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Jeevan Anand Plan No : 149
Features
Jeevan Anand is a With Profit Assurance Plan. It is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. The plan provides the pre-decided Sum Assured and Bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death.
Special Features
Moderate Premiums
High bonus
High liquidity
Savings oriented.
Premiums are usually payable for the selected term of years or until death if it occurs during the term period.
This POLICY not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
Benefits
Accident Benefit
The double Accident Benefit is available during the premium paying term and thereafter up to age 70. The premium for this has been built into the tabular premium rates. Maximum Accident Cover available under this plan will be Rs 5 lakh (this limit excludes accident benefit taken under other plans).
Premium Stoppage
If payment of premiums ceases after at least THREE years' premiums have been paid, a free paid-up POLICY for a reduced sum assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the POLICY.
Bonus
Is there anything extra payable besides the sum assured at the time of claim settlement? Yes, but only if it is a ‘with profits’ POLICY. Every year the Life Insurance Corporation distributes its surplus among policyholder to ‘with profits’ polices in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of POLICY liabilities.
Rebates for High Sum Assured
Sum Assured Rebates in Tabular Premium per thousand Sum Assured
Less than Rs. 3,00,000 NIL
Rs.3,00,000 and above but less than Rs. 5,00,000 Re. 1.00
Rs.5,00,000 and above but less than Rs. 10,00,000 Rs. 1.50
Rs. 10,00,000 and above Rs. 1.75
In addition to the above, a rebate as per details given below will be available on Sum Assured in excess of Rs. 5 lac reduced by the Accident Benefit availed under this plan earlier.
(e.g.) If Rs. 2 lac Sum Assured has been taken in Jeevan Anand earlier and Rs.5 lac is currently being proposed, then the Total Sum Proposed (including previous POLICY) under Jeevan Anand would be Rs. 7 lac. However, as the Maximum Accident Benefit available under this plan is Rs. 5 lac, this rebate will applicable on the excess of the Total Sum Proposed (Rs. 7 lac) over Rs. 5 lac i.e. Rs. 2 lac.
(e.g) If Rs. 7 lac Sum Assured has been taken earlier and Rs. 7 lac is being proposed now, the Rebate will apply on the full Rs. 7 lac.
Survival Benefits
Sum assured along with all vested bonuses payable at the end of the premium paying term ( Endowment term).
Death Benefits
Sum Assured along with vested bonuses are payable on death during the premium paying term and POLICY ceases. An amount equal to the Sum Assured is payable if death occurs after the premium paying term.
Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with Final Additional Bonus, if any. No Bonus is paid on death after the premium paying term.
POLICY Parameters Min Max
Entry Age 18 65
Sum Assured 1,00,000 No limit
Term 5 57
Mode of Payment Max Maturity Age POLICY loan available
Yly, Hlf Yly, Qtly, Mnthly, SSS 75 Yes
Suitable for Being an endowment assurance + whole life POLICY, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise. The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder's life or in any other way he may think most suitable at that Example
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