New Jeevan Anand

LIC's New Jeevan Anand Plan is a participatory Whole Life Endowment Plan with various benefits. As the name suggests, this endowment plan ?continues to provide coverage even after the expiry of the plan till the death of the insured. This makes Jeevan Anand a perfect blend of an endowment policy ?and an endowment life insurance plan.

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LIC's New Jeevan Anand Plan is a non-linked plan that offers an attractive combination of security and savings. This combination provides financial protection against death for the life of the policyholder, with the provision of payment of the lamp at the end of the selected policy term in the event of his / her survival. The scheme also takes care of liquidity needs through its credit facility.

Available Riders (Some amount extra payable)

1. Accidental Death & Disability Benefits Rider

2. Term Assurance Rider

3. Critical Illness Rider

4. Accident Benefit Rider

Grace Period

Mode of PaymentMonthly15 Days
Mode of PaymentOther (Quarterly, Half-Yearly, Yearly)30 Days

Tax Benefits

On Maturity / Death ClaimExempt U/S 10 (10D)
On PremiumDeduction U/S 80C

Mode Rebate

Yearly Mode2% of Tabular Premium
Half Yearly Mode1% of Tabular Premium

Revival Period : 5 Years

5 Years

Documents required for buying the LIC New Jeevan Anand Plan

The documents that are necessary to be insured under the insurance plan are all subject to the sum assured amount that is chosen and the premiums that are paid for it. Below mentioned are some of the primary documents that are required for an individual to get insured under the plan:
  • Completely filled Application form/Proposal form with accurate information
  • Age Proof
  • Address Proof
  • Medical History
  • KYC documents such as Aadhaar Card, PAN Card, Tax Details, etc.
  • 2 Photos
  • Medical Diagnosis Reports as needed

Example : Age - 35 Years, Sum Assured 5 Lakh, Policy Term - 21 Years. Calculate Premium, maturity & Death benefits.

Case 1 : No death during the policy

Claim Process

Claim on DeathClaims on MaturitySurrender Claims
The entitled nominee has to submit the claims form and original policy documents given by LIC. In addition, the nominee is required to provide all details and applicable documents, such as bank account details, death certificates, medical treatment details before death, etc.The individual insurance holder has to provide a completed claim form which is attached to the original policy documents in the name of the policy holder. In addition, individual policyholders will have to provide bank account details for NEFT transfer of maturity amount.The insurance holder has to provide a completed claim form which is attached to the original policy document, in the name of the policy holder, along with the bank details for NEFT transfer of the surrender benefits as applicable.

FAQ's of LIC New Jeevan Anand
Yes, this is a good policy. It has the dual benefits of savings as well as protection from life's uncertainties.
No, LIC Jeevan Anand policy provides tax benefits to the insured persons on the premiums paid as well as claims received. This tax benefit is available under Section 80C and Section 10 (10D) of the Income Tax Act, 1961
Yes, LIC's Accident Death and Disability Benefit Rider can be linked to Aadhaar Scheme. Such optional rider can be availed by paying additional premium for it during the policy process. In case of accident during the policy period, the accident benefit amount will be paid in case of death. In the event of permanent disability due to an accident, then an amount equivalent to the accident benefit amount will be paid, but in monthly installments.
The bonus rate declared under various schemes of LIC depends on the profits generated by the corporation. You can see the bonus rates applicable for various schemes by visiting the following link
Yes, this LIC Insurance Scheme offers loan benefits where the insured can avail a loan against the policy.
Yes, the Foreign Exchange Management Act (FEMA) allows NRIs to avail life insurance plans in India

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