In India there are more than 40 life insurance companies with hundreds of insurance products. Among insurance products whole life shared a major part. Whole life insurance products are popular for it’s saving cum risk cover features. LIC India has one top Jeevan Anand whole life product which is one of the best selling products in market today.
Jeevan Anand policy was launched by LIC of India in 2002 and since the time policy has been contributing major business part of LIC in individual segments policies. It has many features which catch the attention of investors. This policy can be taken just as a saving plan and additional risk cover for life. It has been providing great vested bonus which is considered good for savings. In the last few years bonus has come at an average of around 4%, which should be considered as ideal bonus rate as this is define on per thousand of SUM assured wherein the regular saving plan provide interest over the amount deposited in account. In this policy SUM assured is assumed in the inception and premium will be defined on the basis of SUM assured. Followings will be the benefits in policy.
Maturity amount in Jeevan Anand is straight, it is just the SUM assured along with the vested bonus in lump sum. As the SUM assured is very clear but the bonus can vary, it means the exact maturity amount will be depending up on vested bonuses. For last few years Jeevan Anand has been doing well and average bonus unit per thousand has been around Rs. 40 which is good enough.
Death cover before policy term completion is an amount equal to SUM assured along with the bonuses. Same will be just SUM assured if it happens after completion of term. This is one of the distinct features of life time risk cover. Policy also provides double accidental death benefit up to 5 lacs till age of 70 years.
In case of surrender guaranteed surrender value will be provided which will be 30% of total premium paid excluding first years premium. This will be applicable after 3 years of full premium payment. In case of corporation surrender value it may vary.
Premium payment can be through ECS / offline / Online by monthly / quarterly / half yearly or yearly inLIC Table 149. Loan against policy will be available in Jeevan Anand. Read Jeevan Anand table 149 review for more information and details.
