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lic Jeevan Anand 915

LIC Jeevan Anand 915 (UIN No. 512N279V02) is a popular participating non-linked whole life insurance plan offered by reputable insurance companies. It combines the benefits of both endowment and whole life insurance, providing comprehensive coverage and financial protection throughout the policyholder’s lifetime. The plan ensures financial security for the policyholder’s family by offering life coverage until the policyholder reaches the age of 100 years.

Jeevan anand 915
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Eligibility Criteria for LIC Jeevan anand 915

Here’s the eligibility criteria for the LIC Jeevan Anand 915 Policy.

Minimum Entry Age18 years (completed)
Maximum Age at Entry50 years (nearer birthday)
Maximum Maturity Age75 years (nearer birthday)
Minimum Sum AssuredRs. 100000
Maximum Sum AssuredNo Limit
Minimum Policy Term15 Years
Maximum Policy Term35 Years

key features of lic jeevan ANAND 915

The LIC Jeevan Anand 915 plan comes with several significant features that make it a preferred choice among individuals. Here are the key features:

WHOLE LIFE COVERAGE

The plan offers life coverage until the policyholder reaches the age of 100 years, ensuring long-term financial security.

DEATH BENEFIT

In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses and additional benefits.

MATURITY BENEFIT

If the policyholder survives until the end of the policy term, they receive the maturity benefit, which includes the sum assured along with any accrued bonuses and additional benefits.

PARTICIPATION IN PROFITS

Policyholders are eligible to participate in the profits of the insurance company through bonuses declared.

Benefits of LIC jeevan Anand 915 POLICY

LIC Jeevan Anand 915 offers a range of benefits to ensure financial security and flexibility for the policyholder and their family. Some key benefits include:

LIFELONG COVERAGE

The plan provides life coverage until the policyholder reaches the age of 100 years, ensuring extended financial protection.

DEATH BENEFIT

In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses and additional benefits, providing financial support.

MATURITY BENEFIT

If the policyholder survives until the end of the policy term, they receive the maturity benefit, which includes the sum assured along with any accrued bonuses and additional benefits.

BONUSES

Policyholders are eligible to receive bonuses declared by the insurance company, which enhance the overall value of the policy.

LOAN FACILITY

The plan offers the option to avail a loan against the policy’s surrender value, providing liquidity during emergencies.

the Working of LIC Jeevan Anand 915 Plan
PREMIUM CALCULATION

Let us understand this plan with the help of an example:

Mr. Sharma, aged 40, opts for the Jeevan Anand 915 plan with a sum assured of Rs. 20,00,000. He chooses a policy term of 20 years and a premium payment term of 20 years. If he survives until the end of the policy term, he will receive the maturity benefit of Rs. 20,00,000 (sum assured + accrued bonuses + additional benefits). In case of his unfortunate demise during the policy term, his nominee will receive the sum assured along with any accrued bonuses and additional benefits.

Here’s the calculated premium for the First & Second Years

ModePremiumPremium for 1st year (4.5% GST)Premium for 2nd year (2.25% GST)
Yearly606026332961966
Half-Yearly306263200431315
Quarterly154751617115823
Monthly515853905274
MATURITY CALCULATION

If Mr. Sharma survives till the maturity date of the policy, then he shall receive the maturity benefit. Let’s discuss the amount of maturity benefit:

Basic Sum Assured: 1000000Age: 40Term: 20
Death Sum Assured: 1250000AD & DB Sum Assured: 0Term Rider Sum Assured: 0

Death Sum Assured is higher by 125% of Basic Sum assured (1250000) or 7 times of Annualized Premium (424214). So, Death Sum Assured or Sum Assured on Death, in this case, will be 1250000.

MATURITY DETAILS
Sum AssuredBonus (approx.)FAB (approx.)Total (approx.)
1000000820000700001890000

Normal Life Cover is equal to Death Sum Assured + Accumulated Bonus + FAB + Term Rider Sum Assured (If opted).

Accidental Life Cover is equal to Death Sum Assured + Accumulated Bonus + FAB + Basic Sum Assured + Term Rider Sum Assured (If opted).

