Life Insurance Corporation of India (LIC), the leader in the life insurance market in the country, offers a number of policies. New Jeevan Anand is one of the most popular policies offers by the public sector insurer. It provides financial protection against death throughout the lifetime of the policyholder along with maturity benefits.
LIC New Jeevan Anand is a non-linked, participating, individual, life assurance savings plan. Take a look at the main features of this insurance policy:
Minimum age at entry: 18 years
Maximum age at entry: 50 years
Maximum maturity age: 75 years
Minimum policy term: 15 years
Maximum policy term: 35 years
Premium payment mode: Yearly, half-yearly, quarterly or monthly
Any individual can buy LIC New Jeevan Anand policy. The minimum basic sum assured under this policy is Rs 1 lakh. There is no maximum limit for the sum assured.
The policy can be surrendered at any time provided premiums for two full years have been paid. On surrender of the policy, the policyholder will get the surrender value equal to higher of guaranteed surrender value and special surrender value.
A loan can be taken under the policy. If a loan is taken during the premium-paying term, the maximum loan shall be up to 90% of surrender value.
In the case of death of the policyholder during the policy term, the nominee will receive 125% of the basic sum assured or seven times of annualised premium.
On death of the policyholder after expiry of the policy term i.e. from the stipulated date of maturity, his or her nominee will receive basic sum assured.
The policyholder will get basic sum assured, along with vested simple reversionary bonuses and final additional bonus, if any, at the end of the term.
If you buy a New Jeevan Anand policy with a sum assured of Rs 5 lakh at the age of 24 years for 21-year policy terms, your annual premium will be Rs 26,815 or around Rs 73.50 a day. If you take a policy of 21 years, then your investment will be around Rs 5.63 lakh. But at the time of maturity, you would get Rs 10.33 lakh including bonus.
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