New Jeevan Anand - Life Insurance Policy
Anand Plan is a participating non-linked plan which offers an
attractive combination of protection and savings. This
combination provides financial protection against death
throughout the lifetime of the policyholder with the provision
of payment of lumpsum at the end of the selected policy term in
case of his/her survival. This plan also takes care of liquidity
needs through its loan facility.
Death benefit :
Provided all due premiums have been paid, the following death
benefit shall be paid:
On Death during the policy
term: Death benefit, defined as sum of Sum
Assured on Death and
vested Simple Reversionary Bonuses and Final Additional bonus,
if any, shall be payable. Where, Sum
Assured on Death is
defined as higher of 125% of Basic Sum Assured or 10 times of
annualised premium. This death benefit shall not be less than
105% of all the premiums paid as on date of death.
The premiums mentioned above exclude
service tax, extra premium and rider premiums, if any.
On death of policyholder at any time
after policy term: Basic Sum Assured
Benefits payable at the end of
Policy Term: Basic
Sum Assured, along with vested Simple Reversionary Bonuses and
Final Additional Bonus, if any, shall be payable in lump sum on
survival to the end of the policy term provided all due premiums
have been paid.
Participation in Profits :
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.
Final (Additional) Bonus may also be
declared under the plan in the year when the policy results into
death claim during the policy term or due for the survival
benefit payment provided the policy is in full force and has run
for certain minimum term.
LIC's Accidental Death and
Disability Benefit Rider: LIC's
Accidental Death and Disability Benefit Rider is available as an
optional rider by payment of additional premium during the
policy term. In case of accidental death during the policy term,
Accident Benefit Sum Assured will be payable as lumpsum along
with the death benefit under the basic plan. In case of
accidental permanent disability arising due to accident (within
180 days from the date of accident), an amount equal to the
Accident Benefit Sum Assured will be paid in equal monthly
installments spread over 10 years and future premiums for
Accident Benefit Sum Assured as well as premiums for the portion
of Basic Sum Assured which is equal to Accident Benefit Sum
Assured under the policy, shall be waived.
Eligibility Conditions and
Other Restriction :
For Basic plan
a) Minimum Basic Sum Assured : Rs.
b) Maximum Basic Sum Assured : No Limit
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
c) Minimum Age at entry : 18 years (completed)
d) Maximum Age at entry : 50 years (nearest birthday)
e) Maximum Maturity Age : 75 years (nearest birthday)
f) Minimum Policy Term : 15 years
g) Maximum Policy Term : 35 years
For LIC’s Accidental
Death and Disability Benefit Rider
a) Minimum Accident Benefit Sum Assured
: Rs. 100,000
b) Maximum Accident Benefit Sum Assured :
An amount equal to the Basic Sum assured
under the Basic Plan subject to the maximum of Rs.50 lakh
overall limit taking all existing policies of the Life Assured
under individual as well as group schemes including policies
with inbuilt accident benefit taken with Life Insurance
Corporation of India and the Accident Benefit Sum Assured under
the new proposal into consideration.
(The Accident Benefit Sum Assured shall
be in multiples of Rs. 5000/-)
c) Minimum Age at entry : 18 years
d) Maximum Age at entry : The cover can
be opted for at any policy anniversary during the policy term
but before the policy anniversary on which the age nearer
birthday of the Life Assured is 70 years.
e) Maximum cover ceasing age : 70 years
(nearest birthday) or till the end of the Policy
Term, whichever is earlier.
Premiums can be paid regularly at
yearly, half-yearly, quarterly or monthly intervals (through ECS
only or through salary deductions) over the Policy Term.
However, a grace period of one calendar
month but not less than 30 days will be allowed for payment of
yearly or half-yearly or quarterly premiums and 15 days for
3. Sample Premium
Following are some of the sample tabular
premium rates (exclusive of service tax) per Rs. 1000/- Basic
Policy Term (in
Age (in years)
4. Mode and High
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of Tabular premium
Quarterly & Monthly mode - NIL
High Sum Assured Rebate:
Basic Sum Assured (B.S.A) Rebate
1, 00,000 to 1, 95,000 - Nil
2, 00,000 to 4, 95,000 - 1.50%o B.S.A.
5, 00,000 and 9, 95,000 - 2.50%o B.S.A.
10, 00,000 and above - 3.00%o B.S.A.
If premiums are not paid within the
grace period then the policy will lapse. A lapsed policy can be
revived within a period of 2 consecutive years from the date of
first unpaid premium but before the end of policy term on
payment of all the arrears of premium together with interest
(compounding half-yearly) at such rate as fixed by the
Corporation from time to time, subject to submission of
satisfactory evidence of continued insurability.
The Corporation reserves the right to
accept at original terms, accept at revised terms or decline the
revival of a discontinued policy. The revival of discontinued
policy shall take effect only after the same is approved by the
Corporation and is specifically communicated to the
Revival of rider(s), if opted for, will
be considered along with revival of the basic policy and not in
If at least three full years’ premiums
have been paid and any subsequent premiums be not duly paid,
this policy shall not be wholly void, but shall continue as a
paid-up policy. The Basic Sum Assured under the policy shall be
reduced to such a sum, called Paid-up Sum Assured and shall bear
the same ratio to the Basic Sum Assured as the premiums paid
bears to the total number of premiums payable i.e. Basic Sum
Assured *(number of premiums paid / number of premiums payable).
This Paid-up Sum Assured along with
vested simple reversionary bonuses, if any, is payable on the
expiry of policy term or in case of prior death. The
reversionary bonuses already accrued to the policy as on the
date of paid-up will remain attached to the policy. A paid-up
policy will not accrue any further bonuses. In case of death
after the policy term Paid-up Sum Assured will be paid.
Rider(s) do not acquire any paid-up
value and the rider benefits cease to apply, if policy is in
Loan can be availed under the policy
provided the policy has acquired a surrender value and subject
to the terms and conditions as the company may specify from time
Taxes including Service Tax, if any,
shall be as per the Tax laws and the rate of tax shall be as
applicable from time to time.
The amount of tax as per the prevailing
rates shall be payable by the Policyholder on premiums including
extra premiums, if any. The amount of tax paid shall not be
considered for the calculation of benefits payable under the
If the Policyholder is not satisfied
with the “Terms and Conditions” of the policy may be returned to
us within 15 days from the date of receipt of the policy bond
stating the reasons of objections. On receipt of the same the
Corporation shall cancel the policy and return the amount of
premium deposited after deducting the proportionate risk premium
(for basic plan and rider(s), if any) for the period on cover,
expenses incurred on medical examination, special reports, if
any and stamp duty.
Suicide: - This policy shall be void
i. If the Life Assured (whether sane or
insane) commits suicide at any time within 12 months from the
date of commencement of risk and the Corporation will not
entertain any claim under this policy except to the extent of
80% of the premiums paid excluding any taxes, extra premium and
rider premiums, if any, provided the policy is inforce.
ii. If the Life Assured (whether sane or
insane) commits suicide within 12 months from date of revival,
an amount which is higher of 80% of the premiums paid till the
date of death (excluding any taxes, extra premium and rider
premiums, if any,) or the surrender value, provided the policy
is inforce, shall be payable. The Corporation will not entertain
any other claim under this policy.