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  • LIC Jeevan Anand Plan

     4.5 / 5.0   by 1546 users
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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

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    LIC Jeevan Anand Reviews

  • Page 1 of 50 1 2 3 4 5
    • LIC Life Insurance
      "Need improvement on customer service"
      0.5 3.0/5 "Satisfactory"
      I think their customer service should be improved, I have taken jeevan anand it has the total term of 15 years. I need to pay for whole premium. The life cover is available upto certain period. LIC very much provides tax benefit, its good for me.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 14, 2018
    • LIC Life Insurance
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I have purchased the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA where the name of the policy is JEEVAN ANAND policy where the premium i pay for six months once also the coverage it gives for the complete family and i am satisfied with this policy.
      Was this review helpful? 0
      , anantapur
      Reviewed on Nov 11, 2018
    • LIC Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      The name of the policy that i am holding from the LIFE INSURANCE CORPORATION OF INDIA is jeevan anand it gives the coverage for my spouse. I am using from last four years where the premium i pay for 3 months once. The maturity period is for18 years.
      Was this review helpful? 0
      , nellore
      Reviewed on Nov 03, 2018
    • LIC Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      LIC is good interms of Life Insurance policy. Am using the service for above 15years. The payment will be auto debited from the saving account. I have purchased 3 policies through agent. Maturity period is around 25 years each. Policy names are Jeevan Saral, Jeevan Anand and Money Back has reimbursement of every 4yrs .
      Was this review helpful? 0
      , madurai
      Reviewed on Nov 03, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have purchased the JEEVAN ANAND policy with the LIFE INSURANCE CORPORATION OF INDIA. The maturity period is till 2030. The premium i pay on a six months basis which is 7800k through the online. This policy gives the coverage for self. The customer service is good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 02, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I have taken jeevan anand policy from life insurance corporation of India . I pay half yearly the premium amount with tenure period . This policy covers benefits like accidental benefits and critical illness benefits too. Overall am satisfied with my policy.
      Was this review helpful? 0
      , vadodara
      Reviewed on Nov 02, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken life insurance jeevan anand policy from Life insurance corporation of India . This policy covers with accidental coverage and critical illness coverage . This is good policy with good benefits . Overall am satisfied with customer service and response .And making the payment half yearly through online net banking.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 01, 2018
    • LIC Life Insurance
      "Excellent service and Good plan"
      0.5 5.0/5 "Blown Away!"
      I have been holding the life insurance policy with LIC. I have taken the Jeevan Anand policy in the year of 2004. I pay the premium amount of Rs. 3000 per year. Total tenure period of the policy is 20 years. I will get a sum assured amount of Rs. 2 lakhs. This is a tax benefitable policy. My friends have recommended me about the LIC policy
      Was this review helpful? 0
      , dehradun
      Reviewed on Nov 01, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken Jeevan anand policy from the life insurance corporation of India . It has coverage of accidental and critical illness benefits . Am satisfied with the premium amount which am making yearly , I make the payment through online banking . I have chosen this policy based on the benefits and features . Overall am satisfied with this policy .
      Was this review helpful? 1
      , pune
      Reviewed on Nov 01, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I am having a LIC policy from last 7 years and it is a Jeevan anand policy. I make my premium once in a month through direct payment and i am convenient with the payment options. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 0
      , sangli
      Reviewed on Oct 31, 2018
    • LIC Life Insurance
      "Excellent Service"
      0.5 4.5/5 "Excellent!"
      I had taken this Jeevan Anand insurance policy almost six months back. The premium amount has been good and not too high and the payment method has been easy. Their payment method has been good and convenient and easy. I had not yet experienced with the customer support of them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 31, 2018
    • LIC Life Insurance
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      I am holding the life insurance since last 7 years. The name of the policy is JEEVAN ANAND where the coverage is for self and my son. The maturity period is for 13 years and the premium i pay 6 months once. The customer service is not reachable when i have tried for taking loan over policy.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 31, 2018
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have purchased the life insurance policy with LIFE INSURANCE CORPORATION OF INDIA because it is a trusted company. The name of the policy is JEEVAN ANAND where the premium i pay for 6 months once. The maturity period is for 20 years added on that the service is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 29, 2018
    • LIC Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have purchased the LIFE INSURANCE CORPORATION OF INDIA where i have taken the JEEVAN ANAND POLICY and the maturity period is long term policy. The premium i pay for 3 months once. This coverage is for self and spouse. The service is good with this.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Oct 27, 2018
    • LIC Life Insurance
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this Jeevan Anand life insurance policy a long time back. I had been paying the premium amount every month and the premium amount of 910 has been nominal. The premiums will be directly deducted from my salary account and their customer support had been helpful at times.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Oct 24, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken jeevan anand policy from life insurance corporation of India . I pay half yearly the premium amount with tenure period of 10 years . This policy covers benefits like accidental benefits and critical illness benefits too. Overall am satisfied with my policy.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 15, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have taken because of the tradition company. The name of the policy is JEEVAN ANAND and i am using from last 3 years. The premium i pay for annual fee is 19k. The coverage is for my complete family. It also includes the accidental benefits with the life coverage.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Oct 15, 2018
    • LIC Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken jeevan anand policy form Life insurance corporation of India . Am making the payment through their office every half yearly. I have chosen this policy based on the good returns after certain years . This policy has good tenure period with good coverage
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 10, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken Jeevan anand policy from the life insurance corporation of India . It has coverage of accidental and critical illness benefits . Am satisfied with the premium amount which am making yearly , I make the payment through online banking . I have chosen this policy based on the benefits and features . Overall am satisfied with this policy .
      Was this review helpful? 0
      , thane
      Reviewed on Oct 09, 2018
    • LIC Life Insurance
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have a Jeevan Anand life insurance policy with LIC. The tenure is for 15 years. The premium is paid on a yearly basis. After the maturity term I would get the benefits. The policy will still continue life long for the customer and that is the main benefit. The premium amount is normal.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 22, 2018
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