LIC Jeevan Anand Plan

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:

1. LIC Jeevan Anand is a participating non-linked life insurance policy and hence has no connection with the market fluctuations and conditions.
2. It offers a combined benefit of both protection and savings. The minimum age for entry into the policy is 18 years and the maximum age is 50 years whereas the age for maturity is 75 years.
3. Throughout the policyholder’s lifetime, this policy would help in providing financial protection against death and at the end of the policy tenure; a lump sum amount would be received by the policyholder. This lump sum paid at the end of the policy term will be a sum of the Sum Assured, vested simple reversionary bonus and the bonus as well.
4. LIC Jeevan Anand policy also provides the benefit of loan facilities for its policyholders thus, taking care of liquidity.
5. Policyholders investing Rs.80 in a day will get Rs. 50 lakhs as the lump sum payment and would also receive Rs. 27,000 as a pension.

Rule Changes for LIC Jeevan Anand Plan

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.

Change in Table Number

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.

Loan Facility

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.

Surrender Value Period

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.

Change in Sum Assured on Death

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.

Revival Period

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.