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LIC Jeevan Anand: Features, Benefits & Illustration

LIC Jeevan Anand: This plan is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.

Premium:
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.

LIC Jeevan Anand Benefits:

Benefits in case of death during the selected term:
The Sum Assured along with the vested bonuses is payable on death in a lump sum.

Benefits in case of survival to the end of selected term:
The Sum Assured along with the vested bonuses is payable in a lump sum on survival to the end of the term. An additional Sum Assured is payable on death thereafter.

Accident Benefit:
An additional Sum Assured (subject to a limit of Rs.5 lakh) 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/Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection/option.  An additional premium is required to be paid for these benefits.

Surrender Value:
Buying a life insurance contract is a long-term commitment. However, surrender values are available on the plan on earlier termination of the contract.

Guaranteed Surrender Value:
The policy may 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 year’s premium. Any extra premium(s) paid and premium(s) towards Accident Benefit are also excluded.

LIC Jeevan Anand Illustration:

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 year
Total premiums paid till end of year

Benefit payable on death / maturity at the end of year

Guaranteed
*

Variable

Total

Scenario 1

Scenario 2

Scenario 1

Scenario 2

1

4,535

100000

1500

5100

101500

105100

2

9,070

100000

3000

10200

103000

110200

3

13,605

100000

4500

15300

104500

115300

4

18,140

100000

6000

20400

106000

120400

5

22,675

100000

7500

25500

107500

125500

6

27,210

100000

9000

30600

109000

130600

7

31,745

100000

10500

35700

110500

135700

8

36,280

100000

12000

40800

112000

140800

9

40,815

100000

13500

45900

113500

145900

10

45,350

100000

15000

51000

115000

151000

15

68,025

100000

22500

76500

122500

176500

20

90,700

100000

33000

113000

133000

213000

25

1,13,375

100000

41500

141000

141500

241000

 

End of year
Total premiums paid till end of year

Benefit payable on death / maturity at the end of year

Guaranteed
*

Variable

Total

Scenario 1

Scenario 2

Scenario 1

Scenario 2

26

1,13,375

100000

41500

141000

141500

241000

27

1,13,375

100000**

100000**

100000**