JEEVAN ANAND

Jeevan Anand (Plan No. 915)

New Jeevan Anand is a combination of Endowment Assurance and Whole Life plans. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment of a lump sum at the end of the selected term in case of his survival.

Features

• Full payout at maturity (Basic Sum Assured + Bonus)
• Whole life risk coverage even after maturity
• Death sum assured is 125% of basic sum assured
• Additional Accidental cover up to the age of 70
• Loan can be taken against the policy
• Double tax benefit (u/s 80C and u/s 10D) 

Eligibility Conditions

Minimum age at entry	18 years
Maximum age at entry	50 years
Minimum Term	15 years
Maximum Term	35 years
Maximum age at maturity	75 years
Minimum sum assured	Rs 1,00,000.00
Maximum sum assured	No higher limit

Double Tax Benefit

U/S 80 C  : Premiums paid under this plan are eligible for tax rebate u/s 80C

U/S 10(D) : Maturity Returns / Death claim amount is also tax free u/s 10 (D)

Possible Events during policy duration

On Death
If the policy holder dies during the premium payment term of the policy, his/her nominee will be paid following, after which policy will terminate.

1. 125% of basic sum assured or 7 times of the annual premium (whichever is higher)
2. Simple Revesionary Bonus
3. Final Additional Bonus (if any)

On Accidental Death
In case, the policy holder dies due to an accident, nominee will get following, and the policy will terminate after that.

1. 125% of basic sum assured or 7 times of the annual premium (whichever is higher)
2. Additional Accidental Sum Assured (max. limit Rs. 5 Lakhs)
3. Simple Revesionary Bonus
4. Final Additional Bonus (if any)

On Maturity

The policy holder will get following returns at the time of maturity. 

1. Basic Sum Assured

2. Simple Revesionary Bonus

3. Final Additional Bonus (if any)

The policy will still continue for rest of the life, without paying any premiums.

Other points to consider

• Additional accidental sum assured, is only available upto the age of 70.
• The higher limit of additional accidental sum assured is Rs 5,00,000.00 (Rupees Five Lakhs only).
• Policy Payment Term (PPT) is the term for which the policy holder pays the premiums.

Understand New Jeevan Anand with an example

Mr. Dinesh aged 30 years, plans to take Jeevan Anand for the PPT (Premium Payment Term) of 20 years and sum assured of Rs 2,00,000.00 (Rupees Two Lakhs only). 

He is required to pay an annual premium of Rs 12,195.00 (Rupees Twelve Thousand and One Hundred Ninety Five only) (Inclusive of GST).

Note - Premium from second year will be decrease by aprox. 2%.

Possible Events

On Death

If Mr Dinesh dies during the premium payment term of the policy, his nominee will receive the 125% of Basic Sum Assured i.e. Rs 2,50,000.00 (Rupees Two Lakhs Fifty Thousand only) + Accrued Bonuses. After this, the policy will terminate.

On Accidental Death 
If during the PPT, Mr. Dinesh dies due to an accident, his nominee will receive the 125% of Basic Sum Assured (Rs 2,50,000.00) + Additional accidental Sum Assured (Rs 2,00,000.00) + Accrued Bonuses. The policy will terminate after this event.

On Survival till maturity

If Mr. Dinesh survives till the end of PPT, he will get the Basic Sum Assured i.e. Rs 2,00,000.00 (Rupees Two Lakhs only) + Accrued Bonuses. 
After maturity, the policy will continue for the rest of his life, without paying any premiums.