New Jeevan Anand

 New Jeevan Anand Table No. 815.

LIC's New Jeevan Anand 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 lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
1. Benefits:
Death benefit :
Provided all due premiums have been paid, the following death benefit shall be paid:
� 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 annualised 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.
� On death of policyholder at any time after policy term: Basic Sum Assured
Benefits payable at the end of Policy Term: 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.

Participation in Profits : The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during policy term provided the policy is in full force.
Final (Additional) Bonus may also be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for certain minimum term.
2. Optional Benefit:
LIC�s Accidental Death and Disability Benefit Rider: LIC�s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

1. Eligibility Conditions and Other Restriction :
For Basic plan
a) Minimum Basic Sum Assured : Rs. 100,000
b) Maximum Basic Sum Assured : No Limit
(The Basic Sum Assured shall be in multiples of Rs. 5000/-)
c) Minimum Age at entry : 18 years (completed)
d) Maximum Age at entry : 50 years (nearest birthday)
e) Maximum Maturity Age : 75 years (nearest birthday)
f) Minimum Policy Term : 15 years
g) Maximum Policy Term : 35 years
For LIC’s Accidental Death and Disability Benefit Rider
a) Minimum Accident Benefit Sum Assured : Rs. 100,000
b) Maximum Accident Benefit Sum Assured :
An amount equal to the Basic Sum assured under the Basic Plan subject to the maximum of Rs.50 lakh overall limit taking all existing policies of the Life Assured under individual as well as group schemes including policies with inbuilt accident benefit taken with Life Insurance Corporation of India and the Accident Benefit Sum Assured under the new proposal into consideration.
(The Accident Benefit Sum Assured shall be in multiples of Rs. 5000/-)
c) Minimum Age at entry : 18 years (completed)
d) Maximum Age at entry : The cover can be opted for at any policy anniversary during the policy term but before the policy anniversary on which the age nearer birthday of the Life Assured is 70 years.
e) Maximum cover ceasing age : 70 years (nearest birthday) or till the end of the Policy
Term, whichever is earlier.
2. Payment of Premiums:
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals (through ECS only or through salary deductions) over the Policy Term.
However, a grace period of one calendar month but not less than 30 days will be allowed for payment of yearly or half-yearly or quarterly premiums and 15 days for monthly premiums.



3. Sample Premium Rates:

Following are some of the sample tabular premium rates (exclusive of service tax) per Rs. 1000/- Basic Sum Assured:


	Policy Term (in years)
Age (in years)	15	25	35
20	79.05	44.30	29.95
30	82.45	46.75	32.30
40	88.20	51.40	37.10
50	97.70	59.65




4. Mode and High S.A. Rebates:

Mode Rebate:
Yearly mode - 2% of Tabular Premium
Half-yearly mode - 1% of Tabular premium
Quarterly & Monthly mode - NIL

High Sum Assured Rebate:
Basic Sum Assured (B.S.A) Rebate (Rs.)
1, 00,000 to 1, 95,000 - Nil
2, 00,000 to 4, 95,000 - 1.50%o B.S.A.
5, 00,000 and 9, 95,000 - 2.50%o B.S.A.
10, 00,000 and above - 3.00%o B.S.A.
5. Revival:
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of 2 consecutive years from the date of first unpaid premium but before the end of policy term on payment of all the arrears of premium together with interest (compounding half-yearly) at such rate as fixed by the Corporation from time to time, subject to submission of satisfactory evidence of continued insurability.
The Corporation reserves the right to accept at original terms, accept at revised terms or decline the revival of a discontinued policy. The revival of discontinued policy shall take effect only after the same is approved by the Corporation and is specifically communicated to the Policyholder.
Revival of rider(s), if opted for, will be considered along with revival of the basic policy and not in isolation.
6. Paid-up Value :
If at least three full years’ premiums have been paid and any subsequent premiums be not duly paid, this policy shall not be wholly void, but shall continue as a paid-up policy. The Basic Sum Assured under the policy shall be reduced to such a sum, called Paid-up Sum Assured and shall bear the same ratio to the Basic Sum Assured as the premiums paid bears to the total number of premiums payable i.e. Basic Sum Assured *(number of premiums paid / number of premiums payable).
This Paid-up Sum Assured along with vested simple reversionary bonuses, if any, is payable on the expiry of policy term or in case of prior death. The reversionary bonuses already accrued to the policy as on the date of paid-up will remain attached to the policy. A paid-up policy will not accrue any further bonuses. In case of death after the policy term Paid-up Sum Assured will be paid.
Rider(s) do not acquire any paid-up value and the rider benefits cease to apply, if policy is in lapsed condition.

8. Policy 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.
9. Taxes:
Taxes including Service Tax, if any, shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.
The amount of tax as per the prevailing rates shall be payable by the Policyholder on premiums including extra premiums, if any. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.
10. Cooling-off period :
If the Policyholder is not satisfied with the “Terms and Conditions” of the policy may be returned to us within 15 days from the date of receipt of the policy bond stating the reasons of objections. On receipt of the same the Corporation shall cancel the policy and return the amount of premium deposited after deducting the proportionate risk premium (for basic plan and rider(s), if any) for the period on cover, expenses incurred on medical examination, special reports, if any and stamp duty.

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