If you’re looking for an endowment that offers all the benefits of a whole life policy, then LIC Jeevan Anand plan 149 may be the right choice. Jeevan Anand (Plan-149) provides a bonus facility.
This type of Double Death Benefit Plan guarantees the insured person developed benefits if they survive to the maturity date. This arrangement offers a high reward rate and a normal premium. It also has phenomenal liquidity features.
Explore the points of interest at LIC New Jeevan Anand to learn how you can benefit from the policy’s terms and conditions in the long term.
The plan provides that the insured person receives the total amount as well as the maturity benefit. However, it is important to remember that the life insurance chosen is valid until the insured’s death. When the life-insured person dies, the additional assured sum will be paid. This clarifies why the LIC Jeevan Anand Policy can be used as both an endowment and a whole-life plan.
LIC Jeevan Anand – Product Specification
Entry Age 18-50 Years
Mature Age – Up to 75 Years
Premium Frequency – Yearly/Half-yearly/Quarterly/Monthly
Policy Term – 15-35 Years
Grace Period for LIC Jeevan Anand
For payment of premiums, a grace period of 30 calendar days is permitted. If the premium payment is delayed by the insured, the grace period is 30 days.
The policy will be canceled if he does not pay within the grace period.
The insurance holder can pay the premium within 2 years of the due date for the first unpaid premium. He can also revive the LIC New Jeevan Anand Plan that has been lapsed by paying all due premiums during this time.
No Cost Look Period
Is your Jeevan Anand plan not meeting your needs?
Policyholders have a free cancellation option that allows them to cancel their plan within 15 days after its inception provided no claims have been filed.
Surrender or Termination of a Policy
After 3 policy years are completed, insurance is charged with surrender value benefits.
The insurance plan also offers loan benefits under which the policyholder can borrow against his policy.
If the policyholder dies within twelve months after the policy was incepted, 80 percent of all premiums will be returned to the nominee.
In the event of death following a plan renewal, the higher of the 80% premiums or the acquired surrender value shall apply.
Documents that are required to be covered under this plan will depend on the amount of the insurance policy and the premiums. Here are the essential documents that you will need to be insured under the LIC policies.
- Additional KYC documents include PAN Card and Aadhaar Card as well as Tax Details.
- Age proof
- Address proof
- Medical History
- Required Medical Diagnosis Reports
- Filled in Application/Proposal forms