LIC JEEVAN ANAND (Table No. 149)
LIC Jeevan Anand is one of the best insurance plan from LIC India. This plan gives life time risk cover and accidental death benefits up to 5 Lacs SUM assured till 70 years of age. Life insured need not to pay additional premium after maturity to continue life cover. This policy is basically a combination of whole life and endowment plan. This is a double profit policy where life insured gets maturity claim amount at the end policy term and later an amount of life cover is given to nominee / legal heirs on death of life insured. The plan gives bonus every year which are added to policy and later given as a part of maturity amount. Risk cover in this policy continues even after end of selected term for lifetime. You can start this policy with a minimum period of 5 years and Rs. 1,00,000 SUM assured.
BENEFITS & FEATURES
Maturity Benefits : On the end of selected term, SUM assured plus the vested bonus in lump sum will be paid.
Death Benefits : Amount of death claim are different for death before policy term and death after policy term.
On Death Before Policy Term: Death benefit before selected policy term will be basic SUM assured along with bonus earned till the time.
On Death After Policy Term: This policy gives life time risk cover so the life insured death at any time after selected policy term will be an amount equal to SUM assured.
On Death Due to Accident: Jeevan Anand plan provides double accidental death benefits up to 5 Lacs SUM assured till 70 years of age. No extra premium will be charged for this feature. In case of permanent disability due to accident, an additional SUM assured will be paid in installments.
Policy Loan : Policy loan feature is available in this plan.
Tax Benefits : Tax benefits on premium under section 80C and maturity under section 10 (10D) as per IT Act 1961.
Surrender Value : Guaranteed surrender value is available in this policy.
Guaranteed Surrender Value : LIC Table 149 is eligible for guaranteed surrender value if policy has been in force for 3 or more years. 30% of the basic premiums paid will be paid as a guaranteed surrender value after excluding the first year premium and extra premium.
Others Benefits : You may avail supplementary / extra benefits by paying extra premium in this plan.
ELIGIBILITY & PREMIUM PAYMENTS
|Minimum / Maximum Age||18 Years - 65 Years|
|Maximum age of maturity (Life Assured)||75 years|
|Minimum / Maximum Term||5 Years – 57 Years|
|Minimum / Maximum Sum Assured||Rs.1,00,000 and more (No upper limit)|
|Premium Payment||Yearly, Half Yearly, Quarterly, Monthly|
Why Jeevan Anand?
Jeevan Anand was first launched in 2002 and the policy has been doing well. Only 5 years of insurance can give you life time risk cover and accidental death benefit at no extra cost. Policy continues even after maturity and apart from SUM assured along with bonuses on maturity, one SUM assured will be given in case of death after maturity. Thus the Jeevan Anand policy pays you double of the sum assured.
This is a with-profit plan which shares corporation business profit. Jeevan Anand policy has been returning very good bonuses. If we look at the bonuses in last 3 years (2010, 11 and 12), it has been Rs 34 to Rs. 47. You can pay premium as per your comfort and avail tax benefits on premium payment as well as maturity received under Income Tax Act 1961.
For instance Mr. Amit is 25 years old. He decides to take Jeevan Anand for SUM assured of Rs. 100,000 for 25 years policy term. Then following will be the maturity and other benefits calculations chart:
His premiums will be: Rs. 4,200.00 Yearly.
Assuming bonus per year Rs. 47 (2011-12 Bonus for 21 years and above term) each year for next 25 years.
Annual Bonus = (100,000 / 1000) * 47 = 47,00
Total bonus (In 25 years) = 47,00 * 25 = 117,500
Total maturity amount after selected term = 100,000 (SUM Assured) + 117,500 (Bonus) = Rs. 217,500
In case of death in 11th policy year: 100,000 (Basic SUM assured) + (47000) Bonus
In case of death after 25 policy years: 100,000 (Basic SUM Assured)
In case of accidental death till 70 years of age: 200,000 (In lump sum, Double of Basic SUM Assured)
In case of permanent disability due to accident till 70 years of age: 200,000 (In installments)
Bonus in Jeevan Anand
Bonus is a part of corporation business profit and LIC India shares it among policy holders (with-profit plans) time to time. In this plan bonus is declared every year with four slab divided policy term wise. Bonus is declared unit per 1000 rupees of SUM assured. Bonus is paid at the end of policy term or earlier in case of death during selected policy term. Here is three years bonus trend.
Note: Above calculation is for illustration purpose only.