LIC New Jeevan Anand

New Jeevan Anand (Table 815) provides insurance cover for entire life of the insured
person. In this plan, Sum assured with accured bonus and Final Additional Bonus will
be paid back at the end of the policy term. But the policy will continue till the death of
the life insured or they complete 100 yrs of age, whichever occurs earlier.
If the insured person survives till his 100th age, a sum assured will be provided to him
at the end of his 100th age. If the insured person expires before the completion of his
100th age, a Sum assured will be paid to the nominee. So it provides a risk coverage
throughout the life of the insured person.
An Accidental Death Benefit rider is available with payment of Rs.100/- per 1 Lakh
sum assured per year. This is an optional rider, which if opted, twice the sum assured
will be paid to the nominee in case of any accidental death.
Service Tax is applicable on the premium paid for this policy, at the rate of 3.09% for
the 1st year premium and 1.545% from 2nd year onwards.

Policy terms and conditions

Premium Policy terms and premium paying terms
This policy can issue for terms 15 to 35 years only. Still you can choose life insurance coverage
period of your age between 18 years to 75 years.
Premium paying terms for this plan are 15 years to 35 years. Premium is payable throughout the
selected terms or payable up to earlier death. You can choose premium paying mode as per
your convenience like, payable yearly, half-yearly, quarterly, monthly or through salary
deductions.

Bonus
Bonus Every year the Life Insurance Corporation distributes its surplus among policyholder to
with profits polices in the form of bonuses. Bonus is the amount which LIC pay you extra
besides the sum assured. Bonus is payable at the time of Maturity, or at death or at accidental
death. In case of death bonus is paid to nominee.
For this plan bonus is payable to survival at the time of maturity.
For survival If premium is paid for 15 years or more, final additional bonus is also given.
In case of death, basic sum assured plus bonus is paid to nominee.
In case of death, If premium is paid for 15 years or more, final additional bonus is also paid to
nominee.

Surrender Value
When a policyholder wishes to encase his policy due to urgent need of cash he returns back the
policy before the expiry of policy period. This is called surrender of policy. Policies can be
surrendered provided it is kept in force for at least 3 years.
Special surrender value is also paid to those policies that paid premium for terms of 56 years
and 57 years. Also Special surrender value will be paid to policies if they are surrendered during
the last year of endowment term since discounted value is being quoted during the last year.
HINT: IF YOU PAID PREMIUM FOR CONTINUOUS 3 YEAR THEN YOU CAN SURRENDER YOUR
POLICY. PLUS BONUS IS ALSO ADDED TO SURRENDER VALUE.

Paid-up value
If payment of the premiums ceases after at least three years premium have been paid, a free
paid-up policy for an amount bearing the same proportion to the sum assured as the number of
premium actually paid bears to the number of stipulated for in policy, will be automatically
secured, provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs
250/Such reduced paid-up policy will not be entitled to participate in the profits declared thereafter,
but such bonus as has already been declared on the policy will be remain attached thereto.

FREE
INSURANCE
INSURANCE POLICY MATURITY YEARLY HALF YLY
QLY
MLY
After
AGE COVERAGE TERM AMOUNT PREMIUM PREMIUM PREMIUM PREMIUM Maturity
21

500000

21

1054000

25882

13077

6606

2202

500000

22

500000

21

1054000

26004

13139

6638

2213

500000

23

500000

21

1054000

26102

13188

6663

2221

500000

24

500000

21

1054000

26225

13250

6694

2232

500000

25

500000

21

1054000

26347

13312

6725

2242

500000

26

500000

21

1054000

26494

13386

6763

2255

500000

27

500000

21

1054000

26641

13461

6800

2267

500000

28

500000

21

1054000

26788

13535

6838

2280

500000

29

500000

21

1054000

26935

13609

6875

2292

500000

30

500000

21

1054000

27107

13696

6919

2307

500000

31

500000

21

1054000

27278

13782

6963

2321

500000

32

500000

21

1054000

27474

13881

7013

2338

500000

33

500000

21

1054000

27670

13980

7063

2355

500000

34

500000

21

1054000

27866

14079

7113

2371

500000

35

500000
21
1054000 28111
14203
7175
2392
500000
Service Tax is applicable on the premium paid for this policy, at the rate of 3.09% for the
1st year premium and 1.545% from 2nd year onwards.