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!"
    LIC has offered a Jeevan Anand policy and i have taken for 5 year before. I am paying premium of Rs. 15,000 on quarterly basis which is sufficient. While getting a policy the agent has given me a clear policy details and their service was good and it has a good policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 20, 2020
  • LIC
    LIC Life Insurance
    "Better"
    0.5 5.0/5 "Blown Away!"
    I got a life insurance with LIC which is Jeevan Anand and the tenure is 21 years. I have purchased this policy 3 years back. I make the premium on yearly which is around 15K. There is no reminder call for due date. The payment mode is online and easy.
    Was this review helpful? 0
    , kanpur
    Reviewed on Mar 15, 2020
  • LIC Life Insurance
    "Good "
    0.5 5.0/5 "Blown Away!"
    LIC has offered a Jeevan Anand policy and i have taken for 1 year before. I am paying premium of Rs. 5,000 on monthly basis which is sufficient. While getting a policy the agent has given me a clear policy details and their service was good and it has a good policy coverage.
    Was this review helpful? 1
    , haldwani
    Reviewed on Mar 15, 2020
  • LIC Life Insurance
    "Good policy "
    0.5 4.0/5 "Great!"
    Taken my life insurance policy since 9 months ago which i have chosen for tax benefits. I have taken Jeevan Anand policy. I have been paying the premium amount of Rs. 18,000 on quarterly basis. I'm getting a sum assured amount after 25 years but the term is 16 years.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Mar 13, 2020
  • LIC Life Insurance
    "Average policy"
    0.5 5.0/5 "Blown Away!"
    Taken my life insurance policy by last year and i have chosen LIC because of tax benefits. I have taken Jeevan Anand policy because it was advised by someone. I have been paying the premium amount of Rs. 23000 per annum. I'm getting a sum assured amount of Rs. 5 lakhs. If they increase the returns, it will be good.
    Was this review helpful? 0
    , pune
    Reviewed on Mar 12, 2020
  • LIC Life Insurance
    "Great policy"
    0.5 5.0/5 "Blown Away!"
    Took my life insurance policy from LIC because its a trusted insurance company and i have bought the Jeevan Anand policy because the benefits is good because they have a two benefits one is maturity and other is death cover. I have chosen the payment of mode of quarterly basis. They are covering the tax benefits also.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 12, 2020
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Chosen my life insurance policy from LIC for the saving money purpose. LIC policies are covering tax benefits also so i have selected the Jeevan anand. I am paying the premium amount of Rs. 24000 per year. I get a lumpsum amount at the time of policy maturity and its cover for life cover also.
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Mar 11, 2020
  • LIC Life Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My life insurance policy was taken 1 year ago and i have bought a Jeevan Anand policy because of the agent recommendation. I have been paying the premium amount of Rs. 1047 every month and i need to pay the premium for 25 years. My premium amount is getting deduced directly from my account.
    Was this review helpful? 0
    , kolkata
    Reviewed on Mar 10, 2020
  • LIC Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Chosen my life insurance policy with LIC because my friend referred to me hence i bought the policy 4 years ago. Its a Jeevan Anand policy. I am paying the premium amount of Rs. 1000 on a monthly basis. Total maturity amount of the policy is Rs. 16 lakhs. I need to pay the premium for 25 years. Am paying the premium through ECS mode. This is a tax benefitable policy.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 08, 2020
  • LIC Life Insurance
    "Excellent policy"
    0.5 4.0/5 "Great!"
    Chosen my Jeevan anand policy from LIC for the life safety purpose. This is a tax benefits policy. I got the policy 7 years ago. I have no idea about the sum assured amount but agent explained me about the policy benefits. Total term period of the policy is 15 years. I pay the premium amount of Rs. 13000 per annum.
    Was this review helpful? 0
    , jammu
    Reviewed on Mar 05, 2020
  • LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    LIC has offered a Jeevan Anand policy on 2 years before. I need to close this policy by 10 years. I am paying premium on monthly package the amount of 5K which is sufficient. While getting a policy the agent has given an information about the policy details and provided hard copy documents on time. It covers up to myself.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 04, 2020
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have taken jeevan anand policy which is a money back policy taken through Lic agent .This is for the tenure of 22 years and the premium is paid through yearly basis .I am paying the premium amount of Rs.13000 and paying through lic office .The agent shared all the details about the policy very clearly .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 03, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 4.0/5 "Great!"
    I have taken a Life Insurance policy from LIC which is a Jeevan Anand and the term is 20 years, after these many year will be getting some returns.I have started this policy 3 years ago and this insurance policy covers all type of natural calamities.
    Was this review helpful? 0
    , chennai
    Reviewed on Mar 02, 2020
  • LIC Life Insurance
    "Not Satisfied"
    0.5 2.5/5 "Just OK"
    I have taken life insurance policy directly through LIC agent and its called Jeevan anand for the tenure of 20 years and paid the premium on half yearly basis. I just paid for 4 to 5 years and stopped paying the premium since the agent wasted my money of Rs.30,000 due to this reason and not paid the amount furhter.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Mar 02, 2020
  • LIC Life Insurance
    "Good for insurance but not for investment"
    0.5 4.0/5 "Great!"
    I chosen my life insurance from LIC its because of the persuasion of LIC agent. I have selected Jeevan Anand policy because it is milestone based returns in future. I have been paying a premium amount of Rs. 50,000 per annum. They are giving me a sum assured amount of Rs. 8L. Total term period of the policy is between 10 to 15 years.
    Was this review helpful? 1
    , vadodara
    Reviewed on Mar 01, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a Life Insurance policy from LIC and the policy is Jeevan Anand term is for 30 years, after 30 years i am getting some returns.This policy is going to be completed and not get matured. I am getting as a pension as every month Rs. 28000. LIC is the back bone of Indian economy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 21, 2020
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken my life insurance from LIC because its a guaranteed policy since its Government based company. Whatever the commitment they are making to the customer, they are keeping the same. They have their own standard as well. Jeevan Anand is a good plan after the policyholder's death the nominees will get the money other than this there are several benefits are available.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 21, 2020
  • LIC Life Insurance
    "One of the best policy"
    0.5 5.0/5 "Blown Away!"
    Its because of the agent recommendation, i have selected the life insurance policy from LIC. Its a Jeevan Anand policy. I have selected the duration of 9 years and even my wife has recommended this policy. Monthly i am paying the premium amount of Rs. 8000. I'm satisfied with the sum assured amount.
    Was this review helpful? 0
    , guwahati
    Reviewed on Feb 19, 2020
  • LIC Life Insurance
    "LIC is not good"
    0.5 4.0/5 "Great!"
    Chosen my life insurance from LIC. One of my colleague suggested me to take the Jeevan Anand policy. I have been paying the premium amount of Rs. 45000 yearly. They are giving me a sum assured amount of Rs. 20 lakhs. Total term period of the policy 21 years in that i need to pay the premium only upto 15 years.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 14, 2020
  • LIC Life Insurance
    "Best policy"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance policy from LIC and it is a Jeevan anand plan. This policy is going to be matured. I have been paying this policy from 6 years and it is deducted from my salary every month without any difficulty. The policy and service was good.
    Was this review helpful? 0
    , chennai
    Reviewed on Feb 02, 2020
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