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LIC Jeevan Anurag: Benefits, Review

LIC Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.

  • Eligibility Conditions And Other Restrictions:

FOR BASIC PLAN

Age at entry Age of the Life Assured- 20 to 60 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 70 years (age nearest birthday)
Term All terms from 10 to 25 years. In case of single premium mode minimum term shall be 5 Years.
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured No limit. Sum Assured will be in multiples of Rs.5,000 /- only.
Mode Yearly, Half-yearly, Quarterly, Monthly or through salary deductions in case of regular premiums.

FOR TERM ASSURANCE RIDER

Age at entry Age of the Life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
Minimum Sum Assured Rs. 1,00,000 /-
Maximum Sum assured An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 25 lakh overall limit taking all term assurance riders availed under all existing policies of the life assured and the term assurance rider under the new proposal into consideration.
Mode NIL

The Term Assurance Rider Sum Assured will be in multiples of Rs.25,000 /-.

FOR CRITICAL ILLNESS RIDER

Age at entry Age of the life Assured- 20 to 50 years (age nearest birthday)
Age of the Life Assured at maturity Maximum 60 years (age nearest birthday)
Term NIL
Minimum Sum Assured Rs. 50,000 /-
Maximum Sum assured An amount equal to the Sum Assured under Basic Plan subject to the maximum of Rs. 5 lakh overall limit taking all critical illness riders availed under all existing policies of the life assured and the critical illness rider under the new proposal into consideration.
Mode NIL

The Critical Illness Rider Sum Assured will be in multiples of Rs.10,000 /-.

REBATES/EXTRA FOR MODE OF PREMIUM PAYMENT AND HIGH SUM ASSURED
Mode rebate: 2% for yearly mode and 1% for half yearly mode on the tabular premium. There are no rebates for quarterly and SSS modes. For monthly mode, 5% extra will be charged on the tabular premium.

Large Sum Assured Rebate: Rs. 2%o Sum Assured for Sum Assured Rs.1,05,000/- and above. No rebate for Sum Assured up to and including Rs.1,00,000/-. No rebate is available (either made) on the rider premiums.

OPTIONS OF PAYMENT OF PREMIUM

Following premium paying terms are offered:

(i) Single Premium- One Year

(ii) Regular Premium payable during (n-3) Years, where n is the policy term

(iii) Regular Premium payable throughout the policy term

Benefits of Jeevan Anurag:

Death Benefit :
The Sum Assured is payable in a lump sum immediately on death of Life Assured during the policy term. No premiums are payable thereafter. Benefits as per following table are payable in addition:
Table giving prespecified benefits :
Date on which payable Payable Amount
Three years before date of maturity 20% of Sum Assured
Two years before date of maturity 20% of Sum Assured
One year before date of maturity 20% of Sum Assured
On date of maturity 40% of Sum Assured + vested Simple Reversionary Bonuses + Final (Additional) Bonus, if any
Survival Benefits :
Benefits as per above table (giving prespecified benefits) are payable on survival of the policyholder till the end of policy term.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 value is 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 premiums under Basic Plan paid excluding the first year’s premium and the extra premiums, if any. In case of a single premium policy the guaranteed surrender value is 90% of the single premium paid excluding any extra premium.

Corporation’s policy on surrenders :
In practice, the Corporation will pay a Special Surrender Value – which is either equal to or more than 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. This value will depend on the duration for which premiums have been paid and the policy duration at the date of surrender. In some circumstances, in case of early termination of the policy, the surrender value payable may be less than the total premium paid.