LIC’s New Jeevan Anand is a life insurance plan with a blend of protection and savings. It offers financial security to the family in case of the policyholder’s death and a lump sum amount at the end of the policy term upon survival.

Key features:

• Eligibility:

  • Age: 18 to 50 years
  • Policy Term: 15 to 35 years
  • Basic Sum Assured: ₹1 lakh to no limit

• Benefits:

  • Death Benefit: Payable if the policyholder dies during the policy term. The amount depends on the policy term and premiums paid.
  • Maturity Benefit: Payable if the policyholder survives the policy term. It includes the Basic Sum Assured and vested Simple Reversionary Bonuses and Final Additional Bonus, if any.
  • Lifelong continued cover even after maturity.

• Options:

  • Riders: Offers various riders like Accidental Death and Disability Benefit, Accident Benefit, New Term Assurance, and New Critical Illness Benefit.
  • Settlement Option: Allows the policyholder to receive the Maturity Benefit in installments over 5, 10, or 15 years.
  • Option to take Death Benefit in installments over 5, 10, or 15 years.

• Additional features:

  • Premium Payment: Yearly, half-yearly, quarterly, or monthly.
  • Grace Period: 30 days for yearly, half-yearly, and quarterly premiums; 15 days for monthly premiums.
  • Revival: A lapsed policy can be revived within five years.
  • Paid-up Policy: If premiums are not paid after two years, the policy continues as a paid-up policy with reduced benefits.
  • Surrender: The policy can be surrendered after two years.
  • Policy Loan: Available after two years’ premiums have been paid.