LIC New Jeevan Anand Plan 815 is a With-Profits Assurance Plan which was introduced on 8th Jan 2014. LIC Jeevan Anand 815 is a combination of Whole life assurance and Endowment Plan, where the premium has to be paid regularly during the selected policy period. 512N279V01 is the UIN (Unique Identification Number) for LIC New Jeevan Anand Policy which is quoted in all relevant documents furnished to the policyholders. It provides many profits and benefits to the policyholder. The benefits, eligibility and other details of LIC Jeevan Anand Plan are provided below.
LIC New Jeevan Anand Plan Benefits and Features
If the policy pay all the due premiums then the death benefit on death of the policyholder during the policy term is
Death Benefit = “Sum Assured on Death” + vested Simple Reversionary Bonuses + Final Additional bonus, if any
Where ‘Sum Assured on Death’ is defined as 10 times of annualized premium or higher of 125% of Basic Sum Assured. This benefit shall not be less than 105% of total premiums paid as on date of death. Where all these premiums exclude extra premium, service tax and rider premiums, if any.
On death of policyholder after expiry of the policy Term
Death Benefit = Basic Sum Assured
Maturity Benefit: If the policy pay all the due premiums then the maturity benefit On survival of the policyholder till the end of the policy term is
Maturity Benefit = Basic Sum Assured + vested simple reversionary bonuses + Final Additional bonus, if any.
- LIC New Jeevan Anand Policy (Plan 815) is a combination of Whole life assurance and Endowment Plan. The policyholer can pay the premium regularly during the selected policy period.
- It provides optional benefit namely LIC Accidental Death and Disability Benefit Rider.
- The Modes of premium payment are Yearly, Half-Yearly, Quarterly, and Monthly (ECS only or through Salary Deductions).
- Grace Period:
- For premium payment of yearly or half-yearly or quarterly the Grace Period is allowed for one calendar month but not less than 30 days.
- For premium payment of monthly mode, 15 days grace period is allowed.
- Surrender Value: If you successfully pay premium for the 3 consecutive years, you can surrender the LIC New Jeevan Anand Plan 815 at any time during the policy period,
- Rebate is available on large sum assured.
- Loan: After paying the premium for 3 full years, a policyholder can avail the Loan Facility under this plan.
LIC New Jeevan Anand Policy (Plan 815) Eligibility Conditions
The eligibility conditions for a basic plan is as follows.
|Minimum Entry Age for a Policy Holder||18 Years (Completed)|
|Maximum Entry Age for a Policy Holder||50 Years (nearest birthday)|
|Maximum Maturity Age||75 Years (nearest birthday)|
|Minimum Policy Term||12 Years|
|Maximum Policy Term||35 Years|
|Minimum Basic Sum Assured||Rs. 1,00,000/-|
|Maximum Basic Sum Assured||No Limit|
Note: The Basic SA (Sum Assured) shall be in multiples of Rs. 5,000/-. Nearest Birth is the Entry age for the policyholder except for the minimum entry age (18 years).
Lic Jeevan Anand Policy (Plan 815) Riders – Optional Benefit
- With the payment of additional premium, you can get the optional rider under LIC New Jeevan Anand Policy namely LIC Accidental Death and Disability Benefit Rider.
- If there are more than one policy and if the accident benefit exceeds total Rs. 50 Lakhs, then the benefits shall apply to the first 50 Lakhs Sum Assured.
- On the death of a life assured due to the accident, an additional amount equal to Accident Benefit Sum assured is payable along with the death benefit, provided the rider (optional benefit) is in force at the time of the accident.
- On accidental permanent disability of a life assured (within 180 days from the date of accident), an amount equal to Accident Benefit Sum assured will be paid in equal monthly installments spread over 10 years and future premiums will be waived off.
ELIGIBILITY FOR ACCIDENT AND DISABILITY BENEFIT RIDER
|Minimum Age of Entry for a Policy Holder||18 Years (Completed)|
|Maximum Age of Entry for a Policy Holder||70 Years (nearest birthday)|
|Maximum Cover Ceasing Age||70 Years (nearest birthday) or till the end of the policy period, whichever is earlier.|
|Minimum Accident Benefit Sum Assured||Rs. 1,00,000/-|
|Maximum Accident Benefit Sum Assured||An amount equal to the Sum Assured under the Basic Plan subject to the maximum of Rs. 50 lakh Accident Benefit Sum Assured taking all existing policies.|
LIC New Jeevan Anand Premium Calculator
With the help of LIC Premium Calculator, you can easily calculate the Premium amount, Maturity Benefit, Death Benefit, Rider, Loan and other factors of LIC Jeevan Anand Plan 815. To calculate the premium amount, maturity, etc. you need to enter some values such as Policy period, Age and Sum assured in the LIC New Jeevan Anand Calculator.
