When it comes to securing your family’s future and building long-term savings, LIC’s New Jeevan Anand Plan 2024 is one of the best options available. It offers a combination of protection and savings that ensures financial security for your loved ones while also providing attractive returns on maturity.
LIC New Jeevan Anand Plan Maturity Calculator
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Guaranteed / Non-Guaranteed Benefits
| Benefit Type | Value |
|---|
Life Cover Details
| Cover Type | Amount |
|---|
Year-wise Policy Breakdown
| Year | Age | Annualized Premium (Cumulative) | Guaranteed Surrender Value | Non-Guaranteed @ 4% | Non-Guaranteed @ 8% | Normal Life Cover | Accidental Life Cover |
|---|
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In this blog, we will explore all the details of this plan to help you understand how it works and why it might be the right choice for you.
Are you looking to explore more LIC plans and calculate their benefits? Check out our range of LIC Premium Calculators below to find the perfect plan for your needs:
- LIC Single Premium Endowment Plan Calculator
- LIC New Endowment Plan Premium Calculator
- LIC Jeevan Lakshya Plan Calculator
- LIC Jeevan Labh Plan Premium Calculator
- LIC Amritbaal Plan Premium Calculator
- LIC Bima Jyoti Plan Premium Calculator
What is LIC’s New Jeevan Anand Plan?
LIC’s New Jeevan Anand is a Par, Non-Linked, Life Insurance Savings Plan that offers lifelong insurance coverage along with a lump sum payout at the end of the policy term. It’s designed to protect your family in case of your absence while ensuring you build a substantial savings corpus for the future.
This policy is available for purchase through LIC’s agents, brokers, and corporate marketing channels.
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Key Features of LIC’s New Jeevan Anand Plan
- Lifetime Insurance Coverage: Enjoy coverage even after the policy term ends.
- Maturity Benefits: Receive a lump sum payout at the end of the policy term.
- Flexible Premium Payments: Choose to pay premiums yearly, half-yearly, quarterly, or monthly.
- Optional Riders: Enhance protection with riders like Accidental Death and Disability Benefit.
- High Sum Assured Rebates: Enjoy discounts on premiums for higher sums assured.
- Loan Facility: Borrow against the surrender value of the policy to meet financial needs.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Minimum Age at Entry | 18 years |
| Maximum Age at Entry | 50 years |
| Maximum Maturity Age | 75 years |
| Policy Term | 15 to 35 years |
| Minimum Basic Sum Assured | ₹2,00,000 |
| Maximum Basic Sum Assured | No limit |
The Basic Sum Assured must be in specific multiples:
- ₹5,000 (for sums between ₹2,00,000 and ₹4,50,000).
- ₹50,000 (for sums between ₹4,50,000 and ₹9,00,000).
- ₹1,00,000 (for sums above ₹9,00,000).
Premium Details
Premiums depend on your age, policy term, and the chosen Basic Sum Assured. Below is a sample of annual premiums for a Basic Sum Assured of ₹2,00,000 (excluding taxes):
| Age | Policy Term | Annual Premium (₹) |
|---|---|---|
| 20 | 15 years | 16,229 |
| 30 | 25 years | 9,810 |
| 40 | 35 years | 18,012 |
Rebate for High Sum Assured
- ₹5,00,000 to < ₹10,00,000: 2.5%
- ₹10,00,000 and above: 4%
Benefits of LIC’s New Jeevan Anand Plan
1. Death Benefits
- During Policy Term: The death benefit is the higher of:
- 125% of the Basic Sum Assured.
- 7 times the annualized premium.
- At least 105% of all premiums are paid till the date of death.
- After Policy Term: The Basic Sum Assured is paid to the nominee.
2. Maturity Benefits
If the life assured survives the policy term, they receive:
- Basic Sum Assured.
- Vested Simple Reversionary Bonuses.
- Final Additional Bonus (if applicable).
3. Participation in Profits
- Annual bonuses declared by LIC add to your policy’s value.
- A Final Additional Bonus may be payable on death or maturity.
Optional Riders
- Accidental Death and Disability Benefit Rider: Provides financial aid in case of accidental death or disability.
- Accident Benefit Rider: Offers a lump sum payout for accidental death.
- New Term Assurance Rider: Provides an additional sum assured for death during the policy term.
Surrender Value and Loan Facility
Surrender Value
- Guaranteed Surrender Value (GSV): Available after paying two full years’ premiums.
- Special Surrender Value (SSV): Higher than GSV and reviewed annually.
Loan Facility
- Loans are available after one year of premium payments.
