Life Insurance Corporation of India – LIC has the highest market share in the insurance sector in India with a whopping 70.5 % beating all the other major insurance sector firms. The New Jeevan Anand policy by LIC of India is an insurance plan that provides coverage to the policy bearer for their entire life. Whether the insured dies or survives, the payment of the sum assured is made, so the policy benefits both the policy holder and the nominees or family in financial matters. If the insured dies before their 100th birthday, then the sum assured is paid to their family or the nominee(s) and if the policy bearer lives through their 100th birthday, the sum assured will be paid to them. Bonuses are received in the LIC New Jeevan Anand. A cover is paid out to the family or the nominees of the policy holder even if they die after the completion of the LIC New Jeevan Anand policy insurance pan. If the insured dies after the completion of the policy term, even then the insurance policy pays out the cover. The minimum sum assured that you have to choose is 1 lakh rupees in Indian Currency and there is as such upper limit to what the maximum limit of the sum assured can be.
The LIC New Jeevan Anand plan also offers good tax deductions and tax benefits to the insured under the Income Tax Act’s sections 80 C and 10 (10 D).
The person has to be at the minimum age of 18 years to be able to enter into the LIC New Jeevan Anand plan insurance policy. And the person cannot be entered into the LIC New Jeevan Anand policy after the age of 50 years. The maturity age of this term insurance policy is up to 75 years. The sum assured is set by the company itself and it is 10 times higher than the annual premium being paid for the child insurance policy plan. The LIC New Jeevan Anand plan has a minimum term of 15 years, whereas the maximum tenure of the insurance policy can be a good 35 years. The LIC New Jeevan Anand plan insurance policy has a premium payment term of 15 years to a solid 35 years. You have the choice of choosing the premium mode that you want to pay the premiums in. The options are monthly, half – yearly as well as yearly. You can even choose the frequency by which you will be paying your chosen amount of premiums for the LIC New Jeevan Anand plan.
LIC New Jeevan Anand plan – Premium payments
The LIC New Jeevan Anand policy will allow a grace period of about a thirty days for any premiums that might have not been paid on time and are due to be paid so that the policy can be continued.
The grace period:
A period of 30 days after the date of the premium payment is given to the insured.
If the policy holder fails to pay the premium amount even during the duration of the grace period, the insurance company will lapse the policy.
Lapsed policy revival:
If the LIC New Jeevan Anand plan policy holder pays the premiums which are due within a span of 2 years from the time that the premiums were unpaid, then the insurance policy can be revived and come to action again. The insurance plan will get revived after the payment of all the premiums that were due until this period.
There are some very important documents that are to be submitted to the insurance company when you apply for the New Jeevan Anand insurance policy plan. Failure of submitting these documents will lead to the non – approval of your application for the policy to the insurance company. The insurance company will immediately forfeit or cancel the New Jeevan Anand insurance policy plan in case they find out that you have forged any documents or submitted any false or falsely attested documents or papers. There are some basic documents and papers which are very important and if not submitted, the plan might not be appoved. They are as follows:
- Pan card
- Policy holder’s medical history
- Aadhar card
- Tax details
- Medical diagnosis report
- Proof of address
- Application form or proposal form
- Age proof of the policy holder
What happens when the policy holder dies?
A death benefit is given to the family or the nominees of the policy holder after their death in case it was due to accidental reasons, then an extra benefit is given to the family. After the demise of the insured, the nominees will be paid the amount of the sum assured which is the death benefit of the insurance plan as well as revisionary bonus. After the payment of the death benefit is made, the LIC New Jeevan Anand policy is terminated.
A total of 105 % of all the premiums that were paid till the date of the death of the policy holder are paid to the nominees or the family of the insured after their death. The LIC New Jeevan Anand plan terms suggest that the death benefit will be a 125 % of the sum assured.
If the insured unfortunately dies due to self – harm that is by committing suicide which is within a period of 12 months after the policy had started, then the family or the nominees of the policy bearer will be given or returned about 80 % of the premiums that they had paid up until their suicide. So, a majority of the percentage of the premiums that were invested in the LIC New Jeevan Anand policy will be returned to the kin or nominees of the policy bearer.
All these benefits which the insured and the family or the nominee of the insured gets after the death, before the death when the policy matures and after accidents causing permanent disabilities clearly justifies the tagline of the LIC New Jeevan Anand policy plan which is Zindagi ke saath bhi, zindagi ke baad bhi.