LIC’s Jeevan Anand Plan is a conventional Savings Plan that does not only cover the insured for the selected policy term, but the life cover is carried forward after the conclusion of the policy term till the entire life of the insured. It also brings in bonuses during the plan term. Consequently, the plan is an Endowment cum Whole Life Insurance Plan.
In the event of death due to an accident before the investor achieves an age of 70 years, the beneficiary will be remunerated with an additional cover amount. This additional accidental death benefit is capped at Rs. 5 lakhs. In case of permanent incapacity due to an accident, this additional cover amount is remunerated in instalments. No extra premium is to be paid in either case. Also, one can avail a Critical Illness rider by paying an additional premium.
Many youngsters settle down in their late 20's or early 30's and thereafter, start thinking over investment options. With increase of numbers of the upper middle class, the investment section received a huge push in the last decade. This early settlement gave extra buffer to cautiously assess diverse available options before investing.
In case of the LIC Jeevan Anand Policy, the policyholder selects the Cover Amount (Sum Assured) and the tenure of the plan when buying the policy. If the insured survives the entire chosen tenure, the chosen Sum Assured and the Accumulated Bonuses are remunerated on maturity. The plan then continues and the policyholder does not have to pay any premium. When the policyholder ultimately dies, the Sum Assured is remunerated once more to the beneficiary.
If the policyholder dies during the tenure of the plan, the Sum Assured and the Accumulated Bonuses would be remunerated to the beneficiary and the plan would expire.
The Features of the LIC Jeevan Anand Plan are:
1. It is an Endowment cum Whole Life Insurance Plan.
2. Maturity Benefit is Sum Assured + accumulated Bonus and the Life Cover continues till eventual death.
3. Death Benefit after the maturity of the policy is only Sum Assured.
4. Death Benefit before the maturity of the policy is Sum Assured + accumulated Bonus.
5. Simple Reversionary Bonus is to be paid on maturity of the policy or in case of an early/untimely death.
6. Accidental Death and Disability Benefit is an inbuilt feature of this plan.
7. Voluntary higher cover through an additional rider of Critical Illness Benefit is offered.
8. This plan can be provided to people with perilous occupation with extra premium.
9. Also, Large Sum Assured rebate is provided.
The benefits of the LIC Jeevan Anand Plan are:
1. Maturity Benefit –When the tenure of comes to an end and the policy holder is alive, the Sum Assured and any accrued bonuses are remunerated.
2. Death Benefit – The death benefit depends on the year in which the policy holder dies:
If the insured dies within the tenure of the policy, the Sum Assured and accumulated bonuses are remunerated.
If the policy holder dies after the completion of the tenure of the policy, when the Maturity Benefit is already been remunerated, the Sum Assured is then paid.
All in all, LIC’s Jeevan Anand Plan is a great investment option especially for those who are just starting to take their first steps.