(A Par, Non-Linked, Life, Individual, Savings Plan)
The New Jeevan Anand Plan from LIC is a par, individual, savings, non-linked life plan that provides a compelling blend of savings and security. This combination offers the policyholder lifetime financial protection against death and the option to receive a lump sum payment at the conclusion of the chosen policy period if the policyholder survives. This plan is available for offline purchase through brokers, corporate agents, licensed agents, and insurance marketing firms.
Important Features
• The plan offers savings and safety.
• Life insurance coverage for the duration of your life
• The lump sum payment is upon the completion of the policy’s term.
• You can select the frequency of premium payments based on convenience. Select the time frame for which protection is necessary.
Choose to pay the bonus in installments.
• The choice to add optional riders to improve protection.
• The appealing high sum assured rebate is a benefit.
The company provides a loan facility to meet liquidity needs.
1. Eligibility Conditions and Other Restrictions:
a) Minimum Age at Entry: 18 years (completed)
b) Maximum Age at Entry: 50 years (nearer birthday)
c) Maximum Maturity Age: 75 years (nearer birthday)
d) Minimum Policy Term: 15 years
e) Maximum Policy Term: 35 years
f) Minimum Basic Sum Assured: ▽ 200,000
g) Maximum Basic Sum Assured: No Limit
The Basic Sum Assured shall be in multiples of the amounts specified below:
| Basic Sum Assured Range | Sum Assured Multiple |
| From ▽ 2,00,000/- to ▽ 4,50,000/- | ▽ 5,000/- |
| Above ▽ 4,50,000/- to ▽ 9,00,000/- | ▽ 50,000/- |
| Above ▽ 9,00,000/- | ▽ 1,00,000/- |
Date of commencement of risk under the plan:
Risk will commence immediately on acceptance of the risk.
2. Benefits:
A. Death Benefit: The following death benefit will be granted if all outstanding premiums have been paid:
• If you die during the policy term, before the specified Date of Maturity, you will get a death benefit equal to the “Sum Assured on Death” plus any vested Simple Reversionary Bonuses and Final Additional Bonuses. “Sum Assured on Death” is the greater of 125% of the Basic Sum Assured or seven times the annualized premium. This death benefit must equal at least 105% of all premiums paid until the death date.
The term “annualized premium” refers to the premium due each year, minus any taxes, rider premiums, underwriting additional premiums, and loadings for modal premiums. On the other hand, “Total Premiums Paid” means the total premiums paid for the base product, minus any additional premiums and taxes collected.
• Basic Sum Assured will be paid upon death following the policy’s term, after the designated Date of Maturity.
B. Benefits due on maturity or at the conclusion of the policy term:
As long as all premiums have been paid and the policy is still in effect, the “Sum Assured on Maturity” and any vested Simple Reversionary Bonuses and Final Additional Bonuses will be paid to the Life Assured who survives to the specified Date of Maturity. The “Sum Assured on Maturity” is the Basic Sum Assured.
C. Participation in Profits: As long as the policy is in effect, the policyholder will be eligible to receive Simple Reversionary Bonuses that are determined based on the Corporation’s experience during the policy term.
Without timely premium payments, the policy will lose its right to share in future profits, regardless of its paid-up value.
Every fiscal year ends with the announcement of simple reversionary bonuses. Once announced, the Corporation includes them in the plan’s guaranteed benefits under its specified terms and conditions.
If you surrender a policy, we will pay out the surrender value of any vested bonuses that were in effect on the surrender date.
In the year a death claim occurs during the policy term or when the maturity benefit is due, the last additional bonus may also be declared under the policy at the rates and conditions that the Corporation may specify. Underpaid-up insurance is not eligible for the final additional bonus.
Following the rules set by the LIC Act of 1956, policyholders must receive the extra money that comes from the actuarial investigation.
3. Options available:
I. Rider Benefits:
Under this plan, the following three optional riders (or an updated version of them) will be accessible by paying an additional premium. The policyholder has two options: LIC’s Accident Benefit Rider and LIC’s Accidental Death and Disability Benefit Rider. Therefore, a policy allows for using no more than two riders. a) LIC’s Accidental Death and Disability Benefit Rider (UIN: 512B209V02) This rider can be chosen at any point during the Base Plan’s policy term as long as the rider and the Base Plan’s outstanding premium-paying term are at least five years old but before the policy anniversary when the life assured is 65 years old. Benefit coverage under this ridership must be available for the duration of the policy or prior to the policy anniversary when the life assured is 70 years old, whichever comes first. In the event of an unintentional death, the Accident Benefit Sum Assured will be paid out in full if this rider is chosen. If you become disabled because of an accident within 180 days of the accident date, you will not have to pay any future premiums for Accident Benefit Sum Assured or the part of the base policy’s Basic Sum Assured that equals Accident Benefit Sum Assured. The accident benefit sum will be paid in equal monthly installments over a ten-year period.
b) The Accident Benefit Rider from LIC (UIN:512B203V03) This rider can be chosen at any point during the Base Plan’s policy term as long as the rider and the Base Plan’s outstanding premium-paying term are at least five years old but before the policy anniversary when the life assured is 65 years old. Benefit coverage under this ridership must be available for the duration of the policy or prior to the policy anniversary when the life assured is 70 years old, whichever comes first. If this rider is selected, the Accident Benefit Sum Assured will be paid out in full in the event of an untimely death.
