Jeevan Anand (715)
01
Cost-Effective Plans
PLAN 715: LIC's Jeevan Anand Plan
DETAILS:
This is a non-linked, with-profits Endowment cum Whole Life Plan. This plan provides financial protection against death throughout the lifetime of the policyholder with a lump sum payout at the end of the policy term in case of survival.
💰SUM ASSURED ON DEATH:
Basic Sum Assured
💰DEATH BENEFIT:
- Before Commencement of Risk: Refund of Premiums paid Excluding GST & Extra.
- After Commencement of Risk: Sum Assured on Death + Vested Bonus + FAB if any.
- Death Benefit in Installments for 5/10/15 years: Option can be exercised by life assured for full or part death benefits.
💰SURVIVAL BENEFIT:
- Sum Assured on Maturity + Vested Bonus + FAB if any, will be paid at the end of the policy term.
- Whole Life Cover: Basic Sum Assured continues as risk cover for the entire lifetime of the policyholder after maturity.
💰MATURITY BENEFIT:
Basic SA + Vested Bonus + FAB if any.
Example Illustration
📌 Age: 35 years | Sum Assured: ₹5,00,000 | Policy Term: 25 years
Entry at Age 35:
- In case of Death at Age 40:
- Death Benefit = SA on Death + Vested Bonus for 5 years + FAB
- ₹5,00,000 + ₹1,30,000 (52×500×5) + Nil = ₹6,30,000
- In case Term Rider is opted for ₹5,00,000:
- Additional ₹5,00,000 will be paid.
- Total Natural Death Benefit: ₹6,30,000 + ₹5,00,000 = ₹11,30,000
- Death Benefit = SA on Death + Vested Bonus for 5 years + FAB
In case of Accidental Death (If ADDB or Accident Rider is opted):
- Additional ₹5,00,000 will be paid along with Natural Death Benefit.
- Total: ₹11,30,000 + ₹5,00,000 = ₹16,30,000
Premium Stops at Age 60:
- Life Long Risk Cover Continues After Maturity for Basic SA.
- Maturity Benefit:
- ₹5,00,000 + ₹5,20,000 (52×500×20) + ₹5,85,000 (26×500×45) + ₹34,85,000 (6,970×500) = ₹50,90,000
- Maturity Benefit:
Eligibility & Policy Terms
📌 Min. age at entry: 18 years Completed
📌 Max. age at entry: 50 years NBD
📌 Policy Term: 15 to 35 years
📌 Min. Maturity Age: 28 years NBD
📌 Max. Maturity Age: 75 years NBD
📌 Minimum S.A.: ₹2,00,000
📌 Maximum S.A.: No limit
Available Riders:
✔ ADDB Rider (Upto Age 70)
✔ Accident Benefit Rider Upto Opt.
✔ Term Rider Upto 35 Yrs term OR Age 75 whichever is earlier.
✔ Critical Illness Rider Upto 35 Yrs term OR Age 75 whichever is earlier
✔ PWB Rider – Up to Age 25 of Child
Premium Payment Modes & Rebates
📌 Payment Modes: Yearly, Half Yearly, Qly & Mly (SSS & NACH)
📌 Mode Rebate:
- Yearly: 2% | Half-Yearly: 1%
📌 High Sum Assured Rebate:
- ₹2,00,000 to ₹4,50,000 → Nil
- ₹5,00,000 to ₹9,00,000 → 2.50% of Basic SA
- ₹10,00,000 to ₹24,00,000 → 3.50% of Basic SA
- ₹25,00,000 & above → 4% of Basic SA
Additional Benefits & Conditions
✔ Grace Period: 15 days (monthly) | 30 days (other modes)
✔ Claim Concessions: Available under Base Plan only. Not apply to Riders and Suicides.
✔ Surrender/Paid-Up Value: Available after 1 year
✔ Revival: Allowed within 5 years of First Unpaid Premium (FUP)
✔ Backdating: Allowed within the same financial year
Tax Benefits 💰
✅ Premium Paid: Deduction under Section 80C
✅ SB/Maturity/Death claim – u/s 10(10D)
