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Endowment Assurance Plan: LIC Jeevan Anand

Life insurance provides an innovative plan which is Jeevan Anand that combines the benefits of an Endowment plan and a Whole Life plan. Under this plan you can pay premiums for a limited period of time. After the premium term is completed then the Sum Assured along with accumulated bonuses plus some final bonus will be allocated to the policyholder. In this plan premiums are payable yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you throughout the selected term of the policy or till earlier death. After the maturity of this policy the coverage on your life continues for your lifetime to the extent of the sum assured without any further premiums. This plan is applicable for all ages and social groups. Jeevan Anand provides financial protection against death during the life time of the life assured. Jeevan Anand policy provides tax savings as per income tax rule are applicable. This policy also offers some supplementary benefits which can add to your basic plan.

Features of LIC Jeevan Anand Plan:

This plan offers an amount equal to the Term Assurance Sum Assured which will be allocated to the policyholder during the policy term. 1. Jeevan Anand plan provide Simple Reversionary Bonuses which are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan. 2. Bonuses will be added during the selected term or till death, if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period. 3. Jeevan Anand plan offer sum assured along with vested bonuses that will be payable in a lump sum on death during the survival at the end of the term. 4. This policy provides moderate premiums, high or large bonus, high liquidity and is saving oriented.

Benefits of LIC Jeevan Anand Plan:

Death Benefit: in this benefit the Sum Assured plus vested bonuses is payable on the death of nominee in a lump sum. Survival Benefit: Jeevan Anand offers Sum Assured plus vested bonuses is payable on the death of nominee in a lump sum plus an extra sum assured will be payable. Accident benefit: under this benefit an additional Sum Assured is payable in a lump sum on death due to accident up to age 70 of life assured. In case of permanent disability of the life assured due to accident this additional Sum assured is payable in installments. Supplementary Benefit: this is other possible benefit that can be adjoined to your basic plan, it requires a supplementary premium. Guaranteed surrender value: Jeevan Anand policy can be surrendered after it has been in force for 3 years or more. The guaranteed surrender value is 30% of the basic premiums paid excluding the first years premium. Special Surrender Value: this benefit provides an amount which is either equal to or more than the Guaranteed Surrender Value. The benefit payable on surrender reflects the discounted value of the reduced claim amount that would be payable on death or at maturity.

Eligibility conditions for LIC Jeevan Anand Plan:

This plan provides many conditions or a restriction which can be explained as under: Minimum Age at Entry: 18 years completed Maximum Age at Entry: 65 years Maximum premium ceasing age 75 years Minimum sum assured: Rs. 1, 00,000 Double accidental benefit:Exclusively available up to Rs.5, 00,000 during the Premium paying term and thereafter up to age 70. No additional premium is required to be paid. After the premium payment is done then the Endowment part ends and the policyholder gets back sum assured. Under this plan premium are generally payable for the selected term of years. The policyholder of this policy would choose the policys duration and during this period they pay the premium.

Benefit Illustration:
Statutory warning: "Some benefits are guaranteed and some benefits are variable with returns based on the future performance of your insurer carrying on life insurance business. If your policy offers guaranteed returns then these will be clearly marked guaranteed in the illustration table on this page. If your policy offers variable returns then the illustrations on this page will show two different rates of assumed future investment returns. These assumed rates of return are not guaranteed and they are not upper or lower limits of what you might get back as the value of your policy is dependent on a number of factors including future investment performance." Age at entry: 35 years Sum Assured: Rs.1,00,000/Premium Paying term 25 years

Mode of premium payment: Yearly Annual Premium: Rs. 4,535 /-

End Of Policy Year 1 2 3 4 5 6 7 8 9 10 15 20

Total Premium paid 4,535 9,070 13,605 18,140 22,675 27,210 31,745 36,280 40,815 45,350 68,025 90,700

Benefit payable on earlier death / maturity at the end of the year Guaranteed 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 100000 Variable 1500 3000 4500 6000 7500 9000 10500 12000 13500 15000 22500 33000 5100 10200 15300 20400 25500 30600 35700 40800 45900 51000 76500 113000 Total 101500 103000 104500 106000 107500 109000 110500 112000 113500 115000 122500 133000 105100 110200 115300 120400 125500 130600 135700 140800 145900 151000 176500 213000 Scenario 1 Scenario 2 Scenario 1 Scenario 2

i) The above illustration is applicable to a non-smoker male/female standard (from medical, life style and occupation point of view) life. ii) The non-guaranteed benefits (1) and (2) in above illustration are calculated so that they are consistent with the Projected Investment Rate of Return assumption of 6% p.a.(Scenario 1) and 10% p.a. (Scenario 2) respectively. In other words, in preparing this benefit illustration, it is assumed that the Projected Investment Rate of Return that LICI will be able to earn throughout the term of the policy will be 6% p.a. or 10% p.a., as the case may be. iii) The main objective of the illustration is that the client is able to appreciate the features of the product and the flow of benefits in different circumstances with some level of quantification. iv) Future bonus will depend on future profits and as such is not guaranteed. However, once bonus is declared in any year and added to the policy, the bonus so added is guaranteed.

LIC Jeevan Anand - Copyright 2011. All rights reserved by licjeevananand.com

Copyright 2011. All rights reserved by Life Insurance Chandigarh