Life Insurance Corporation (LIC)’s New Jeevan Anand plan comes with a dual benefit of protection and savings. The plan pays the surviving policyholder a lumpsum amount at the end of its term, or pays the nominee in case of death of the policyholder, according to LIVE’s website – www.licindia.in. LIC is the country’s largest life insurance company with provides a range of products, including life insurance plans, pension plans, unit plans, endowment plans and money-back plans.
The minimum age for buying the LIC New Jeevan Anand policy is 18 years, and the maximum age is 50 years, according to the LIC website.
The policy comes with a minimum term of 15 years, and a maximum of 35 years.
Any individual can buy LIC New Jeevan Anand policy for a minimum basic sum assured of ₹ 1 lakh. There is no maximum limit for the sum assured.
The policyholder gets basic sum assured, along with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, at the end of the term.
“The policy shall participate in profits of the Corporation and shall be entitled to receive simple reversionary bonuses declared as per the experience of the Corporation during policy term, provided the policy is in full force,” LIC added.