Product Summary:
·
LIC New Jeevan Anand (815) Plan is a
participating non-linked plan which offers an attractive combination of
protection and savings.
·
This combination provides financial protection
against death throughout the lifetime of the policyholder with the provision of
payment of lump sum at the end of the selected policy term in case of his or
her survival.
Premium Payment Mode: Yearly, Half Yearly, Quarterly,
Monthly (ECS)
Term: 15 to 35 years
Minimum Entry Age:
18 Year Completed
Maximum Entry Age: 50 Year (Nearest
Birthday)
Maximum Maturity Age: 75 Year
Minimum Sum Assured: 1,00,000
Maximum Sum Assured: NO LIMIT (Depending upon Income)
Maximum Accidental Death and
Disability Benefit Rider up to age 70.
Policy Benefits:
·
On Death: Provided all
due premiums have been paid, the following death benefit shall be paid:
o
On Death
during the policy term:
§
Death benefit, defined as sum of “Sum Assured on
Death “and vested Simple Reversionary Bonuses and Final Additional bonus, if
any, shall be payable. Where, “Sum Assured on Death” is defined as higher of
125% of Basic Sum Assured or 10 times of annualized premium.
§
This death benefit shall not be less than 105%
of all the premiums paid as on date of death. The premiums mentioned above
exclude service tax, extra premium and rider premiums, if any.
o
On death
of policyholder at any time after policy term:
§
Basic Sum Assured.
On Survival:
·
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.
Surrendered Value:
• The policy can be surrendered
for cash provided at least three full years premiums have been paid.
·
The Guaranteed Surrender value during policy
term shall be a percentage of total premiums paid (net of service tax)
excluding extra premiums and premiums for riders, if opted for.
·
This percentage will depend on the policy term
and policy year in which the policy is surrendered
Loan:
• Loan can be availed under the
policy provided the policy has acquired a surrender value and subject to the
terms and conditions as the company may specify from time to time.
Income Tax Benefit:
• Premium paid under this plan is
eligible for TAX rebate under section 80c.
• Maturity under this plan is free
under sec 10(10D).
Proposal Form: 300 shall be used under this plan.
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