LIC Jeevan Anand Life Insurance Benefits

There are several benefits that the LIC Jeevan Anand Plan has to offer, such as the following:

• Death Benefits: In case the policyholder dies during the policy tenure, then a death benefit is provided. So, if the policyholder dies before the maturity of the policy, then a death benefit which is equivalent to the sum assured is provided to the beneficiaries of the policyholder. If the policyholder pays all the premiums on time, then 125% of the sum assured is paid out as a death benefit. On the other hand, if the policyholder dies after the tenure of the policy tenure, then the basic sum assured is provided.
• Maturity Benefit: If the policyholder survives the policy tenure, then the maturity benefit is paid out to the policyholder. The maturity benefit is paid out either in a lump sum manner or in installments. The installment period can vary as follows 5 years, 10 years, and 15 years.
• Bonus Benefits: Based on the profits earned by Life Corporation of India or LIC, the bonus is paid out to the policyholder. In form of a revisionary bonus, the policyholder is paid out bonus benefit. However, the bonus benefit is not guaranteed and solely depends on the profits earned by LIC.
• Tax Benefits: As specified in sections 80 C and 80 D of the Income Tax Act of 1961, tax benefits are paid out to the policyholder. Both on the premium that is paid and claims received, tax exemptions are paid out to the policyholder.
• Surrender Benefit: A surrender benefit is given to the policyholder if he/she decides to terminate the policy due to any reason. Once the policy turns 2 years old, then both surrender benefits and paid-up value is given out to the policyholder. This means that after 2 years, some benefits based on the premium paid are given to the policyholder.
• Revival of lapsed policy: In case you fail to pay the policy premium on time after 5 years of the completion of the LIC Jeevan Anand Policy, then the policyholder can still revive the policy. This is the revival benefit paid out to policyholders.
• Rider benefits: In order to claim an extra amount and enhance the plan benefits, then you can also add different riders to the LIC Jeevan Anand Plan. There are four different riders that you can add, LIC Accidental Death and Disability Benefit, LIC Accident Benefit Rider, LIC New Term Assurance Rider, and LIC New Critical Illness Benefit Rider.