NEW LIC JEEVAN ANAND 915
The plan number of new LIC Jeevan Anand is 915. Earlier its name and plan number was Jeevan Anand plan 149, then plan number changed to 815 and now it is 915. Yes, this plan is an endowment plan. it provides risk cover to the customers and also contains saving components with a good yield of bonuses on deposited money.
This plan is a with-profit plan, It means this plan also participates in the profit of the company. This plan is not linked to the equity market.
This plan is an only plan which provides a Risk cover of 125% of the Sum assured and also provides Risk cover equals to the sum assured amount after the maturity of Policy up to 100 years of age of customers.
This is the USP of this policy.
Maturity benefit of LIC Jeevan Anand 915:
On completing the full policy term the policy is assumed as mature. then all the benefits of maturity are deposited in the account of customers. These benefits include the sum assured with a simple reversionary bonus and a final additional bonus is also added in the amount of maturity.
Lifetime risk cover also started after the maturity of the policy.
Participation in profit:
As mentioned above this plan is with a profit plan and it participates in the profit of the company. It means the above maturity benefits will be paid with additional profit amount, and the maturity of LIC Jeevan Anand 915 policy calculated at the time of purchase will be little more than that value shown by multiplying bonus rates in calculations.
The death benefit of LIC Jeevan Anand 915:
In the case of death of Life assured, a Death claim is payable to the nominee. where this claim amount contains 125% of a basic sum assured( amount of risk cover or value of insurance amount ) of the policy along with a simple reversionary bonus and final additional bonus. Death claim will be no less than 105% of all premiums paid.
7 times of the annualized premium.
In case of death claim whichever of the above condition the higher amount will be payable to the nominee.
If a claim arises after maturity of the policy then the basic sum assures amount will be paid.
The risk cover will start immediately on acceptance of the risk under policy
Who is eligible to buy LIC New Endowment Plan 914:
The minimum age of entry is 8 years of age completed
The maximum age of entry is 50 years of age Nearest birthday.
The maximum maturity age is 75 years of age Nearest birthday.
The minimum sum assured amount is Rs 100,000 and the maximum sum assured is no Limit.
Policy term available in LIC Jeevan Anand 915:
The minimum policy term available is of 15 years and the maximum term is available for 35 years.
Riders available in LIC Jeevan Anand 915:
1: Accidental death and disability benefit rider.
2: Accidental death benefit rider.
3: Term Assurance Rider.
4: Critical illness Rider.
5: Premium waiver benefit rider.
Modes of premium payment available in LIC Jeevan Anand 915:
Monthly mode (NACH)
Grace period available in LIC Jeevan Anand 915:
A grace period of 30 days for the payment of premium is available in modes of Yearly, half-yearly, and quarterly payments.
A grace period of 15 days is provided in monthly modes.
Revivals in LIC Jeevan Anand 915:
if a customer does not pay his premium even after a grace period then the policy is considered as a lapsed policy. it means there is no risk cover of that customer.
In such a case a customer can revive his policy anytime within a time period of 5 years. No policy can be revived after 5 years of lapsation.
if a customer paid for his policy at least for 2 years and now he is unable to pay the premiums then the policy will not be considered as null and void. it will be considered as paid-up policy.
it means the customer will get the deposited amount with a little growth at the maturity term of that policy. But, there will be no insurance cover for the paid-up policies.
Surrender in LIC Jeevan Anand 915:
The policy can be surrendered anytime after paying a premium for 2 years complete. The surrender value is reviewed by IRDA from time to time and updated by The Life Insurance Corporation of India.
The surrender value is always less than the premium paid by the customers. So, it is always a bad decision to surrender a policy.
Loan available in LIC Jeevan Anand 915:
The customer can get a loan against his policy after the policy attains the paid-up value after 2 years. The loan amount will depend upon the surrender value of that policy, the loan value will be the 80% of the surrender value calculated.
Freelook period in LIC Jeevan Anand 915:
A free look period of 15 days is available. This period is also called a cool off period and It is started from the day when the policy document is issued to the customer. If a customer is not agreed or not satisfied with the terms and conditions of the policy then he can cancel his policy and take the premiums back but within 15 days. the stamp charges and Taxes will not be returned.
The customer can claim for tax Redemption on the premium paid every year for this policy under the section of 80C of the Income Tax Department
The maturity amount is also exempted from income tax under section 10D
Conclusion and illustration:
For example, If a person buys any policy of sum insured 500,000 then he has to pay a complete 500000 or more than it, in the whole policy term.
But in this plan customer pays a very little more than the sum assured and get the bonuses on the complete sum assured. That a small more amount is for the Lifetime risk cover.
Here we will do three calculations with all the options on 5 lakh sum assured and keeping in the mind the age of customer’s 35 years
Calculation one with a policy term of 16 years of premium payment term
Here the customer will pay a total 6,23,000 in 16 years and will get 8,72,500 on the 16th year + 500,000 Lifetime Insurance
Calculation second with a policy term of 21 years premium payment term
here the customer will pay a total 6,04,200 in 21 years and will get 10,64,500 On the 21st year + 500,000 Lifetime Insurance
Calculation third with a policy term of 25 years premium payment term
here the customer will pay a total 5,91,000 In 25 years and will get 13,37,500 on the 25th year + 500,000 Lifetime Insurance
These above calculations and lifetime risk cover after maturity are the main USP of this plan. this is the feature that made this plan the first preference of the people who want to take care of policy after them. This the thing called ” ZINDADI K SATH BHI AUR ZINDAGI K BAAD BHI”.
Hope you all get the basic ides of the plan and about its merit and demerits. This article will make it easy to make decisions about the purchase of this plan of LIC Jeevan Anand 915.