LIC fixed deposit scheme for senior citizens is a unique term deposit policy tailored to provide individuals aged 60 and above with a financial safety net.
Life Insurance Corporation of India (LIC), a renowned name in the insurance industry, has been safeguarding the financial well-being of millions of individuals for decades. Established in 1956, LIC has built a strong reputation for its comprehensive range of life insurance products and exceptional customer service. With a vast network of branches and agents across the country, LIC has become synonymous with trust and reliability.
In this article, we will explore one of LIC's flagship plans called the LIC New Jeevan Anand Plan. Designed to provide financial protection and savings benefits, this plan offers a unique combination of life coverage and maturity benefits. With flexible premium payment options and a guaranteed sum assured, the New Jeevan Anand Plan aims to secure the future of policyholders and their loved ones.
Let’s dive into the details of the LIC New Jeevan Anand Plan to explore its features, benefits, and how it can serve as a comprehensive life insurance solution for individuals seeking financial security and long-term savings. We will also discover the key aspects of this plan so that you can make an informed decision about securing your financial future with LIC.
LIC Jeevan Anand Plan is essentially a fusion of endowment assurance and whole life insurance policy benefits. This insurance product is designed to offer financial protection against unforeseen circumstances like death throughout the life assured’s lifetime. The payment here is made in lump sum towards the end of the set tenure if the life assured survives.
The premiums for this plan can be paid annually, half-yearly, monthly, quarterly, or even via salary reduction - whichever method the life assured chooses. Besides the death benefit and survival benefit, the life assured also gets to earn bonuses in the form of a portion of the profits with this with-profit plan. These bonuses are added during the set term or till death. An additional, final bonus is also paid in case the policy has been active for a certain period.
After LIC Jeevan Anand Policy was withdrawn, LIC released a new version called LIC New Jeevan Anand Policy (Plan no. 915). This is a non-linked, participative, individual, and life assurance plan which offers a combination of savings and life protection.
Simply put, you get financial coverage against death throughout the lifetime along with the benefit of lump sum payment at the end of the selected policy tenure if you survive the policy period. Furthermore, what sets the New Jeevan Anand Plan apart from the rest is that it takes care of liquidity through its loan facility.
The following benefits offered under the LIC New Jeevan Anand Plan make it a worthy life assurance plan to buy -
The final bonus is declared under the policy in case of a death claim during the policy tenure or when the policy is due for maturity (when the policy is in force). It is important to note that the final bonus is not paid under the paid-up policies.
Discussed below are the salient features of the LIC New Jeevan Anand Plan -
There are 4 riders available under the New Jeevan Anand Plan. However, you can opt for either Accidental Death and Disability Benefit add-on or an Accident add-on at once, and a maximum of 3 riders can be availed of under the policy.
Here are the add-ons available with the LIC New Jeevan Anand Plan -
The premium for LIC's Accident Benefit Rider/LIC's Accidental Death and Disability Benefit Rider and LIC's New Critical Illness Benefit Rider cannot be more than 100% of the premium for the main plan. Additionally, the total premiums for all other life insurance riders combined cannot be more than 30% of the premiums for the main plan.
Note - The above rider sum assured cannot go beyond the fundamental sum assured under the original plan.
It’s important to note that LIC New Jeevan Anand Plan does not cover suicide and the policy can become void under the following situations -
Check out some frequently asked questions related to the LIC New Jeevan Anand Plan in the next section -
Ans: In accordance with Indian regulations, expatriates are eligible to purchase insurance plans from Indian Insurance Companies. To proceed, the Non-Resident must submit the necessary documents and a duly completed registration form. Once LIC completes the required verification process, a confirmation will be sent to the buyer within 15 to 20 working days.
Ans: In case of the insurance plan holder providing misleading or deceptive information, LIC reserves the right to forfeit the policy directly. Additional details regarding this matter can be referenced in Section 45 of the Insurance Act, 1938.
Ans: In order to initiate a claim, the nominated beneficiary must provide the claims form and the original policy documents issued by LIC in the insured's name. Furthermore, the beneficiary must furnish all relevant details and documents such as bank account information, the death certificate, medical treatment records preceding the insured's demise, and any other applicable documents.