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Insurance Plans India 10091 views February 10, 2020
The Life Insurance Corporation of India (LIC) is one of the largest life insurance providers in the country. The company has been providing several life insurance products that act as a savings plan, investment tools, and protection plans as well. The various insurance products provided by LIC have the main objective of meeting the insurance needs of every section of Indian society.
One such life insurance product offered by the LIC of India is the LIC Jeevan Anand policy.
Some of the major features and benefits of the LIC Jeevan Anand plan can be summarized below:
Table of Contents
On 31st Jan 2020, LIC of India had closed the old Jeevan Anand policy and then re-launched the policy on 1st February 2020 with new rules. There have been some changes in the rules associated with the plan which is mentioned below.
There has been a change in the Table number from which this policy was being sold. Earlier, it was being sold from Table Number 815 and currently, it is being sold from Table Number 915.
Earlier, loans would be granted to the policyholder only after the purchase of the policy for 3 years. However, with the changing rules loan facility can be available for the policyholders only after 2 years from the purchase date of the policy.
Moreover, the Jeevan Anand policy would acquire surrender value if the full premium payment has been done for at least 2 consecutive years which was 3 consecutive years earlier.
Before the change, the sum assured on death which was available was higher of 125% of the Basic Sum Assured or 10 times of the annualized premium. But after the change in rules, the sum assured on death which is available for the policyholders is higher of 125% of the Basic Sum Assured or 7 times of the annualized premium.
The revival period for the LIC Jeevan Anand policy has been changed to 5 years now which was 2 years earlier.
In addition to the major changes some other modifications like availability of Accident Benefit Rider along with other available riders, settlement option for Maturity benefit, option to obtain death benefit in installment, etc. have been also included into the LIC Jeevan Anand Plan which makes the Jeevan Anand policy a completely new plan.
Conclusion
Hence, this new Jeevan Anand policy is sure to be beneficial for the policyholders with new benefits and would cater to the insurance requirements of every section of Indian society.