New Delhi: Life Insurance Corporation of India (LIC) offers various types of insurance policies that cater to all segments of society. It offers a participating non-linked plan which gives an attractive combination of protection and savings to a policyholder.
This policy, New Jeevan Anand, provides the policyholder a combination of financial protection against death throughout the lifetime with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival.
The New Jeevan Anand plan also takes care of liquidity needs through its loan facility. The key benefits of this policy are:
1. Death benefit: The policyholder can avail of this benefit if he/she has paid all due premiums.
2. On death during the policy term: This death benefit, defined as sum of sum assured on death and vested simple reversionary bonuses and final additional bonus, if any, shall be payable, according to the official website. “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,” it added.
Notably, the premiums exclude service tax, extra premium, and rider premiums. The basic sum is assured on the death of policyholders at any time after the policy term.
3. At the end of the policy term, the policyholder can avail benefits including 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,” it said.
4. Further, 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 the policy term provided the policy is in full force.
5. The final (additional) bonus may also be declared under the plan in the year when the policy results in death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for a certain minimum term.
6. The policyholder should know that LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium during the policy term.
7. In case of accidental death during the policy term, accident benefit sum assured will be payable as lumpsum along with the death benefit under the basic plan.
For more details related to the police, you should visit the LIC’s official website. You can find the policy document attached here in PDF document format.