No doubt the previous version of Jeevan Ananad had great features compared to any policy in its era. The New Jeevan Anand is a one step ahead it offers more risk cover and great life insurance features.
Features of Jeevan Anand
This is a combination of endowment and whole life plan. Where you need to pay premiums for a specific period, get a lumpsum after the premium paying terms ends, the life insurance continues for years and years (i.e. you will be covered for whole life).
Bonus in New Jeevan Anand
Since New Jeevan Anand is a with profit plan, LIC will declare the bonuses time to time. There are 2 type of bonuses paid Simple revisionary bonuses and final addition bonus.
All bonuses declared by LIC of India will be guaranteed, if the policy holder pay the full premiums as per the contract.
You can pay yearly premiums, half yearly premiums, quaterly premiums. Note: Monthly premiums will be allowed through ECS facility
How New Jeevan Anand works
You as a policyholder can decides the sum assured and term for which you want to pay premiums.
|On Maturity||He/She gets Sum Assured with Bonuses and final addition bonuses + Life time insruace cover|
|– before expiry of term||Sum Assured on Death + Bonus (Till Date) + Final Addition Bonus (if any)|
|– after expiry of term||Basic Sum Assured|
Sum Assured on Death = higher of (125% of Basic Sum Assured / 10 times of Annual Premium)