Thursday, November 8, 2018

LICI/JA/815/ENGLISH

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New Jeevan Anand (Plan No:815) Details


New Jeevan Anand (Table No: 815) is one of the most sold endowment plans of LIC, which provides Risk Cover even after maturity for life time. Accidental Death and Disability Benefit Rider makes this plan more beneficial as it provides additional amount eqaul to basic sum assured in case of death. This article gives comprehensive deatails of policy and various benefits associated with New Jeevan Anand Plan with help of example.






 
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Plan Parameters

Age of Entry18 to 50 years
Calculate your Age
Premium Paying ModeYearly, Half Yearly, Quarterly, Monthly (ECS Only)
Calculate Premium
Policy Term15 to 35 Years
Basic Sum Assured100000 and above ( in multiple of 5000)
Policy Revivalwithin 2 year
Premium Mode Rebate2% on yearly, 1% on Half Yearly, Nil on Quarterly
LoanAfter 3 years
SurrenderAfter 3 years of full premium payment [ Surrender Value Calculator]

Jeevan Anand (815) Policy with Example

To Illustrate the benefits of New Jeevan Anand, Lets take an example of a person who is purchasing New Jeevan Anand Plan with following details.
Sum Assured (Rs.)5,00,000
Age (Years)25
Policy Term(Years)25
Purchase Year2017
Yearly Premium (Rs.)21,472
Total Paid Premium (Approx)(Rs.)5,36,800
(To know premium and benefits as per your details, please use Premium Calculator and Maturity Calculator for this plan.)
After taking policy as above details, there are two possible cases are, either policy holder survives 25 years policy term or death happens before 25 years.
Case:1 (Maturity Details)
If policy holder survives the policy term (25 years), Maturity will be as under.
Maturity Year2042
Age at Maturity50
Sum Assured (A)500000
Bonus (Approx) (B)837500
Total Maturity (A+B)1337500

Normal Risk Cover continues even after maturity. Following table provides details of year-wise risk cover.
YearAgeNormal Life Cover
2042+50+500000

Case:2 (Death Claim Details)
If death happens during the policy term ( Before 25 years ), 125% of Sum Assured + Bonus + Final Addition Bonus(FAB) is paid to nominee and it is indicated as Normal Life Cover. In case of accidental death, additional amount equal to sum assured is also added death claim amount, the calculation is indicated as Accidental Life Cover. Calculation of year-wise and age-wise death benefits according to accumulated bonus and FAB is illustrated below.
YearAgePremium DepositedNormal Life Cover (Approx)Accidental Life Cover (Approx)Return
20172521,4726,25,00011,25,000--
20182642,9446,55,62511,55,625--
20192764,4166,86,25011,86,250--
20202885,8887,16,87512,16,875--
2021291,07,3607,47,50012,47,500--
2022301,28,8327,78,12512,78,125--
2023311,50,3048,08,75013,08,750--
2024321,71,7768,39,37513,39,375--
2025331,93,2488,70,00013,70,000--
2026342,14,7209,00,62514,00,625--
2027352,36,1929,31,25014,31,250--
2028362,57,6649,61,87514,61,875--
2029372,79,1369,92,50014,92,500--
2030383,00,60810,23,12515,23,125--
2031393,22,08010,53,75015,53,750--
2032403,43,55211,03,12516,03,125--
2033413,65,02411,36,87516,36,875--
2034423,86,49611,73,75016,73,750--
2035434,07,96812,10,62517,10,625--
2036444,29,44012,63,12517,63,125--
2037454,50,91213,00,00018,00,000--
2038464,72,38413,61,87518,61,875--
2039474,93,85614,36,25019,36,250--
2040485,15,32815,16,87520,16,875--
2041495,36,80015,78,75020,78,750--
204250------13,37,500
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