By: Hement Sharma
Submitted: 2012-01-16 23:14:52 | Word Count: 531
Life insurance offers an innovative plan which is Jeevan Anand that unites the benefits of an Endowment plan and a Whole Life plan. Under this plan you can pay premiums for a limited period of time. After the premium term is completed then the Sum Assured along with accumulated bonuses plus some final bonus will be allocated to the policyholder. In this plan premium are payable yearly, half-yearly, quarterly, monthly or through salary deductions as chosen by you throughout the selected term of the policy or till earlier death. After the maturity of this policy the coverage on your life continues for your lifetime to the extent of the sum assured without any further premiums.
Features of Jeevan Anand Plan:
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1. Jeevan Anand plan provide Simple Reversionary Bonuses which are declared per thousand Sum Assured annually at the end of each financial year. Once declared, they form part of the guaranteed benefits of the plan.
2. Bonuses will be added during the selected term or till death, if it occurs earlier. Additional Bonus may also be allocated provided the policy has run for certain minimum period.
3. Jeevan Anand plan provide sum assured plus with vested bonuses that will be payable in a lump sum on death during the survival at the end of the term.
4. This policy offers moderate premiums, high or large bonus, high liquidity and is saving oriented.
New Janaraksha plan is mainly designed for workers who have unorganized work sector like the persons which work on daily wages, farmers and persons who are running small business firms. In this plan premium are payable yearly, half-yearly, quarterly, monthly or through Salary deductions, as opted by you, throughout the term of the policy or earlier death.
Benefits of Jeevan New Janaraksha Plan:
Death Benefit: In case of death Sum Assured plus some vested bonuses will be payable in a lump sum.
Accident Benefit: An amount limited to up to Rs. 5 lakh will be allocated in a lump sum if death occurs due to an accident and is restricted for age of 70 years.
Supplementary or Extra Benefit: These optional benefits are added to your basic plan and an additional premium is required to be paid for these benefits.
Surrender Value: On early termination of the LIC contract surrender values are payable. These values will be greater of the guaranteed surrender value and special surrender. The plan also permits for partial surrenders.
Guaranteed Surrender Value: If the policy has been in force for at least three full years then the policy can be surrendered. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid eliminating the premiums for the first year and all the extra premiums and premiums for an accident benefit / term rider.
Jeevan Anand plan is applicable for all ages and social groups. Jeevan Anand offers financial protection against death during the life time of the life assured. Jeevan Anand policy provides tax savings as per income tax rule are applicable. This policy also offers some supplementary benefits which can append to your basic plan.
