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LIC New PLans New Jeevan Anand Plan No 815

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7 Jan 2014 | LIC New PLans · LIC Policy · Life insurance

Tags: Jeevan Anand · Jevan Anand 815 · New Jeevan Anand · Plan No 815

· Table No 815

LIC Launches New Jeevan Anand Plan (Table No 815)

A Policy may be revived within a period of 2 years from the date of first unpaid

premium.

Accident Benefit as a rider.

Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder

as per rules.

Maturity Benefit -Basic Sum Assured along with Vested Simple Reversionary Bonuses and

Final Additional Bonus, if Any

Death Benefit -

During the policy term – ‘Sum Assured on Death’ along with Vested Simple Reversionary

Bonuses and Final Additional Bonus, if any.

After expiry of policy term – Basic Sum Assured

What is Sum Assured on Death?

Sum Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA) OR

10 times Annual Premium.(10 x AP).

The death benefit as defined above shall not be less than 105% of total premiums* paid

as on the date of death .

[*excluding taxes, extra premiums and premiums for riders, if any]

Eligibility Conditions and Restrictions

Age at entry - 18 to 50 years

Age at Maturity - Maximum 75 Years

Policy Term - 15 to 35 years

Premium mode – Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS)

Basic Sum Assured - 100000 and above ( In multiples of 5000)

Loan – Available after payment of 3 full years premiums.

The maximum amount of loan that can be granted as a percentage of Surrender Value

shall depend on the Policy Term, as given in the table below.

Foreclosure action shall not be taken under fully paid-up and inforce policies even if there

is a default of loan interest.

Policy Term Upto 23 24 to 27 28 to 31 32 to 35

% for inforce policies 90% 80% 70% 60%

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% for Paid-up policies 80% 70% 60% 50%

Guaranteed Surrender Value (GSV) -Available after payment of 3 full years premiums.

GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium,

if any and premium paid for riders,if opted for.

Examples of GSV factors applicable for total premiums paid

Policy Year ~ GSV factor

3 = 30%

5 = 50%

t -1 = 80% (t=Policy Term)

GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors –

Year of SV – Policy Term – Factor

3 15 17.66%

19 25 20.85%

29 30 30%

Special Surrender Value (SSV) -Surrender Value shall be the discounted value of the

Paid-up Sum Assured and vested simple reversionary bonuses.

The discount factors shall be Special surrender value factors as provided in Table-1A and

2A(Whole life) of the Special Surrender Value Booklet and will depend upon the policy

term and duration elapsed since the commencement of the policy.

Surrender Value payable – The Higher of Guaranteed Surrender Value and Special

Surrender Value shall be payable.

Compare old Jeevan Anand Plan No 149 to New Jeevan Anand Plan No815

Anitha.A

i like jeevan Anand moreReply

Jan 4, 2014 11:28 AM

prakash_dongale@ymail.com

How will be FAB for this Policy?Reply

Jan 15, 2014 12:50 PM

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