LIC's New Jeevan Anand Plan is a participating non-linked plan which offers an attractive
combination of protection and savings. This combination provides financial protection against
death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the
end of the selected policy term in case of his/her survival. This plan also takes care of liquidity
needs through its loan facility.
1. Death benefit:
Provided all due premiums have been paid, the following death benefit shall be paid:
On Death during the policy term: Death benefit, defined as sum of “Sum Assured on Death” and
vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where,
“Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 10 times of
annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on
date of death.
The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
On death of policyholder at any time after policy term: Basic Sum Assured
Benefits payable at the end of Policy Term: Basic Sum Assured, along with vested Simple
Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on
survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits: The policy shall participate in profits of the Corporation and shall be
entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation
during policy term provided the policy is in full force.
Final (Additional) Bonus may also be declared under the plan in the year when the policy results
into death claim during the policy term or due for the survival benefit payment provided the policy
is in full force and has run for certain minimum term.
2. Optional Benefit:
LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability
Benefit Rider is available as an optional rider by payment of additional premium during the policy
term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be
payable as lump-sum along with the death benefit under the basic plan. In case of accidental
permanent disability arising due to accident (within 180 days from the date of accident), an amount
equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over
10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the
portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy,
shall be waived.