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What is Sum Assured on Death?
Sum Assured on Death shall be Higher of ~
125% of Basic Sum Assured (1.25 x BSA)
OR
10 times Annual Premium. (10 x AP).
The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death.
[*excluding taxes, extra premiums and premiums for riders, if any]
| Particulars | Jeevan Anand Plan No. 149 | New Jeevan Anand Plan No. 815 | ||
| Age at entry | 18 to 65 years | 18 to 50 years | ||
| Age at Maturity | Maximum 75 years | Maximum 75 Years | ||
| Policy Term | 5 to 57 years | 15 to 35 years | ||
| Premium mode | Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) | Yearly, Half-yearly, Quarterly, Monthly (SSS or ECS) | ||
| Basic Sum Assured | 100000 and above | 100000 and above ( In multiples of 5000) | ||
| Mode | Rebate | |||
| Plan 149 | Plan No. 815 | |||
| Yearly | 3% of tabular Premium | 2% of tabular premium | ||
| Half-yearly | 1.5% of tabular premium | 1% of tabular premium | ||
| Quarterly | Nil | Nil | ||
| Plan No 149 Jeevan Anand | Plan No. 815 New Jeevan Anand | ||
| Basic Sum Assured | Rebate (Rs.) | Basic Sum Assured | Rebate (Rs.) |
| 10,00,000 and above | 1.75‰ BSA | 10,00,000 and above | 3.00‰ BSA |
| 5,00,000 to 9,95,000 | 1.50‰ BSA | 5,00,000 to 9,95,000 | 2.50‰ BSA |
| 3,00,000 to 4,95,000 | 1.00‰ BSA | 2,00,000 to 4,95,000 | 1.50‰ |
| 1,00,000 to 2,95,000 | Nil | 1,00,000 to 1,95,000 | Nil |
| Jeevan Anand Plan No. 149 | New Jeevan Anand Plan No.815 |
| Available after payment of 3 full year’s premiums. | Available after payment of 3 full year’s premiums. |
| Loan granted shall be 90% of the Surrender Value in case of in force policies and 85% of the Surrender Value in case of Paid-up policies irrespective of the policy term. | The maximum amount of loan that can be granted as a percentage of Surrender Value shall depend on the Policy Term, as given in the table below. |
| Foreclosure action was initiated on default of 2 or more half-yearly loan interest installments. | Foreclosure action shall not be taken under fully paid-up and in force policies even if there is a default of loan interest. |
| Policy Term | Upto 23 | 24 to 27 | 28 to 31 | 32 to 35 |
| % for in force policies | 90% | 80% | 70% | 60% |
| % for Paid-up policies | 80% | 70% | 60% | 50% |
| Plan No.149 | Plan No. 815 |
| Guaranteed Surrender Value (GSV) | Guaranteed Surrender Value (GSV) |
| Available after payment of 3 full years’ premiums. | Available after payment of 3 full years’ premiums. |
| GSV shall be equal to 30% of the total premiums paid less First Year Premium and extra premium, if any. | GSV shall be a percentage of total premiums paid (net of taxes) excluding extra premium, if any and premium paid for riders, if opted for. Examples of GSV factors applicable for total premiums paid Policy Year ~ GSV factor 3 = 30% 5 = 50% t -1 = 80% (t=Policy Term) |
| Cash Value of vested bonuses, if any. | GSV factor applicable to vested bonus, if any. Examples of Vested bonus factors – Year of SV – Policy Term – Factor 3 15 17.66% 19 25 20.85% 29 30 30% |
| Jeevan Anand Plan No. 149 | New Jeevan Ananad Plan 815 |
| Special Surrender Value (SSV) | Special Surrender Value (SSV) |
| Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses. | Surrender Value shall be the discounted value of the Paid-up Sum Assured and vested simple reversionary bonuses. |
| The discount factors shall be surrender value factors as provided in Table-1A and 2A (whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy. | The discount factors shall be Special surrender value factors as provided in Table-1A and 2A (Whole life) of the Special Surrender Value Booklet and will depend upon the policy term and duration elapsed since the commencement of the policy. |
| Surrender Value Payable | Surrender Value payable |
| The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable. | The Higher of Guaranteed Surrender Value and Special Surrender Value shall be payable. |
| Jeevan Anand Plan No. 149 | New Jeevan Anand Plan No. 815 |
| A Policy may be revived within a period of 5 years from the date of first unpaid premium. | A Policy may be revived within a period of 2 years from the date of first unpaid premium. |
| Accident Benefit inbuilt. | Accident Benefit as a rider. |
| Taxes, if any, were borne by the corporation. | Taxes, if any, shall be applicable at the prevailing rates and borne by the policyholder as per rules. |
| There shall be no change in the following Items |
| Back Dating |
| Grace Period |
| Paid-up Value |
| Assignment/Nomination |
Lic New Jeevan Anand Plan Table No 815 from Satyendra Gupta
LIC New Jeevan Anand Plan Table No 815 Illustration
Related Plans : LIC New Endowment Plan Table No - 814
LIC New Jeevan Anand Plan Table No 815 Illustration
Related Plans : LIC New Endowment Plan Table No - 814
