rs. 750 and i have selected the monthly payment mode. I have got the sum assured amount of Rs. 2 lakhs. Total tenure period of the policy till 2037.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 03, 2019
  • LIC Life Insurance
    "Good policy to use"
    0.5 5.0/5 "Blown Away!"
    I have purchased my life insurance policy with LIC in 2015. I make the payment through agent. I am making the premium on yearly basis. Surely i will recommend the Jeevan Anand policy. Because of the brand value of LIC, i have bought this policy.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 29, 2018
  • LIC Life Insurance
    "LIC is good for life"
    0.5 5.0/5 "Blown Away!"
    Bought my Jeevan Anand policy from LIC in the year of 2016. The agent has recommended me about this policy. I have been paying the premium amount of Rs. 13600 for half yearly. Through online i make the payment. They have offered me a sum assured amount of Rs. 5 lakhs. Total tenure period of the policy is 15 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 26, 2018
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    The name of the policy is JEEVAN ANAND also the JEEVAN SHRUTHI policy with the LIFE INSURANCE CORPORATION OF INDIA. The maturity period is for long term. I am using it from past 7 years where the maturity period is for 25 years also the 30 for one policy. The coverage is for self also it has the life coverage, accidental benefits.
    Was this review helpful? 2
    , new delhi
    Reviewed on Dec 26, 2018
  • LIC Life Insurance
    "Good policies"
    0.5 5.0/5 "Blown Away!"
    Since its tax benefit is available in this, i have purchased this Jeevan anand policy from Life Insurance Corporation of India. I make the payment in their branch and the branch response was good and staff were co-operative and upto the mark.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 24, 2018
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am holding the JEEVAN ANAND policy with the LIFE INSURANCE CORPORATION OF INDIA. I am holding it from past 10 years as the maturity period of this policy is for 20 years for this policy. It has the policy coverage of life coverage after the maturity period.
    Was this review helpful? 3
    , hyderabad
    Reviewed on Dec 21, 2018
  • LIC Life Insurance
    "Good for Tax saving"
    0.5 5.0/5 "Blown Away!"
    For the tax benefits I have started this LIC, I have jeevan anand policy, they provide life coverage after the maturity benefits I pay the premium of Rs. 25k per annum for the tenure of 20 years, agent is very proactive. The payment options are good and there is financial security against unforeseen events.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 21, 2018
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