LIC New Jeevan Anand
New Jeevan Anand (Table 815) is a Double benefit Endowment with Whole life plan. In this plan, Sum assured with Bonus will be paid back on maturity. But the policy will continue till the death of the life insured or they complete 100 yrs of age, whichever occurs earlier. A Sum assured will be paid to the nominee when the life insured expires after the policy term. So it provides a risk coverage throughout the life of the insured person.
An Accidental Death Benefit rider is available with some extra cost in this policy till the age of 70 years.
Special feature of this plan is High bonus, High liquidity and Savings oriented
Features of New Jeevan Anand :
- Its an Endowment plan with lifetime risk coverage and High bonus
- Maturity benefit is Basic Sum assured with Bonus. But the policy continues till death of life insured. On the death of life insured or on the completion of 100th age, a Sum assured will be paid again.
- Accidental Death Benefit is available with this policy on some additional cost.
- This plan can be provided to people with hazardous occupation with some additional premium
- An optional Critical Illness Rider can be availed with some extra cost.
Benefits of LIC New Jeevan Anand :
Maturity Return: Basic Sum Assured with Vested simple reversionary Bonus and Final Additional Bonus (if any) will be given on Policy maturity. Life cover continues till death.
Death Benefit – On the death of the life insured before policy maturity, Sum Assured on Death ( 125% of SA or 10 times Annual Premium whichever is higher) with Bonus and Final Additional Bonus (if any) will be paid. On death after policy maturity, Sum assured will be paid.
Income Tax Benefit – Available under Section 80 C for premiums paid and Section 10 (10D) for Maturity returns.
Loan on Policy – Available after payment of 3 full year premium.
Housing Loan Surity – Available
New Endowment Plan
LIC’s New Endowment Policy (Table 814) is an endowment policy with high bonus and liquidity facility incorporated. The Sum Assured along with accrued Bonus and Final Additional bonus (if any) is payable on the Policy Maturity or on earlier death. This plan provides for disability benefit incorporated within where the future premiums would be waived off along with accidental death benefit rider, critical illness rider and term rider.
Features of New Endowment Plan:
- This plan is a simple endowment plan with guaranteed returns
- Sum assured + Accrued Bonus paid on Maturity or on earlier Death
- The lump sum amount of money received on maturity can be reinvested to buy annuity for old age sustenance
- This plan offers disability benefit as well where the future premiums would be waived along with payment of Disability Benefit. Optional higher cover through 3 additional riders.
Benefits of New Endowment Plan:
Maturity Benefit – At the maturity of the policy, the insured will get Sum Assured + Accrued Bonus + Final Addition Bonus (if any).
Death Benefit – In case of death of the Life Insured, the nominee will receive Sum Assured or 10 times the Annual Premium whichever is higher.
Income Tax Benefit – Available under Section 80 C for Premiums paid and under Section 10 (10D) for returns
Loan on Policy – Available*
Housing Loan Surity – Available