LIC Jeevan Anand (815) Rebates
For the basic LIC New Jeevan Anand Policy (plan 815), three rebates are available. They are,
- Mode Rebate
- Sum assured Rebate
- CEIS Rebate
|Yearly mode||2% of tabular premium|
|Half-yearly mode||1% of tabular premium|
|Quarterly and Monthly Mode||Nil|
HIGH BASIC SUM ASSURED REBATE
|Basic Sum assured||Rebate|
|Rs. 1,00,000/- to Rs. 1,95,000/-||NIL|
|Rs. 2,00,000/- to Rs. 4,95,000/-||1.50 % Basic Sum Assured|
|Rs. 5,00,000/- to Rs. 9,95,000/-||2.50 % Basic Sum Assured|
|Rs. 10,00,000/- and above||3.00 % Basic Sum Assured|
LIC New Jeevan Plan completed under CEIS (Corporations Employee Insurance Scheme) will be eligible for this CEIS Rebate of 10 percent of a tabular premium for Basic Plan as well as AD&DB (Additional Death and Disability Benefit) Rider Premium.
Jeevan Anand LIC Plan Buying Procedure
To buy this LIC New Jeevan Anand 815 Plan, you need to visit the nearest LIC Branch or LIC official website. Buying or paying premium through online is the easier way than doing it offline. The required documents to buy a fresh policy are
- Application form/Proposal form along with the photo.
- Address proof
- Age proof
- Medical reports (if required)
LIC Jeevan Anand 815 Claim Procedure
Also, for claiming Jeevan Anand LIC Policy 815, you may visit the nearest LIC Branch or LIC official website. Claiming for a benefit through online is the easier way than doing it offline. In the case of the death of a policyholder within the policy period, then you can make a death claim. On survival of the policyholder till the end of the policy term, then you can make the Maturity Claim. The documents required for LIC Jeevan Anand 815 Claim Process are
- Claim form as prescribed by the Corporation.
- Original Policy Document.
- NEFT Mandate Form: This is for direct credit of claim amount to the bank account.
- Proof of title.
- Proof of Death.
- Proof of accident/disability.
- Medical treatment prior to the death.
- School/College/Employer’s Certificate.
- Proof of age of the life assured: This is in case age is not admitted under the policy.
- Discharge Form
- Original Policy Document
- NEFT Mandate Form
- Proof of age of the life assured: This is in case age is not admitted under the policy.
- Paid-up Value: If you have paid at least 3 years premium and any subsequent premiums have not been duly paid, then this policy shall not be wholly void, but shall subsist as a Paid-up policy.
- Paid-up Value = Basic Sum assured x (No. of premiums paid/ Total no. of premiums payable)
- Revivals: If you have not paid any premiums within the grace period, then the policy will lapse. That lapsed policy may be revived during the lifetime of the policyholder, but within a period of 2 consecutive years from the date of first unpaid premium and before the maturity date.
- Suicide Clause: If the life insured commits suicide at any time within 12 months from the commencement of risk, then the company will not allow any claim under this LIC New Jeevan Anand 815 Plan. If the policyholder committed suicide for any reason within the 12 months of the date of commencement of risk or from the date of revival. The nominees will get the 80% of the premium paid till the date excluding any taxes and extra premium(if any).
- Taxes: Taxes including Service Tax (if any) shall be applicable as per the Tax Laws.
Some more Information on LIC Jeevan Anand Endowment Plan
- Cooling-Off Period: You may return the policy to the corporation within 15 days from the date of receipt of the policy in case of dissatisfaction with policy conditions and terms.
- Back-Dating Interest: The policyholder can backdate the policy within the same FY (financial year). Back-dating interest as applicable at the time of policy completion. The charges will be applicable for the period in excess of 1 month.
- Policy Stamping: Policy Stamping Charges = 20 paise per 1000 of Basic Sum Assured under this LIC Jeevan Anand Endowment Plan.
- Assignments/Nominations: As per section 39 of Insurance Act, 1938, at the proposal stage a nomination can be made in the policy . As per section 38 of Insurance Act, 1938, on a subsequent assignment, the notice of assignment or change of nomination should submit to the corporation for registration.
- Proposal Form: Proposal Form Number 300 may be used under this LIC New Jeevan Anand Plan 815, which is subject to change.
Frequently Asked Questions (FAQs)
What is GSV?
Guaranteed Surrender Value:
Guaranteed Surrender Value = Percentage (Total Premiums Paid – Extra Premiums and Premiums paid for riders)
What is Special Surrender Value?
Special Surrender Value:
Special Surrender Value = Discounted Value (Paid-Up Sum Assured + Vested Simple Reversionary Bonuses)
What are the conditions to avail Loan Facility?
The conditions to avail Loan Facility are,
The maximum loan that we aill get as a % of Surrender Value for various policy terms is:
|Policy Term||% for in force policies||% for paid-up policies|
|Up to 23||90%||80%|
|24 to 27||80%||70%|
|28 to 31||70%||60%|
|32 to 35||60%||50%|
What happens if the fraud or misrepresentation is done?
As per Section 45 of the Insurance Act, 1938, in the case of fraud or misrepresentation, the corporation will cancel the the Jeevan Anand Policy by paying the surrender value.