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LIC’s NEW JEEVAN ANAND PLAN Plan No. 815 LIC’s NEW JEEVAN ANAND PLAN Plan No. 815.

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Presentation on theme: "LIC’s NEW JEEVAN ANAND PLAN Plan No. 815 LIC’s NEW JEEVAN ANAND PLAN Plan No. 815."— Presentation transcript:

1 LIC’s NEW JEEVAN ANAND PLAN Plan No. 815 LIC’s NEW JEEVAN ANAND PLAN Plan No. 815

2 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 Modification- ‘Sum Assured on Death' instead of BSA No chang e LIC’s New Jeevan Anand Plan– Benefits

3 What is Sum Assured on Death? Sum Assured on Death shall be Higher of ~ 125% of Basic Sum Assured (1.25 x BSA) OR 10 times Annual Premium.(10 x AP). ≈≈≈≈ The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death. [* excluding taxes, extra premiums and premiums for riders, if any ] LIC’s New Jeevan Anand Plan– Benefits

4 Particulars Jeevan Anand Plan No. 149 New Jeevan Anand Plan No. 815 Age at entry18 to 65 years18 to 50 years Age at Maturity Maximum 75 yearsMaximum 75 Years Policy Term5 to 57 years15 to 35 years Premium mode Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) Basic Sum Assured and above ( In multiples of 5000) Maximu m Age at entry reduced. Policy term modified LIC’s New Jeevan Anand Plan– Eligibility Conditions and Restrictions LIC’s New Jeevan Anand Plan– Eligibility Conditions and Restrictions

5 Mode Rebate Plan 149Plan No. 815 Yearly3% of tabular Premium2% of tabular premium Half-yearly1.5% of tabular premium1% of tabular premium QuarterlyNil Plan No 149 Jeevan Anand Plan No. 815 New Jeevan Anand Basic Sum AssuredRebate (Rs.)Basic Sum AssuredRebate (Rs.) 10,00,000 and above1.75‰ BSA10,00,000 and above3.00‰ BSA 5,00,000 to 9,95, ‰ BSA5,00,000 to 9,95, ‰ BSA 3,00,000 to 4,95, ‰ BSA2,00,000 to 4,95, ‰ 1,00,000 to 2,95,000Nil1,00,000 to 1,95,000Nil Slab & Rate modified Rate modified LIC’s New Jeevan Anand Plan– Rebates

6 Jeevan Anand Plan No. 149 New Jeevan Anand Plan No.815 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. The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term, as given in the table below. Foreclosure action was initiated on default of 2 or more half-yearly loan interest installments. Foreclosure action shall not be taken under fully paid-up and inforce policies even if there is a default of loan interest. Policy TermUpto 2324 to 2728 to 3132 to 35 % for inforce policies90%80%70%60% % for Paid-up policies 80%70%60%50% % of loan modified LIC’s New Jeevan Anand Plan– Loan

7 Plan No.149Plan No. 815 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. 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) Cash Value of vested bonuses, if any.GSV factor applicable to vested bonus,if any. Examples of Vested bonus factors – Year of SV – Policy Term – Factor % % % GSV % modified Bonus Payable modified No Change LIC’s New Jeevan Anand Plan– Surrender Value

8 Jeevan Anand Plan No. 149 New Jeevan Ananad Plan 815 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. 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. Surrender Value PayableSurrender Value payable The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable. No change in SSV LIC’s New Jeevan Anand Plan– Surrender Value

9 Jeevan Anand Plan No. 149 New Jeevan Anand Plan No. 815 A Policy may be revived within a period of 5 years from the date of first unpaid premium. A Policy may be revived within a period of 2 years from the date of first unpaid premium. Accident Benefit inbuilt.Accident Benefit as a rider. Taxes, if any, were borne by the corporation. Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules. There shall be no change in the following Items Back Dating Grace Period Paid-up Value Assignment/Nomination LIC’s New Jeevan Anand Plan


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