LIC Launches New Jeevan Anand Plan
(Table No 815)
·
A Policy may be revived within a period of 2 years from the date
of first unpaid premium.
·
Accident Benefit as a rider.
·
Taxes, if any, shall be applicable at the prevailing rates and borne by
the policyholder as per rules.
Maturity Benefit -Basic Sum Assured
along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if
Any
Death Benefit -
During the policy term – ‘Sum
Assured on Death’ along with Vested Simple Reversionary Bonuses and Final
Additional Bonus, if any.
After expiry of policy term – Basic Sum
Assured
What is Sum Assured on Death?
Sum Assured on Death shall be
Higher of ~ 125% of Basic Sum Assured (1.25 x BSA) OR 10 times Annual
Premium.(10 x AP).
The death benefit as defined
above shall not be less than 105% of total premiums* paid as on the date of
death .
[*excluding taxes, extra premiums and
premiums for riders, if any]
Eligibility Conditions and Restrictions
·
Age at entry - 18 to 50 years
·
Age at Maturity - Maximum 75 Years
·
Policy Term - 15 to 35 years
·
Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)
·
Basic Sum Assured - 100000 and above ( In multiples of 5000)
Loan – Available after
payment of 3 full years premiums.
The maximum amount of loan that can be
granted as a percentage of Surrender Value shall depend on the Policy
Term, as given in the table below.
Foreclosure action shall not be taken
under fully paid-up and inforce policies even if there is a default of
loan interest.
|
Policy Term
|
Upto 23
|
24 to 27
|
28 to 31
|
32 to 35
|
|
% for inforce policies
|
90%
|
80%
|
70%
|
60%
|
|
% for Paid-up policies
|
80%
|
70%
|
60%
|
50%
|
Guaranteed Surrender Value (GSV) -Available after
payment of 3 full years premiums.
GSV shall be a percentage of total
premiums paid (net of taxes) excluding extra premium, if any and premium paid
for riders,if opted for.
Examples of GSV factors applicable for
total premiums paid
Policy Year ~ GSV factor
3 = 30%
5 = 50%
t -1 = 80% (t=Policy
Term)
GSV factor applicable to vested
bonus,if any. Examples of Vested bonus factors –
Year of SV – Policy
Term – Factor
3
15
17.66%
19
25
20.85%
29
30
30%
Special Surrender Value (SSV) -Surrender Value shall
be the discounted value of the Paid-up Sum Assured and vested
simple reversionary bonuses.
The discount factors shall be Special
surrender value factors as provided in Table-1A and 2A(Whole life) of the
Special Surrender Value Booklet and will depend upon the policy term and
duration elapsed since the commencement of the policy.
Surrender Value payable – The Higher of
Guaranteed Surrender Value and Special Surrender Value shall be payable.