LIC Insurance Plan: Life Insurance Corporation (LIC)'s New Jeevan Anand plan comes with a dual benefit of protection and savings. The plan pays the surviving policyholder a lumpsum amount at the end of its term, or pays the nominee in case of death of the policyholder, according to LIVE's website - www.licindia.in. LIC is the country's largest life insurance company with provides a range of products, including life insurance plans, pension plans, unit plans, endowment plans and money-back plans.(Also Read: All You Need To Know LIC Jeevan Shanti Pension Plan)
Here are some key features of LIC's New Jeevan Anand plan:
Age Requirement
The minimum age for buying the LIC New Jeevan Anand policy is 18 years, and the maximum age is 50 years, according to the LIC website.
Term
The policy comes with a minimum term of 15 years, and a maximum of 35 years.
Sum Assured
Any individual can buy LIC New Jeevan Anand policy for a minimum basic sum assured of Rs 1 lakh. There is no maximum limit for the sum assured. (Also Read: LIC Jeevan Lakshya Plan: Premium, Maturity Benefits, Other Details Here)
Benefits
The policyholder gets basic sum assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, at the end of the term.
"The policy shall participate in profits of the Corporation and shall be entitled to receive simple reversionary bonuses declared as per the experience of the Corporation during policy term, provided the policy is in full force," LIC added. (Also Read: LIC Jeevan Labh Policy: Premium, Eligibility, Sum Assured, Other Benefits Here)
The LIC New Jeevan Anand plan also takes care of liquidity needs through its loan facility.
Here are sample premium rates per Rs 1,000 payable for LIC New Jeevan Anand Plan:
| Policy Term (in years) | ||||
|---|---|---|---|---|
| Age (in years) | 15 | 25 | 35 | |
| 20 | 79.05 | 44.30 | 29.95 | |
| 30 | 82.45 | 46.75 | 32.30 | |
| 40 | 88.20 | 51.40 | 37.10 | |
| 50 | 97.70 | 59.65 | ||
| (Source: licindia.in) | ||||
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals for LIC New Jeevan Anand policy over the Policy Term, LIC noted. (Also Read: LIC Jeevan Pragati Policy: Sum Assured, Premium, Other Details Here)
Premiums paid towards the LIC New Jeevan Anand Policy qualify for exemption under the Income Tax Act.
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