The LIC’s New Jeevan Anand Plan is a participating whole life endowment policy. It is a combination of protection and savings with many advantages.
1. LIC’s New Jeevan Anand Plan is one of the most sold plans of LIC as it provides Risk Cover even after payment of maturity amount for the lifetime.
2. The death benefit is paid even if the insured dies after the completion of the specified policy term.
3. You can add Accidental Death with payment of Rs.100/- per 1 Lakh sum assured per year and Disability Benefit Rider to this plan. Twice the sum assured will be paid in case of accidental death to the nominee.
4. It is a nice combination of insurance and investment.
5. This plan participates in profits of LIC and is entitled to receive Bonus. It is also eligible for Final Addition bonus declared by LIC.
6. Discount in premium is available for yearly and half yearly payments and also for higher sum assured.
7. The Death Benefit for this policy within the policy tenure is sum assured + bonus.
8. It offers Maturity Benefit is Sum Assured + accrued bonus.
9. The insured can avail tax benefits under section 80C for the premium paid.
10. The maturity amount is also tax-free under section 10(10)D.