LIC New Jeevan Anand Policy: LIC’s New Jeevan Anand Plan is a non-linked life endowment plan that offers an attractive combination of protection and savings. The LIC New Jeevan Anand plan gained popularity as it provides the benefit of financial protection against death throughout the lifetime of the policyholder even after the premium payment term is over.
Also, the policy provides the option of flexible premium payment options. A policyholder can surrender the policy after paying premiums for two years.
LIC New Jeevan Anand Policy: Key features
It is an endowment policy that provides a sum assured along with additional bonuses.
The policy remains active even after maturity benefits are paid upon survival.
In case of the death of the policyholder, the sum assured will go to the nominee.
LIC New Jeevan Anand Policy: Eligibility and term
The minimum entry age for LIC New Jeevan Anand Policy is 18 years and the maximum entry age is 50 years. This means, that those below the age of 18 years and above the age of 50 years can not buy this policy. Also, the maximum maturity age of the policyholder has been fixed at 75 years.
According to the information available, the minimum policy term is 15 years and the maximum policy term is 35 years. The minimum basic sum assured under this policy is Rs 1,00,000 and there is no limit for maximum basic sum assured.
How to accumulate Rs 25 lakh
Let’s assume that a person aged 18 years takes this policy with a sum assured of Rs 5 lakh for a term of 35 years
Monthly Investment: Rs 1,120 approx.
Annual Investment: Rs 14,399 approx.
Total premium paid: Rs 4,93,426
Maturity Benefits –
Sum Assured: Rs 5 lakh
Accumulated Bonus: Rs 8.575 lakh
Final Additional Bonus: Rs 11.50 lakh
Total Maturity Amount: Rs 25 lakh
Further, in the unfortunate event of the policyholder’s demise, LIC provides 125 per cent of the death benefits.
