Life Insurance Corporation (LIC), the nation's largest life insurer, offers a wide range of insurance policies, which include term insurance plans, endowment plans, money back plans, pension policies etc. It also offers insurance policies, which provide savings along with protection of life. LIC's New Jeevan Anand is one such plan that offers 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," LIC noted on its website licindia.in.
LIC Policy: Here are details of sum assured, eligibility, premiums and benefits offered by Life Insurance Corporation (LIC) under its New Jeevan Anand policy:
Any individual can buy LIC New Jeevan Anand policy for minimum basic sum assured of Rs 1 lakh and there is no maximum limit for the sum assured.
The minimum age for buying the LIC New Jeevan Anand policy is 18 years and maximum age is 50 years, LIC said on its website.
The maximum maturity age for the LIC New Jeevan Anand policy is 75 years, with minimum policy term of 15 years and maximum policy term of 35 years.
LIC New Jeevan Anand policy benefits
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, LIC said.
"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," LIC added.
Here are the sample premium rates per Rs 1,000 for the basic sum assured under LIC New Jeevan Anand policy:
|Policy Term (in years)|
|Age (in years)||15||25||35|
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals for LIC New Jeevan Anand policy over the Policy Term, LIC noted.