In today’s article, we will provide you with complete details about the Life Insurance Corporation of India’s plan for New Jeevan Anand. The table number of the new Jeevan Anand plan is 915. Earlier, the table number for this plan was 815. If one is looking for an endowment plan that offers benefits for a whole life policy, then choosing the LIC New Jeevan Anand plan is the best option. We will give you all the information related to this plan in easy language so that whenever you buy this plan, there will be no problem understanding its benefits and risks.
About LIC New Jeevan Anand Plan-915
The LIC New Jeevan Anand Plan is a non-linked participating individual plan that comes with a special bonus facility. This is a kind of double death benefit plan. which guarantees the sum assured to an insured person even after the maturity time, which means that the insured remains insured even after maturity.
This insurance policy offers the dual benefit of protection as well as savings. The plan provides financial protection in the event of the death of the life insured and also provides a lump sum amount in the event the person survives at the end of the policy term. It is considered to be one of the most popular endowment plans of the Life Insurance Corporation of India.
|LIC Jeevan Anand Plan
|Plan No. 915
Key Points of LIC New Jeevan Anand Plan-915
- LIC Jeevan Anand (Table No. 915) is a participating whole life endowment policy plan.
- On payment of a lower premium amount, riders with accidental death and permanent disability benefits are available.
- The LIC New Jeevan Anand Plan provides tax exemption on the amount of premium paid under section 80C as well as the amount claimed under section 10 (10D) of the Income Tax Act of 1961, i.e., on death or maturity benefit.
- The premiums paid for this scheme are tax deductible under Sections 80C and 10(10) of the Income Tax Act of 1961.
- A ride is also available.
- If the person survives, then a lump sum amount will be paid.
- In this plan, in the event of the death of the policyholder, the sum insured plus vested simple reversionary bonuses and a final additional bonus, whatever the case may be, will be paid to the insured’s family. The death benefit is stated as 125% of the sum assured or more than 10 times the annualized premium. The death benefit should not be less than 105% of the total amount of all premiums paid at the time of death.
- Assured Survival Benefit: This benefit is available when all premiums have been paid and the policy is still in force, along with vested simple reversionary bonuses and final additional bonuses, if any, paid in lump sum to the policyholder along with the Basic Sum Assured, as will be done.
- Participation in Profits: This insurance is a non-linked endowment plan as it participates in the profits of the company. If the company declares a profit, the policyholder will be entitled to a vested simple reversionary bonus, but the policy has to be in force.
Why should I buy LIC New Jeevan Anand Plan (Table No. 915)?
LIC’s New Jeevan Anand is a good life insurance plan for you and your family. It offers an attractive combination of savings and security. Lifelong cover is available on this policy. This plan also comes with the facility of a loan.
Eligibility Requirements for the LIC New Jeevan Anand Plan-915
|Basic Sum Assured
|18 years (Completed)
|50 years (nearest birthday)
|75 years (nearest birthday)
Given below are some of the primary documents that are required for any individual to be insured as per the plan.
- Application Form/Offer Letter
- Two passport-size photos
- Age proof
- Address proof
- Medical history
- Income Certificate
- Bank Passbook Photocopy
- KYC documents like Aadhar Cards, PAN Cards, Voter IDs, etc.
Where can you buy the LIC Jeevan Anand Plan?
You can buy this LIC plan in both offline and online mode.
Offline Mode: You must make contact with LIC agents.
Online Mode: You must go to the official website at www.licindia.in
How Does LIC New Jeevan Anand Plan (915) Work?
Let us explain this plan to you with an example.
|Policy Purchase Year
|Maturity Benefit Amount
- Consider the example of a 28-year old IT professional, Mr. Archit, who opts for the New Jeevan Anand plan 915 of LIC.
- whose basic sum assured of Rs. 5,00,000 is taken for a policy term of 21 years.
- Archit will pay an annual premium amount of Rs. 27,454.
- If Archit survives the policy term, he will receive a maturity benefit amounting to Rs 11,02,000.
- 5,00,000 will be covered for the life of the policy holder, even after the maturity of the policy.
- In the event Mr. Archit dies before the policy expires, his nominee will receive 125% of the entire sum assured plus all other bonuses as applicable.
Options Available in LIC’s New Jeevan Anand Plan-915
Under this plan, if the payment is not made for the next 6 months from the due date of the policy, then the policy lapses.
The lapsed policy can be revived anytime within the next 5 years from the due date by depositing the outstanding premium and interest together.
Some extra rider benefit options are also available to the insured in the new Jeevan Anand policy. The basic premium amount plus some extra premium has to be paid to buy these riders.
The riders available in this plan are:
Accidental Death and Disability Benefit Rider
Rider with a Premium Advantage
Optional Paid-up Capital:
If premiums have been paid for at least 2 years and premiums have not been paid thereafter, the policy will acquire a paid-up value. Under the policy, the Basic Sum Assured is reduced to such an amount, which is called the Paid-up Sum Assured.
Option to Surrender Value:
Sometimes an insured is unable to pay the premium for the policy. In such a situation, the insured has the option of surrendering the policy. But the premium for that policy has been paid in full for at least 2 years.
A loan option is also available in the new Jeevan Anand policy. If an insured suddenly needs money, then he can take a loan against the premium deposited on that policy. The policy should have been completed at least 2 years ago, at which point only that pay loan could be availed. The benefits of the policy continue as with the loan. The insured can deposit the interest on the loan in six months as well as deposit the interest and principal amount together when the money comes.
Benefits of LIC Jeevan Anand Plan-915
LIC Jeevan Anand Plan Maturity Benefit means the sum insured will be paid as Maturity Benefit along with vested Simple Reversionary Bonuses and a final additional bonus, if any, on completion of the policy of the insured.
In the event of the death of the insured during the policy term, the sum assured, along with vested simple reversionary bonuses and a final additional bonus (if any), will be paid to the nominee.
The Advantage of Premium Payment Mode
The plan offers individuals the facility to pay premiums monthly, quarterly, half-yearly or annually.
Premium Mode Discount:-
- Yearly – 2% Off
- Half Yearly – 1% Off
- Quarterly – Nil
The LIC Jeevan Anand policy-915 provides tax benefits on the premiums paid to the insured as well as the claims received. This benefit is applicable under section 80C and section 10(10) of the Income Tax Act.
How to claim for LIC New Jeevan Anand Plan (915)?
Death Benefit Claim:
The nominee entitled to claim the death has to submit the claims form given by LIC along with the original insurance policy document to the LIC office. In addition, the nominee will be required to provide all applicable documents, such as bank account details, death certificates, medical treatment details before death, etc.
Claim on Maturity:
The individual policyholder has to submit a filled-in claim form in the name of the policyholder that is linked to the original policy bond. In addition, the individual policyholder has to provide bank account details for NEFT transfer of the maturity amount.
The insured has to submit the filled claim form along with the original policy bond. The bank details for NEFT transfer to get the surrender amount will also be required.
Claims in Suicide Cases:
If the life assured commits suicide at any time within 12 months from the date of commencement of risk, LIC will not entertain any claim except to the extent of 80% of the premiums paid under this policy. Will do
If the life assured commits suicide within 12 months from the date of revival, the amount that can be considered for claim is up to 80% of the premiums paid up to the date of death, provided the policy is in force.
I hope you got the complete information regarding LIC Jeevan Anand Plan–915 in this article of ours.