LIC Jeevan Anand

LIC’s Jeevan Anand: Plan No- 149.

Premium Ceasing Age : 75 Premium Ceasing Term : 0

Plan Highlights
Features
LIC’s Jeevan Anand  table no 149 is a With Profit assurance plan. The plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. Jeevan Anand Policy provides pre-decided Sum Assured and bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death.
Special Features
• Moderate Premiums
• High bonus
• High liquidity
• Savings oriented.
Jeevan Anand Plan Premiums are usually payable for the selected term of years or until death if it occurs during the term period. This policy not only makes provisions for the family of the life assured in the event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
Benefits :-
Survival Benefits:
Sum Assured along with all vested bonuses payable at the end of the premium paying term ( Endowment term).
Accident Benefit:
The Double Accident benefit is available during the premium paying term and thereafter up to age 70. The premium for this has been built into the tabular premium rates. Maximum accident cover available under this plan will be Rs. 5 lakh (this limit excludes accident benefit taken under other plans).
Premium Stoppage:
If payment of premiums ceases after at least three years’ premiums have been paid , a free paid-up policy for a reduced Sum Assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the policy.
Bonus:
If it is a With Profits Policy note that every year the LIC distributes its surplus among policyholder to with profits polices in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of policy liabilities.
Death Benefits:
Sum Assured along with vested bonuses are payable on death during the premium paying term and when policy ceases. An amount equal to the Sum Assured is payable if death occurs after the premium paying term.
Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with final additional bonus, if any. No Bonus is paid on death after the premium paying term.
Suitable for
Being an endowment assurance + whole life policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholders life or in any other way he may think most suitable at that time.

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LIC’s New Anmol Jeevan

LIC’s New Anmol Jeevan- 1  Table No. 164:

Premium Ceasing Age : 60 Premium Ceasing Term : 0
Plan Highlights
Features
LIC’s Anmol Jeevan is a unique plan of LIC’s term assurance policywith Table No 164, by far the cheapest policy to buy; cheaper than even a whole life policy to start with. This plan is allowed to standard and sub-standard lives (upto Class VI EMR). In case of female lives, this plan will be restricted to Category I and II lives only. Physically handicapped persons will not be eligible for this plan.
Special Features
Persons following hazardous occupations attracting an Occupation Extra of Rs.4/- or more per Rs.1000/-
Sum Assured will not be eligible for the plan. Cost of medical examination will be borne by the
Corporation.
• Standard age proof will have to be submitted along with the proposal form for term insurance plan.
• Proposals will be considered on the basis of Medical Reports and Special reports (if any).
• Cost of medical examination (including Special reports, if any) will be borne by the LIC as per rules.
• The basic Sum Assured under this plan will be the basis for medical examination and SUC.
Benefits
Survival Benefits:
This being a pure term assurance policy, no maturity proceeds are payable.
Death Benefits:
On the other hand, the risk of premature death is fully covered to the extent of the sum assured.

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Jeevan Rekha

LIC Jeevan Rekha Plan Table No 152:

Premium Ceasing Age : 100 Premium Ceasing Term : 0
Plan Highlights
Features
LIC’s Jeevan Rekha is a combination of the Whole Life Plan and the Money Back Plan. The plan offers high bonus, is highly liquid and is savings oriented. Also the premium under the plan is moderate.
This policy not only makes provisions for the family of the life assured in the event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
Special Features
A policy under this plan can be dated back within the same financial year. There will be no allowance for lean months. The rate of interest applicable will be as for Table 14.
Benefits
Accident Benefit:
Accident Benefit is available up to a maximum of Rs.10 lakh. This is inclusive of the maximum limit of Rs 10 lakh placed under other life insurance plans. Premiums for accident benefit are quoted separately for various ages at entry and premium paying terms.
Survival Benefits:
Ten percent of the basic Sum Assured will be payable to the life assured on survival after every five years from the date of commencement.
A policy under this plan will acquire paid-up value after at least 3 full years’ premiums have been paid. The policy will continue as single premium without profit whole life policy for the sum assured which will be arrived at by applying single premium equal to higher of the guaranteed surrender value and special surrender value as declared by the Corporation from time to time, based on the age nearer birthday at the date of lapse. Existing Bonus additions, if any, will remain attached to the paid-up policy, provided the policy has been in force for at least 5 years.
Death Benefits:
Sum Assured along with vested Bonuses are payable on death of the life assured whenever it occurs, irrespective of survival benefits paid already.
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