Buy LIC Jeevan Anand Policy Online

LIC Jeevan Anand Plan Benefits

Death Benefit

In the unfortunate event of the policy holder’s demise during the policy term, the death benefits will include the Sum Assured on death, vested bonuses, and the Final Bonus declared by LIC. The Sum Assured on Death will be the higher value of either 125% of the Basic Sum Assured or 10 times the annual premium.

Maturity Benefit

In Jeevan Labh, a policyholder needs to pay premium during Premium Paying Term (PPT) and then the policyholder has to wait for completion of Policy Term before receiving maturity amount which is equal to Basic Sum Assured + Simple Reversionary Bonus + Final Addition Bonus (FAB), if any.

Surrender

The LIC Jeevan Labh Plan includes a Surrender Value provision, which allows the insured to receive a percentage of the Premium Amount if they choose to surrender the policy after completing three years of coverage.

Loan

A policyholder becomes eligible for a loan once they have paid the full premium amount for two years and the policy has acquired a surrender value.

Income Tax Benefit

The policy offers a tax benefit wherein the premium deposited, up to Rs 1.5 lakh per financial year, qualifies for exemption under section 80C of the Income Tax Act. Additionally, the maturity amount, which is ten times the annual premium, is also exempt from taxes under section 10(10D).

Profit Participation

LIC Jeevan Labh entitles policyholders to share in the profits of LIC, and the policy accrues Simple Reversionary Bonuses and Final Additional Bonus, which increase the benefits and are declared based on the company’s experience. Simple Reversionary Bonus is provided to the insured either as part of the Death Benefit or the Maturity benefit.

Life Cover:

Upon the demise of the policyholder, the nominee shall be entitled to receive the Sum Assured on death along with any accrued bonuses and final bonus as declared by LIC. By opting for additional premium and opting for riders, the policy holder can also be covered against Accidental Death & Disability and can avail of Term Assurance benefit on his life.

Additional Benefits of LIC Jeevan Labh Plan

Riders

i. Accidental death and disability rider benefit

In the Jeevan Labh Plan by LIC, the accidental death and disability rider provides a lump-sum accidental rider benefit sum assured to the beneficiary upon accidental demise of the insured, alongside the base plan’s death benefit. Likewise, accidental disability entitles the insured to receive the accidental rider benefit sum assured in equal monthly instalments for 10 years, while waiving all current and future premiums.

ii. New Term Assurance Rider

The LIC New Term Assurance Rider can be added to the policy at the start. With this rider, the beneficiary will receive an extra sum assured amount if the policyholder passes away during the policy term. This rider is valid for 35 years or until the policyholder reaches 75 years of age, whichever occurs first.

Bonus

i. Maturity or Death Bonus
The Final Addition Bonus is a bonus amount paid upon the policy’s maturity or in the event of death.

ii. Surrender Bonus
If you choose to surrender the policy before its completion, a portion of the accumulated bonus will be paid to you.