Life Insurance Corporation (LIC) of India, the country’s largest life insurance company, offers various term and endowment insurance products as well as pension plans. One such insurance product offered by LIC, the New Jeevan Anand Plan, provides financial protection against death with the provision of payment of lumpsum at the end of the selected policy term in case of survival, according to LIC’s website.
Here are some of the details about the LIC New Jeevan Anand Policy plan, such as eligibility criteria, premium and benefits:
LIC New Jeevan Anand Policy can be purchased by any individual in the age group of 18 and 50 years for a minimum sum assured of Rs. 1 lakh. There is no upper limit applicable to the sum assured under the New Jeevan Anand Policy.
The LIC New Jeevan Anand plan comes with a policy term of a minimum 15 years and maximum 35 years. A maximum maturity age of 75 years is applicable, according to the insurance major.
Here are the sample premium rates per Rs. 1,000 for the basic sum assured:
|Policy Term (in years)|
|Age (in years)||15||25||35|
Premiums can be paid at yearly, half-yearly, quarterly or monthly intervals (through ECS or salary deductions) over the policy term, according to the LIC website.
A lapsed policy can be revived within a period of two consecutive years from the date of first unpaid premium but before the end of policy term on payment of all the arrears of premium together with interest, according to the LIC website.