The New Jeevan Anand policy by LIC is an insurance policy which provides coverage for the entire life of the person who is insured. Regardless of whether the insured dies or survives, the payment of the sum assured is made, so the policy benefits in either way. If the policy holder dies before celebrating through their 100th birthday, then the sum assured is paid to their family or the nominee(s) so that they can sustain their daily lives. If the policy bearer amazingly celebrates their 100th birthday, the sum assured of the plan will be paid to them which is one of the most securing and amazing birthday gifts for a 100 year old person. An amount of INR 1 lakh can be the minimum sum assured that one can choose for the LIC New Jeevan Anand policy and there is no upper limit to what the maximum limit of the sum assured can be. Bonuses are received in the LIC New Jeevan Anand. If the insured dies after the completion of the policy term, even then the insurance policy pays out the cover.
Provide correct information
LIC of India can forfeit your New Jeevan Anand insurance policy in certain cases. If the insurance company finds out that you have given out any wrong information regarding your details while entering into the LIC new Jeevan anand insurance plan, then it has the powers to forfeit your insurance plan. Forfeiture happens in case you have deceived or mislead the insurance agents or the company or have not submitted the correct documents.
To avoid forfeiture, make sure that you do not provide any false information or untrue information or any false documents during the conception of the insurance policy. In any such cases, the LIC insurance company will cancel the New Jeevan Anand insurance plan on immediate basis and pay off the surrender value which is applicable. Companies have the right to cancel your insurance policy if anything deceiving or false are found. This is possible under the Insurance Act’s Section 45, 1938. So, be very careful while providing your information to the company.
There are various documents that a potential lic policy holder needs to submit to the insurance company in order to avail the LIC new Jeevan anand insurance policy. The insurance policy will only get approved if all these documents are submitted accordingly, on time and correctly and no false documents will be submitted. Failure of the submission of these documents might lead to the non – approval of the LIC new Jeevan anand insurance policy.
The basic and important documents to be given before getting the insurance policy are:
- The medical history of the insured
- Aadhar card
- Tax details
- Proof of address
- Pan card
- Application form or proposal form
- Age proof of the policy holder
- The required report of medical diagnosis
Accidental death benefit
The LIC New Jeevan Anand insurance plan offers accidental disability and death benefit rider which is an optional cover. An additional premium has to be paid to avail the accidental disability and death benefit rider during the term of the insurance policy. Under the basic plan, in case of the unfortunate death of the policy bearer, the sum assured which was accrued with all the premiums paid will be paid to the nominees or the family of the policy holder in lump sum after the death and after the claim has been made. Now, many times, in accidents, a person can get so gravely injured that they become disabled are not able to function enough to earn their livelihood or provide for their family. In such cases, the amount of the sum assured is paid to the family and the insured over a period of 10 year with equal installments every month. This ensures that the family is getting a regular income as the policy holder who might also be the sole bread earner of the family is permanently disabled. This amount is equal to the sum assured of the accident benefit rider policy. The future premiums for this rider’s sum assured and the premiums to be paid for the basic main insurance policy’s sum assured are waived by the LIC insurance company’s policy.
If the LIC New Jeevan Anand insurance plan was renewed and the insured demises after the renewal, then the insurance company will give 80 % of the premiums that were paid up by the policy bearer before their death.
If the policy holder commits suicide within the period of 12 months after the start of the LIC New Jeevan Anand insurance plan, then the insurance company will return the family or the nominees of the with 80 % of the premiums that the policy bearer had already paid up before their unfortunate death.
Features of the LIC New Jeevan Anand insurance policy
The LIC New Jeevan Anand insurance policy has a premium payment term of 15 years to a solid 35 years. The maturity age of the LIC New Jeevan Anand insurance plan is up to 75 years. The sum assured is set by the company itself and it is 10 times higher than the annual premium being paid for the child insurance policy plan. The policy has a minimum tenure of 15 years, whereas the maximum term of the LIC New Jeevan Anand insurance plan can be a decent 35 years. You have the choice of choosing the premium mode that you want to pay the premiums in. The options are monthly, half – yearly as well as yearly. For a person to enter into the LIC New Jeevan Anand insurance plan, they have to be at the minimum age of 18 years and the person cannot be entered into the LIC New Jeevan Anand plan after the age of 50 years.
Buy the LIC New Jeevan Anand plan to ensure the financial safety of you as well as your family with easy premiums and the best benefits that the plan will give you.