Jeevan Anand Plan (915) is a regular premium, non – liked, with profit Endowment Assurance plan with life long insurance coverage equal to basic sum assured of the plan.
Premium Payment Mode
Yearly, Half Yearly, Quartely, Monthly(SSS and NACH)
Term
15 to 35 years
Minimum Age at Entry
18 Year completed
Maximum Age at Entry
50 year (Nearest birth day)
Maximum Maturity Age
75 Year
Minimum Sum Assured
1,00,000
Maximum Sum Assured
No Limit (Subject to other conditions)
Riders Available
ADDB/AB, Critical illness Rider, Term Rider
Accidental Death and Disability Benefit (ADDB)
Available up to age 70
Policy Benefit
On Death
125% of Sum Assured + Vested Bonus + Final Addition Bonus(FAB) if any, OR 7 times of Annualized Premium, OR 105% of all premiums paid as on death, WHICH EVER IS HIGHER.
On Survival
Basic Sum Assured + Vested Bonus + Final Additional Bonus(FAB)
Surrender Value
Policy can be surrendered at any time during the policy term provided at least 2 full years premium have been paid and two full years completed since inception of policy.
Loan
Loan can be availed at any time during the policy term provided at least 2 full years premium have been paid and two full years completed since inception of policy.
Income Tax Benefit
Premium paid under the policy is eligible for Tax rebate under section 80C. Maturity benefit under this policy is tax free under section 10 (10 D) of income tax act.
Let’s see an Example
Lic Jeevan Anand Policy (Plan 915)
Mr. ShyamAge -30 years think to buy lic jeevan anand policy
Premium paying term(PPT)- 15 Years
Sum Assured– 2,00,000
first-year premium with gst 4.5%
Mode
yearly
half yearly
quarterly
monthly
total premium
16783
8478
4281
1427
2nd year to last year(15th) premium with gst 2.25%
