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LIC Jeevan Anand vs. LIC New Jeevan Anand .pdf



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LIC Jeevan Anand vs. LIC New Jeevan Anand
Jeevan Anand by LIC was one amongst the best-selling endowment plans launched by the corporation.
This plan provided a risk cover up to an age of 100 years; even after maturity. Subsequently, LIC made
some changes in the plan and launched it as LIC New Jeevan Anand Policy (Plan No: 815). This policy also
offers dual accidental benefit in the event of death of the policyholder due to an accident up to an age
of 70 years. Given below is a comprehensive comparison of both the variant of the LIC’s Jeevan Anand
Policy in a tabular form:

Criteria
Maturity Benefit

LIC Jeevan Anand
Basic Sum Assured in addition
to Vested Simple Reversionary
Bonus and Final Additional
Bonuses (if any).


Death Benefit


Survival Benefit
Entry Age

In case of death during
the term of the policy:
Basic Sum Assured +
Vested Simple
Reversionary Bonus +
Final Additional
Bonuses
In case of death after
the policy term: Basic
Sum Assured

LIC New Jeevan
Anand
Basic Sum Assured in addition to
Vested Simple Reversionary
Bonus and Final Additional
Bonuses (if any).




In case of death during
the term of the policy:
‘Sum Assured on Death’
+ Vested Simple
Reversionary Bonus +
Final Additional Bonus
In case of death after
the policy term: Basic
Sum Assured

The survival Benefit is the same.

The survival Benefit is the same.

18 years to 65 years

18 years to 50 years

Maturity Age
Policy Term

75 Years (Maximum)

75 Years (Maximum)

5 years to 57 years

15 years to 35 years






Premium Payment
Frequency Option




Basic Sum Assured

Yearly
Half-yearly
Quarterly
Monthly (SSS or ECS)






Yearly
Half-yearly
Quarterly
Monthly (SSS or ECS)



Minimum: Rs. 1,00,000
(only in multiples of Rs.
5,000)
Maximum: No Limit

Minimum: Rs. 1,00,000
Maximum: No Limit


Surrender Value

Obtainable only after successful
completion of one year of the
policy term.




Loan



Obtainable anytime during the
term of the policy as long as all
the previous premiums have
been duly paid.

Obtainable after completion
of 3 years of the policy term

and full payment of the
previous premiums.
The principle amount of the
loan shall not exceed 90 per

cent of Surrender Value if
the policy is in force and
should be less than 85 per
cent of Surrender Value if it
is a paid-up policy;

regardless of the term of the
policy.
Foreclosure act was started
in case of default of two or
more loan interest payment
(half-yearly).

Obtainable after completion
of 3 years of the policy term
and full payment of the
previous premiums.
The maximum principle
amount of the loan shall be a
percentage of the Surrender
Value that depends on the
term of the Policy.
Foreclosure act shall not
take place in case of fully
paid-up and active policies
even in case of default in
payment of loan interest.







Guaranteed Surrender
Value (GSV)




Special Surrender Value
(SSV)



Available post the payment
of premiums for 3 complete
years.
Available post the payment  Guaranteed Surrender Value
of premiums for 3 complete
is a fixed percentage of the
years.
total paid premiums (net of
Guaranteed Surrender Value
taxes) excluding the extra
is equal to 30 per cent of the
premiums and the premiums
total paid premiums minus
paid for riders.
first year’s premium
Following are the GSV
and extra premium.
factors as per the premiums
Cash Value of vested
paid:
bonuses, if any
o 3 year’s premiums = 30%
o 5 year’s premiums = 50%
o P -1 = 80% (P = Policy
Term)


Special Surrender Value is
equal to the
discounted value of Paid-up
Sum Assured along with
vested simple reversionary
bonuses.

The discount factors are the
surrender value factors as
described in the Table 1A
and 2A (whole life) in Special
Surrender Value Booklet and
will be dependent on the
term of the policy and the
term completed since the
beginning of the policy.

Special Surrender Value is
equal to the
discounted value of Paid-up
Sum Assured along with
vested simple reversionary
bonuses.
The discount factors are the
Special surrender value
factors as described in the
Table 1A and 2A (Whole life)
in Special Surrender Value
Booklet and will be
dependent on the term of
the policy and the term
completed since the
beginning of the policy.


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