LIC Launches New Jeevan Anand Plan (Table No. 815). As per the rule of IRDA most of the LIC plans are revised.Call us on 93 600 80 622 or kspgeetha@yahoo.co.in for more details
Below are the list of changes done in new Jeevan Anand Plan (Table No. 815) compared to old Jeevan Anand Plan (Table No. 149).
| Jeevan Anand (Plan No. 149) | New Jeevan Anand (Plan No. 815) |
| Maturity Benefit | Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any. | Basic Sum Assured along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if Any |
Death Benefit
| During the policy term - Basic Sum Assured(BSA) along with Vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
After expiry of policy term - Basic Sum Assured | 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 |
| Survival Benefit | No Change | No Change |
| Age at entry | 18 to 65 years | 18 to 50 years |
| Age at Maturity | Maximum 75 Years | Maximum 75 Years |
| Policy Term | 5 to 57 years | 15 to 35 years |
| Premium mode | Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) | Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) |
| Basic Sum Assured | 100000 and above | 100000 and above ( In multiples of 5000) |
| Surrender Value | Available after completion of 1 year. | Available at any time during the policy term subject to realisation of the premium cheque. |
| Loan |
- Available after payment of 3 full years premiums.
- Loan granted shall be 90% of the Surrender Value in case of inforce policies and 85% of the Surrender Value in case of Paid-up policies irrespective of the policy term.
- Foreclosure action was initiated on default of 2 or more half-yearly loan interest installments.
|
- 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.
- Foreclosure action shall not be taken under fully paid-up and inforce policies even if there is a default of loan interest.
|
| Guaranteed Surrender Value (GSV) |
- Available after payment of 3 full years premiums.
- GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any
- Cash Value of vested bonuses, if any
|
- 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)
|
| 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 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.
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- 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.
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| Other Changes |
- A Policy may be revived within a period of 5 years from the date of first unpaid premium.
- Accident Benefit inbuilt.
- Taxes, if any , were borne by the corporation.
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- 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.
|
| NO Changes in |
- Back Dating
- Grace Period
- Paid-up Value
- Assignment/Nomination
|
- Back Dating
- Grace Period
- Paid-up Value
- Assignment/Nomination
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