- Loan amount:
- 50% of surrender value (before two years of premiums).
- 75% of surrender value (after two years of premiums).
Year-Wise Benefits Illustration
| Policy Year | Annual Premium Paid (₹) | Guaranteed Benefits (₹) | Non-Guaranteed Bonuses (₹) | Total Benefits (₹) |
|---|---|---|---|---|
| 1 | 6,968 | 0 | 828 | 828 |
| 5 | 34,840 | 17,420 | 8,000 | 25,420 |
| 10 | 69,680 | 37,160 | 16,000 | 53,160 |
| 15 | 1,04,520 | 61,552 | 24,000 | 85,552 |
| 20 | 1,39,360 | 89,804 | 32,000 | 1,21,804 |
| 25 | 1,74,200 | 1,21,940 | 40,000 | 1,61,940 |
| 30 | 2,09,040 | 1,57,951 | 48,000 | 2,05,951 |
| 35 | 2,43,880 | 2,19,492 | 56,000 | 2,75,492 |
Why Choose LIC’s New Jeevan Anand?
- Comprehensive Coverage: Lifelong protection with maturity benefits.
- Savings-Oriented: Encourages disciplined savings with bonus participation.
- Flexible Options: Premium payment flexibility and rider choices.
- Financial Support: Loan facility for emergencies.
How to Purchase and Claim?
- Purchase Process: Contact an LIC agent or visit a branch with your ID, address proof, and income proof.
- Claim Process:
- For maturity claims: Submit the policy document and claim form.
- For death claims: Submit the nominee’s ID, death certificate, and policy document.
Conclusion
LIC’s New Jeevan Anand Plan is perfect for those seeking financial security for their family while building savings for future goals. It’s a dependable plan for Indian families who value lifelong coverage and disciplined saving.
To calculate your premiums and returns for this policy, visit our LIC Calculator tool. Plan wisely, secure your future, and live with peace of mind!
Basic Terms Explained
- Sum Assured: This is the amount of money you or your family will receive if something happens to you (death benefit) or at the end of the policy term (maturity benefit). Think of it as the promised amount.
- Policy Term: This is the number of years for which the policy will remain active. For example, if you choose a 20-year policy term, the plan provides coverage for those 20 years.
- Premium: This is the amount of money you pay to LIC to keep your policy active. You can pay it yearly, half-yearly, quarterly, or monthly, depending on what works best for you.
- Annualized Premium: This is the total premium you would pay in a year, excluding taxes, rider premiums, or extra charges.
- Maturity Benefit: If you survive until the end of the policy term, you will get a lump sum amount that includes the Sum Assured and any bonuses.
- Death Benefit: If something happens to you during the policy term, your nominee (family member or legal heir) will receive the Sum Assured on Death and any bonuses declared.
- Reversionary Bonus: This is a bonus LIC adds to your policy each year based on its profits. It is not paid immediately but is included in the total payout at maturity or death.
- Final Additional Bonus (FAB): This is a one-time bonus that LIC may add to your policy when it matures or in case of death. It is given only if the policy has been active for a long time.
- Surrender Value: If you decide to end the policy before the term is completed, LIC will pay you an amount called the surrender value. This is usually lower than the total premiums you’ve paid.
- Guaranteed Surrender Value: This is the minimum amount LIC promises to pay you if you surrender the policy. It is a percentage of the premiums you’ve paid, depending on how long you’ve held the policy.
- Loan Against Policy: You can borrow money against your policy after it has acquired a surrender value. LIC gives you a loan based on a percentage of this surrender value, which you can repay later.
- Riders: Riders are extra benefits you can add to your policy by paying an additional premium. For example, the Accident Benefit Rider gives extra financial protection if you die or become disabled due to an accident.
- Grace Period: LIC allows you extra time to pay your premium if you miss the due date. This period is usually 30 days for yearly, half-yearly, and quarterly premiums and 15 days for monthly premiums.
- Lapse: If you don’t pay your premium within the grace period, the policy will lapse. This means you lose the benefits of the policy unless you revive it by paying the overdue premium and interest.
- Paid-Up Policy: If you stop paying premiums after a certain period (usually two years), the policy becomes a paid-up policy. It will continue with reduced benefits based on the premiums you’ve already paid.
- Nominee: This is the person you choose to receive the policy benefits (death benefit) if something happens to you.
- Exclusions: These are specific situations where the policy does not provide coverage. For example, most LIC policies exclude suicide within the first year of the policy.
- Rebate: A rebate is a discount on your premium. LIC offers rebates for higher sums assured or if you pay premiums yearly instead of monthly.
