LIC Jeevan Anand Policy

Key Details of LIC Jeevan Anand in a Feature Table

Documents Required for Jeevan Anand Policy

A duly filled form along with the following documents are to be submitted at the time of application:

1. Proof of residence
2. Age proof
3. KYC documents such as copy of Aadhaar card, PAN card, etc.
4. Medical test reports
5. Other necessary documents specified by LIC

How to File a Death Claim Under LIC Jeevan Anand Policy

To make a death claim, the nominee shall have to produce the following documents along with the claim form:

1. Original policy documents
2. Documents pertaining to riders
3. Bank account details
4. Death certificate
5. Treatment records of the policyholder (if any)

LIC Jeevan Anand Policy Benefit Illustration (15 Years)

Let's consider the following details for illustration of how the Jeevan Anand policy works:

Age of the policyholder: 25 years

Policy Term: 25 years

Yearly Premium: Rs.21,472

Total Premium Paid: Rs.5,36,800

Year of purchase: 2014

Scenario 1:

Let's assume that the policyholder survives the policy term, in which case the benefits will be paid as under:

Scenario 2:

If the individual expires before completion of the policy term, his nominee will be eligible for 125% of the Sum Assured, reversionary bonuses, and final additional bonuses. If the individual dies due to an accident, then additional benefits equal to the minimum sum assured is added to the claim amount. The below table illustrates the approximate values of sum assured and associated accidental life cover:

Free Look Period in LIC Jeevan Anand Policy

The look in period is a provision whereby customers can cancel the policy within a specific time after its purchase. Jeevan Anand policy provides a free look period of 15 days, provided no claims have been made by the policyholder.

Surrender Benefits of LIC Jeevan Anand Policy

The policy attains its surrender value only after completion of 3 full premium years. The amount paid to the policyholder while surrendering the policy will be a percentage of the total premiums paid, and it will be exclusive of the premiums for riders. However, the guaranteed surrender value will be inclusive of simple reversionary bonuses.

Grace Period for LIC Jeevan Anand Policy

The policy allows a grace period of 30 days for payment of outstanding premium amount, after which the policy will lapse. But it can be revived within 2 years from the date of last unpaid premium by clearing all dues and applicable penalty charges.

Policy Exclusions in LIC Jeevan Anand Plan

If the policyholder commits suicide within 12 months of commencement of the plan, then LIC is not liable to pay any of the assured benefits. But the nominees will be paid a sum equal to 80% of the premiums paid. In case policyholder commits suicide after completion of 1 year from the date of policy inception, then the beneficiary will receive a sum higher than 80% of the premiums paid.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017