Jeevan Anand – Plan No. 225
INTRODUCTION
A unique combination of a whole life and endowment plan, ’Jeevan Anand’ combines investment return with profit at the end of the term and lifelong insurance cover. It is suitable for people who wish to provide for their dependents, insured sums, limit the premium payment term to their earning period and at the same time provide for their old age.
BENEFITS
Full sum assured along with Bonus and Final Additional Bonus (if any) is payable, on maturity. Policy does not cease and insurance cover continues till death even after that.
Full sum assured along with the bonus is payable and policy ceases if death occurs within the term.
Full sum assured is payable without bonus if death occurs any time after the term of the policy.
Accident Benefit
Policyholder has an option to choose Accident Benefit cover by paying marginal additional premium. This cover is available during the premium paying term and thereafter up to age 70 years wherein additional sum assured is payable on death due to an accident. This benefit is subject to the overall limit of US $100,000 (including Accident Benefit taken under all other plans of LIC International).
BASIC PRODUCT FEATURES, RESTRICTIONS AND APPLICABILITY
| Attribute | Minimum limit | Maximum limit |
| Sum Assured | US $ 5000 and multiples of US $ 1000 | No limit |
| Age Entry | 18 Years | 65 years (age nearer birthday |
| Age at Maturity | 23 Years | 70 Years (Nearer Birthday) |
| Term | 5 years for regular and 15 years for Single Premium Policy | 20 Years |
| Mode of Premium Payment | Yearly, Half Yearly, Quarterly, Single | |
Sum Assured Rebate:
The plan is entitled for sum assured rebate if higher sum assured is opted.
| Sum Assured | Rebate on Full Term Premium | Rebate on Limited Term Premium | Rebate on Single Premium |
| US $ 15,000 to 29,999 | $ 3.00 | $ 8.00 | $20.00 |
| US $ 30,000 and above | $4.00 | $10.00 | $40.00 |
SERVICING ASPECTS
Policy Loan
The Policy holder can raise a loan on the security of the policy after the policy has acquired paid up value by payments of premiums at least for 3 years form the date of commencement of the policy. In case of single premium loan can be availed after 2 years form date of commencement of the policy.
Paid Up value
If premium have been paid for a period of three years and thereafter due to unforeseen circumstances, payment cannot be made, policy will automatically be converted into a paid up policy for a reduced sum assured, payable on the date of maturity or in event of unfortunate death, if earlier.
Premium Payment
Choice of flexible premium payment, either throughout the term of the policy(Full Term Option) or for a limited term of 5 years or Single Premium is available.
SPECIAL PROVISIONS
Commutation of Premium
All future premium payable for the remaining period can be made in lump sum at a special discounted rate.
Premium Sealing
One can pay premium in advance up to a period of 5 years in lump sum at a discounted rate. Unutilized portion of lump sum amount, if any, is refundable.
Portability
A Special and unique facility available only to our policy holders to get their policies serviced at any of the branches of Life Insurance Corporation of India provided at least one full year premium has been paid and adjusted, if on repatriation, they desire their policies to be transferred to India.