If we assume death occurs in the year 2033, the total paid premium will be 727224, and the Normal and Accidental Life Covers will be 1701000 and 1701000, accordingly.

riders and add-ons

LIC Jeevan Anand 915 provides policyholders with the option to enhance their coverage by adding riders or additional benefits to the base plan. These riders offer supplementary protection for specific events or circumstances. Common riders include accidental death benefit rider, critical illness rider, and waiver of premium rider. Policyholders can choose the riders based on their individual needs and requirements.

eligibility and application

To be eligible for the Jeevan Anand 915 plan, individuals need to meet certain criteria set by the insurance company. The minimum entry age is 18 years, and the maximum entry age typically ranges from 50 to 65 years, depending on the insurance provider. The policy continues until the policyholder’s demise or the maturity date, whichever occurs earlier. To apply for the plan, individuals need to fill out the application form and undergo the necessary medical and documentation procedures as required by the insurance company.

tax benefits

Section 80C of the Income Tax Act, of 1961 permits tax deductions for premiums paid towards the Jeevan Anand 915 plan. Additionally, the maturity benefit and death benefit received are generally tax-exempt under Section 10(10D) of the Income Tax Act, 1961, subject to prevailing tax laws.

CONCLUSION

LIC Jeevan Anand 915 is a comprehensive life insurance plan that offers lifelong coverage, maturity benefits, and death benefits. By understanding the plan’s features, benefits, and illustrative examples, individuals can make an informed decision about securing their financial future with this policy. It is advisable to assess your specific financial needs, consult with an insurance advisor, and carefully review the terms and conditions of the plan before making a purchase decision.

how does jeevan anand plan work ?

The LIC Jeevan Anand 915 plan works on the principle of providing comprehensive coverage and financial protection. Policyholders need to choose the sum assured, policy term, and premium payment term at the time of policy inception. They need to pay premiums regularly throughout the premium payment term. In the event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with any accrued bonuses and additional benefits. If the policyholder survives until the end of the policy term, they receive the maturity benefit, which includes the sum assured along with any accrued bonuses and additional benefits.

FAQ

Most frequent questions and answers

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LIC Jeevan Anand 915 is a popular life insurance plan offered by a reputed insurance company. It is a non-linked, participating endowment plan that provides life insurance and savings benefits.

LIC Jeevan Anand 915 offers several features, including a death benefit, a maturity benefit, optional riders for enhanced coverage, participation in the company’s profits, and tax benefits.

Jeevan Anand 915 is available to individuals who meet the entry age criteria set by the insurance company. The policy can be purchased by anyone looking for comprehensive life insurance coverage and a savings component.

In the unfortunate event of the policyholder’s demise during the policy term, the death benefit, which is the sum assured, along with any applicable bonuses, is paid to the nominee.

Yes, Jeevan Anand 915 offers a maturity benefit if the policyholder survives till the end of the policy term. The maturity benefit includes the sum assured along with any accrued bonuses.

Yes, Jeevan Anand 915 offers a maturity benefit if the policyholder survives till the end of the policy term. The maturity benefit includes the sum assured along with any accrued bonuses.

Yes, the Jeevan Anand 915 provides additional riders for enhanced coverage. Policyholders can opt for riders such as an accidental death benefit, a critical illness benefit, or a premium waiver benefit, depending on their individual needs.

Yes, under Section 80C of the Income Tax Act of 1961, premiums paid for Jeevan Anand 915 are tax deductible. Additionally, the maturity benefit and any applicable riders’ benefits may also qualify for tax exemptions under Section 10(10D).

It is possible for policyholders to surrender their policies before they mature. However, the surrender value will depend on the policy’s duration and the premium payment terms.

If the premium is not paid within the grace period provided by the insurance company, the policy may lapse and the benefits may cease. It is crucial to ensure timely premium payments to keep the policy active.

To apply for Jeevan Anand 915, you can visit the official website of the insurance company or contact their authorized representatives. They will guide you through the application process, explain the policy’s terms and conditions, and assist you in choosing the appropriate coverage and premium payment options.