LIC’s New Jeevan Anand Plan is a participating non-linked plan which offers an attractive combination of protection and savings. This combination provides financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum at the end of the selected policy term in case of his/her survival. This plan also takes care of liquidity needs through its loan facility.
Death benefit :
Provided all due premiums have been paid, the following death benefit shall be paid:
· On Death during the policy term: Death benefit, defined as sum of “Sum Assured on Death” and vested Simple Reversionary Bonuses and Final Additional bonus, if any, shall be payable. Where, “Sum Assured on Death” is defined as higher of 125% of Basic Sum Assured or 10 times of annualised premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death.
The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
· On death of policyholder at any time after policy term: Basic Sum Assured
Benefits payable at the end of Policy Term: Basic Sum Assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits : The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation during policy term provided the policy is in full force.
Final (Additional) Bonus may also be declared under the plan in the year when the policy results into death claim during the policy term or due for the survival benefit payment provided the policy is in full force and has run for certain minimum term.
2. Optional Benefit:
LIC’s Accidental Death and Disability Benefit Rider: LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium during the policy term. In case of accidental death during the policy term, Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.
This article explains how to revive the lapsed insurance policy in case of failed in paying the premium. It is one of the most common problem for the policy holder, they may miss the due date for several reasons and tend to revive the policy later. It involves certain procedures and penalty for reviving the insurance policy. The intention of this article is to bring those important facts for our readers. Also, read our previous article on how to pay the premium online?.
Revive Insurance Policy
As we know that there is one month grace period for the insurance premium due. You have to pay the premium before end of the grace period to avoid the policy lapse.
- If the premium paid with in six months, you can pay the premium with 8% interest to revive the policy before six months of time. It is applicable for those who paid the premium up to three years without fail.
- If you can not pay the premium more than six months, there is more procedure to revive the policy. You can revive the policy with in four years. Follow the steps to revive the lapsed policy:
- You have to pay the unpaid premiums with high interest rates 12-18% with Rs.500 penalty.
- Take a medical check-up and submit to the insurance company. You will have to bear the cost for the medical check-up.
- Once the period during which revival is possible is over, the contract is terminated and the fund value is paid to the insured after deducting charges.
- If you have any lapsed policy, please revive it instead of taking the new policy. It cost lesser compare to taking the new policy.
The above points clearly explained the importance of paying the premium due on time. You can choose the best suitable payment mode for you to pay regularly. If you have online account, paying premium through online is much simpler. Hope you have enjoyed this article.
[formidable id=8 title=true description=true]