c) LIC’s New Term Assurance Rider (UIN: 512B210V02) This rider is only accessible when the policy first starts. Benefit coverage under this rider will be accessible for the duration of the policy. A sum equal to the “Term Rider Sum Assured on Death” will be paid upon the death of the life insured within the policy’s term if this rider is selected. The combined premiums for all life insurance riders cannot be more than 30% of the base plan premiums. Regarding LIC’s Accident Benefit Rider, the Rider Sum Assured cannot be greater than three times the Basic Sum Assured of the base product. Rider benefits cannot exceed the base product’s sum insurance. See the rider brochure or get in touch with the LIC Branch Office that is closest to you for additional information on the aforementioned riders.
II. The choice to receive the Death Benefit in installments: In lieu of a lump sum payment under in-force and paid-up insurance, this option allows you to receive the death benefit in installments over a selected period of five, ten, or fifteen years. The life assured may use this option for all or a portion of the death benefits that are due under the policy during their lifetime. The amount chosen by the life insured (also known as the net claim amount) may be expressed as a percentage of the total amount of claim proceeds due or as an absolute value. Depending on the chosen option, you must pay the installments in advance at quarterly, monthly, half-yearly, or annual intervals. The minimum amount required for each of these payment methods is as follows:
| Mode of Instalment payment | Minimum instalment amount |
| Monthly | ▽ 5,000/- |
| Quarterly | ▽ 15,000/- |
| Half-Yearly | ▽ 25,000/- |
| Yearly | ▽ 50,000/- |
We will pay the claim proceeds in one lump sum. If the net claim amount is less than the minimum installment amount required by the life insured’s option, the claim proceeds will be paid in one lump sum.
To determine how much each payment is due for all options starting on May 1st and ending on April 30th, the interest rate must be at least the 10-year semi-annual G-Sec yield per year minus 2%. The 10-year semi-annual G-Sec yields must be as of the last trading day of the previous fiscal year. Accordingly, the relevant interest rate for determining the installment amount for the 12-month period starting on May 1, 2024, and ending on April 30, 2025, will be 5.07% p.a. with effect from that date.
The Life Assured may exercise the option to receive Death Benefit in installments at any moment throughout his or her lifetime while the policy is still in effect, indicating the net claim amount and the installment payment period. Following the life assurance’s choice, the nominee will receive the death claim amount and cannot make any changes.
III. Maturity Benefit Settlement Option:
Instead of receiving the whole amount under an in-force and paid-up policy, the Settlement Option allows you to receive the Maturity Benefit in installments over a selected period of five, ten, or fifteen years. The life insurer may exercise this option for all or a portion of the policy’s maturity proceeds. The amount chosen by the life insured (also known as the net claim amount) may be expressed as a percentage of the total amount of claim proceeds due or as an absolute value.
Depending on the chosen option, you must pay the installments in advance at quarterly, monthly, half-yearly, or annual intervals. The minimum amount required for each of these payment methods is as follows:
| Mode of Instalment payment | Minimum instalment amount |
| Monthly | ▽ 5,000/- |
| Quarterly | ▽ 15,000/- |
| Half-Yearly | ▽ 25,000/- |
| Yearly | Minimum installment amount |
If the net claim amount is less than the amount needed to pay the minimum installment amount based on the life insured’s choice, for all installment payment options starting between May 1st and April 30th of each year, the interest rate used to figure out the installment amount must be at least the 10-year semi-annual G-Sec yield per year minus 2%. The 10-year semi-annual G-Sec yields must be as of the last trading day of the previous financial year. In line with this, the interest rate used to figure out the installment amount will be 5.07% p.a. for the twelve months starting May 1, 2024, and ending April 30, 2025.If the life assured wants to use the settlement choice against the maturity benefit, they must use the choice to pay the net claim amount in installments at least three months before the maturity date. The initial payment is due on the designated date, and subsequent payments will be determined by
each month, every three months, every six months, or once a year, depending on the payment plan chosen by the Life Assured, from the date of age.
Following the start of installment payments under the Settlement Option:
a. If a Life Assured who has exercised the Settlement Option against the Maturity Benefit wants to cancel this option and settle the outstanding installments, they may do so as long as they send a written request. You will get the bigger of the following amounts as a lump sum: • the discounted value of all the future installments due or • the original amount for which the settlement option was taken, less than the total installments already paid. The policy will then end.
b. The interest rate that will be used to discount the future installment payments must be an annual effective rate that doesn’t go over the 10-year semi-annual G-Sec yield p.a.; the 10-year semi-annual G-Sec yields must be as of the last trading day of the previous financial year in which the Settlement Option was started. So, for all settlement options that started in the year starting May 1, 2024, and ending April 30, 2025, the highest interest rate that can be used to lower the future payments will be 7.07% p.a.
c. If the Life Assured who chose the Settlement Option dies after the Date of Maturity, the subsequent installments will continue to be sent to the nominee in line with the option chosen by the Life Assured, and the nominee shall not be able to make any changes.