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Insurance policy is a contract of protection/compensation by the insurer to the insured. It is designed to reimburse or compensate the insured party for the financial loss caused in event of death or damage to merchandise as mentioned in the insurance contract.

Broadly insurance can be classified in two categories:
First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types:
Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans.
Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance
Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan .
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Home > Life Insurance > Life Insurance Companies > LIC- Life Insurance Corporation > Jeevan Anand

LIC – Jeevan Anand

Jeevan Anand is a safe plan for a person to begin with. It provides insurance cover 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.


Min. age at entry

18 yrs completed

Max. age at entry

65 yrs

Premium Payment

Yearly/Half-yearly/Quarterly/Monthly/Salary Deductions

Accident benefits per 1000 S.A.

Incl. in T.P

Min. S.A.

Rs 1 lakh

Max. S.A.

Any amount

Bonus/Loans/Surrender/Revival

Yes

Accident Benefits Limit

Rs. 5 lac

Main Highlights
Double Sum Assured- The sum assured is paid twice (on survival and on death, whichever comes last). In other words, risk cover continues even after premium paying term is over. However, bonus is paid on maturity or death whichever comes first.
Accident Benefit- The policyholder is given an additional accident cover of Rs. 5,00,000 up to the age of 70. In case of permanent disability of the life assured due to accident, the sum assured is paid in installments.
Illustration
Mr. Bob, aged 25 years, takes a Lic Jeevan Anand Policy for 25 yrs for 1 lakh. On maturity, he will receive Rs. 2,12,500 (Rs 1,12,500 being estimated bonus at Rs 45 per thousand p.a.) but policy risk continues till he is alive.
In case, he dies (after PPT is over) at the age of 60 years, his nominee will get additional Rs. 1 lakh equal to S.A. amount. Since, Mr. Bob has already received the bonus, second time bonus is not payable. In case, he dies during PPT, his nominee will get Rs. 1 lakh + accrued bonus till Mr. Bob’s death.

Disclaimer: Please note that the information provided is collected from sources publicly available & we believe to be reliable. The website doesn’t warrant the accuracy, reliability & absolute information available on the website. Participation by site visitors or registered customers is on a voluntary basis. The policies are offered by various life Insurance & non-life insurance offering companies and Bimadeals does not seek to, either directly or indirectly, advise, offer, solicit or recommend that any person who is or proposes to become its member should purchase the Policy.
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