LIC Jeevan Anand Plan 149: What are the Salient Features of the Plan?
What Is LIC Jeevan Anand Plan 149?
With LIC's Jeevan Anand Plan, you will get India's most traditional saving policy. In this type of policy, the company not only covers the insured once the term is completed but also continues to provide life cover for the insured's entire life. In addition, with the help of this LIC policy, you will earn bonuses during the plan term. As a result, the LIC Jeevan Anand plan is also known to be an endowment cum whole life insurance plan.
Furthermore, in case the insurer dies in an accident before he reaches the age of 70. In that case, the nominee present in the policy will be getting the additional coverage amount which is capped at five lacs. On the other hand, in case the insurer gets a permanent disability from an accident, the additional coverage amount will be paid in installments.
For all this, the insurer does not need to pay anything extra. The company launched the LIC Jeevan Anand policy on 1st February 2002, and after providing aid to senior citizens for more than 11 years, it was finally discontinued on 30th September 2013. Its replacement came with better features and the name of LIC New Jeevan Anand plan.
How Does LIC Jeevan Anand Plan Work?
Let's take an example to explain the working of LIC Jeevan Anand plan 149. So think of yourself as the person who has applied for the LIC Jeevan Anand plan, and your age is 25. The plan you have opted for gives you an assured sum of 5 lacs for a policy term of 21 years.
Now let's assume you will be making the payment of 28,000 as the annual premium for this plan. After you are done paying the premium and the plan comes to maturity, you will receive benefits of Rs 11,02,000. Apart from that, if due to some circumstances you passed away. In that case, the policy nominee will be getting 125% of the sum assured in addition to the various bonuses that come with the LIC Jeevan Anand plan.
LIC Jeevan Anand Policy Details
Given below are the details of the LIC Jeevan Anand Policy that you should know about before applying for it.
- Type:- LIC Jeevan Anand plan is a non-linked life insurance policy.
- Premium payment terms:- The premium payment terms are equal to the policy term in years.
- Policy term:- 15 years to 35 years.
- Maturity benefit:- Assured sum on death + vested reversionary bonus + additional final bonus.
- Mode of payment:- You can pay the premium of LIC Jeevan Anand annually, bi-annually, quarterly, and monthly.
- Free look period:- 15 extra days from the date of the receipt of the policy
- Grace period:- 15 days when you are paying premium via monthly mode, 30 days extra for all the other modes.
- Assured sum amount:- 1 Lakh Rs.
- Loan facility:- Loan facility can be implemented on LIC Jeevan Anand policy if the user has paid the premium for the first three years.
- Lapse of policy:- The policy will lapse if the owner of the policy does not pay the policy premium on time.
- Revival of policy:- Users can revive the policy within the next two years from the date of their first unpaid premium.
Benefits Of LIC Jeevan Anand Policy 149
There are certain benefits of LIC Jeevan Anand plan 149 that every person needs to know about as it can help you decide whether this specific LIC plan caters to your requirement or if you need to look for some other option.
Death Benefit
If all the premium dues are paid by the owner of the policy, then upon his death, the nominee of the policy is able to collect 125% of the base sum assured, or they can get seven times the annual premium payout, whichever is higher at the time of the policy holder's death.
On the other hand, if the death of a policyholder occurs after the policy has matured. In that case, the basic sum assured will be payable by the LIC.
Maturity Benefit
If the person lives after the LIC policy has matured and he has successfully paid off all the premiums. In that case, the policyholder will get the basic sum assured from the LIC. In addition to this, all the applicable bonuses will also be added to this amount to make it more substantial. The person will receive the amount in 5, 10, and 15 different installments depending on how massive the total amount is at the end.
Participation In Profit
The new LIC Jeevan plan 915, which was previously called plan 149, comes with the added benefit of participation in profit. What that means is if LIC shares make a profit, then some percentage of that profit will be shared with the customers of the LIC policy 915 in the form of a reversionary bonus.
Tax Benefit
You will get a tax benefit on the premium amount you will pay for this policy. Apart from that, tax benefits will also be placed on the claims received under sections 80C and 10(10D) of the Income Tax Act.
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Wrapping Up
This is what LIC Jeevan Anand policy for Indian customers looks like. It was quite a successful policy, and a ton of people were actually able to take its benefits. Now the LIC Jeevan Anand policy 149 has transformed into New LIC Jeevan Anand policy 915. So don't get yourself confused. It still has all the benefits of policy - 149 in addition to some new ones that are required in today's hectic life.
Can I break my LIC Jeevan Anand (Plan - 149) in times of need?
Yes, you can break the LIC Jeevan Anand plan anytime you want. All you need to do is provide the premium for the first two years. If you have already done that, the insurance company is liable to pay you a guaranteed surrendered value of a minimum of 30% of all the premiums you have paid till the date after deducting your premium payment for the first year.
What will happen if I stop paying my LIC Jeevan Anand plan 149 premium?
There are two scenarios that take place. First, your coverage will lapse. This happens with term insurance plans. For permanent policies, you get the option to cash out the policy, or you can go with the non-forfeiture option, where you will stop paying the premiums and have reduced benefits when your policy matures.
Does LIC provide extended time to pay premiums of their LIC Jeevan Anand plan?
In case you are not able to make the payment of your premium for one month, it can be paid next month, as most policies allow 30 days of extra time to pay the premium after the initial date of payment has passed.
Can a person close their Jeevan Anand policy before it gets matured?
Yes, you can close your policy anytime you need. But closing it before the completion of three years will not get you any sum in return. If you surrender after three years, you will get 30% of all the premiums you have paid after the deduction of the premium amount for the first year.