LIC’s New Jeevan Anand Policy- Reviews and Details

The LIC New Jeevan Anand 815 is a conventional financial plan. It was launched on 9th October 2013. The framework includes lifetime endowment security for an individual. It also provides an insurance cover till the policyholder’s passing. The plan includes substantial advantages such as a payout, entire life encompasses, riders, adjustable functionalities, profitability, and tax incentives, among others.

Working of LIC New Jeevan Anand Policy 

The policy owner has the right to select the term plan  and the assured amount can be chosen at the time of purchasing the term plan. However, premium payment will need to pay throughout the tenure. In any circumstances, if an applicant passes away, the LIC New Jeevan Anand 815 has launched a new plan in which beneficiaries will get the perks. Like, the Assured amount on individual death will be 10 times higher than the yearly premium.

Formula Used: An assured amount on Death + Vested Premium till the date of death + Final Additional Bonus.

For better understanding let’s learn with an example. 

LIC New Jeevan Anand Policy: Key Features 

Some of the key features are mentioned below for LIC New Jeevan Anand Policy. 

• The scheme is a participation insurance policy that offers a bonus as a payback
• Since the charge for the insurance must be repaid over the period and the premiums payment schedule must match the selected policy period
• The amount of insurance, bonus and supplementary bonus are maturity perks. When the maturity payments are made, fatality coverage is still in effect for the duration of the policy.
• The beneficiary will receive the money guaranteed upon the insured’s death
• A policy rider offers extra insurance on user disability and death
• The policy provides a 15-day unlimited time frame from the reception date to make any modification in the application form
• The term plan provides a 15-day time limit and a 30-day free trial on all other subscription modes of payment before signing the agreement
• After three years of ongoing monthly premiums, the proposal can be agreed to surrender for funds. If the plan has reached the specified amount, a loan can be obtained
• Expiring policies can be reinstated in only 2 years of the initial non-payment premium

Documents Required for Buying the LIC New Jeevan Anand 815 Policy

The documents required need to deposit for purchasing the LIC New Jeevan Anand Policy are:

• Fill out the  Application form and Submit it
• Proof of Address 
• Proof of Age/Identity (PAN Card Number, Adhar Card, Income Tax Information)
• History of Medical

LIC New Jeevan Anand 815 Policy: Eligibility Criteria 

The table depicts the eligibility criteria for LIC New Jeevan Anand policy with profits. 

Benefits of LIC New Jeevan Anand 815 Plan

LIC New Jeevan Anand policy offers various benefits so that an individual has a secured future. Let’s discuss a few perks in detail: 

• Fate: If the policyholder dies in between the term of the policy, the total amount guaranteed on passing, and the bonus payout is compensated to the beneficiary as life insurance. Only the agreement amount to be  assured is paid upon the policyholder’s death and funds will be transferred just after the completion of the policy time period.
• Maturity: The LIC New Jeevan Anand policy combined with the Maturity advantage, which is will be paid after the completion of the tenure. Moreover, once  all insurance EMI’s have been completely paid then maturity would consist of the total amount assured plus the possessory reward and finished providing better if any.
• Plan’s Operational Adaptable: This operation plan enables customers to pay premium costs annual basis, semiannual, semiannually, or yearly.

Eligibility Conditions for Accidental Death and Disability Benefit Rider

The below table represents the LIC New Jeevan Anand plan eligibility conditions for accidental death and disability. 

How Can We Use LIC New Jeevan Anand Premium Calculator?

LIC New Jeevan Anand Premium Calculator is used for calculating the bonus. It is simple to use it by following these steps:

Step 1: Turn on  the calculator.

Step 2: Enter the amount to be assured as per the term plan.

Step 3: Fill out the age of the nominee. 

Step 4: Once all the credentials are filled, click on the calculate. The display screen will immediately show the output. 

LIC New Jeevan Anand Maturity and Settlement and Surrender Value

The amount to be paid can be examined by using LIC New Jeevan Anand Premium Calculator: 

Maturity 

In the circumstances, if the policy owner survives until the plan term tenure, the survival/maturity merits will be given to the individual on the completion date of the maturity. Some of the cases are mentioned below for your reference:

• Death in between the term plan: The death benefits can be calculated using LIC New Jeevan Anand Premium Calculator and the formula is used: 

X= An assured amount on the Death + Endowment Premium till the date of death + Extra 

       Bonus amount(if any)

• Death after the term plan: The death advantages will be given based on the amount to be paid. If the bonus amount is higher on the death: 
  • 125% on the lump sum of the assured amount
  • 10%  on the yearly coverage
  • 105% of all premiums paid 

Surrender

During the insurance policy, the plan can be relinquished at any moment. The amount payable for surrender is defined by the number of policy ages and payments made to the deadline. There are 2 ways and amounts are evaluated based on the LIC New Jeevan Anand surrender value calculator. 

• Surrendering the plan under three years of outset: If the proposal is agreed to surrender during the initial 3 years, the surrender value will be zero, and the policy owner will receive nothing.
• Surrendering the policy after three years: After completion of the 3 years, the complete premium payment, the term plan may be surrendered for cash.  Assured surrender cost for an applicant  will be payable within specified years  to the policy owner after removal of surrender fee if any. 

Tax Implication of LIC New Jeevan Anand Plan

As we all know LIC New Jeevan Anand 815 Policy gives a tax bonus to an applicant which a firm pays to its policy owner during the time of maturity and on the individual passing away. 

• Premiums: The insurance premiums for the policy are tax-free under the 80C section of the Internal Revenue Code. The highest exclusion is available for up to Rs.1.5 lakhs. To qualify for this deduction, the payment must be paid limited to up to 10% of the total value assured.
• Maturity Assert: Any revenue received based upon plan maturity is tax-free under segment 10. To get, the sum amount must be at least ten times the price paid.
• Death Allege: Below section 10, fatality plans are free of tax. There is no upper limit on fate claim deductions.

Exclusions in LIC New Jeevan Anand Plan

If the policyholder commits suicide in less than twelve months when the term plan is commencement, just 80% of the insurance premium will be paid back. On the other hand, If self-harm made by an applicant occurs in less than twelve months of a tax policy reinstatement, the theoretical 80 % of the insurance premium or the abandoned worth is reimbursed.

How to Make a Death Claim in LIC New Jeevan Anand Plan? 

In the situation of a fatality assertion, the nominee must fill out the benefit release form and submit it to the firm alongside some of the other documents that will also be needed such as: 

• Original term plan papers
• NEFT Requirement Form for specific payout into the candidate’s savings account
• The beneficiary identification serves as proof of heading, Death Certificate as Proof of Death.
• In the event of abnormal or unintentionally passing, a police official inquiry document, newspaper clippings disclosing the incidents, a replica of the driver’s licence for road traffic accidents, a post-mortem document, and other documents may be required.

Loan on LIC New Jeevan Anand 815 Plan

Loan accessibility will be granted after completing 3 years from the beginning of the assigned policy and an applicant must pay full payment for a minimum of 3 years. The maximal amount of loan  is available up to 90%  for surrender cost for the policy term plan will be up to 23 years. The table represents the data for LIC New Jeevan Anand Surrender Value.

Wrapping Up

The information provided above has highlighted both the diminishing rates on endowment policies of the LIC New Jeevan Anand plan. In addition, the far superlative comes back to maintaining your financial protection and assets distinct. It also informs you about the advantage of cumulative, which states that the relatively early you buy stock, the greater the surrender.

FAQ’s