Insurance

LIC New Jeevan Anand Policy: Benefits, Claim Process

Posted By: Admin
December 12, 2022 |

Features of LIC Jeevan Anand Policy, Benefits, LIC claim online process, LIC settlement ratio

LIC Jeevan Anand Policy: One of the most popular life schemes in India is LIC Jeevan Anand Policy. Reason behind choosing LIC Jeevan Anand Scheme is the lucrative life insurance features and LIC claim settlement ratio. LIC Jeevan Anand Policy is a life endowment plan which comes with multiple benefits for the policyholders throughout the term period.

The LIC Jeevan Anand Policy best benefit is that the insurance cover continues even after completion of the premium payment term. In case of eventuality due to an accident, this policy offers an additional cover sum of Rs.5 lakhs and in case of permanent disability in an accident, the plan takes care of the regular financial needs by paying the sum assured in installments without any additional charges.

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Table of content –

Features of LIC Jeevan Anand Plan
List of documents required to open LIC Jeevan Anand Plan
List of documents to make LIC claim online
LIC Jeevan Anand Free Look Period
LIC Jeevan Anand Policy surrender Benefits
LIC Jeevan Anand Grace Period and exclusions
LIC claim settlement ratio

LIC Jeevan Anand Plan Features:

The India’s most popular life insurance plan, LIC Jeevan Anand is a traditional endowment policy which offers sum assured and additional bonuses in case of death of the policyholder, permanent disability and on survival.

There are additional top-up covers available on payment of a nominal additional fee.

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Most useful feature of this Life Insurance Policy is financial protection throughout the lifetime of the person insured.

The LIC Jeevan Anand Plan also participates in the profits of the corporation, which means the corporation will share the profits with policyholders.

The policyholder can avail the loan against the LIC Jeevan Anand Policy after 3 years of commencement.

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Basic Features of Jeevan Anand Policy includes the following –

Let’s see the basic features of LIC Jeevan Anand –

A person can buy Jeevan Anand Policy at the age of 18 years to 50 years of age.
The policyholder can pay premium Yearly, Half-Yearly, Quarterly, Monthly.
LIC Jeevan Anand Policy term is 15 to 35 years.
LIC Jeevan Anand Basic Sum Assured is Rs. 100,000/-
LIC Policyholders can avail loan against LIC policy after 3 years of entry.
The Policyholder can surrender LIC Jeevan Anand Policy after 3 years of entry.
The sum assured on death is 125% of basic sum assured or 10 times the annualized premium subject to a minimum of 105% of the total premiums paid.
Policyholders can obtain tax benefits under Section 80C and Section 10 (10 D) of the Income Tax Act.

List of Documents Required for Jeevan Anand Policy:

An Indian resident with can buy LIC Jeevan Anand Policy by submitting following document –

Application Form
Proof of residence
Age proof
KYC documents such as Aadhaar card, PAN card, etc.
Medical test reports (As prescribed by LIC) etc.

List of documents to make LIC claim online

Nominee in the policy can make a LIC death claim online by submitting following documents through official website of LIC.

LIC Claim form
Original policy documents
Documents pertaining to riders if purchased
Bank account details of nominee
Death certificate of the policy holder
Treatment records of the policyholder (if any)
Police FIR copy, Postmortem report in case of accident.
Any other required document by LIC

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LIC Jeevan Anand Free Look Period:

Free look period is an option to cancel the policy within a specified time period. In case of LIC Jeevan Anand policy, the free look period is 15 days, provided the policyholder has not claimed within that period.

LIC Jeevan Anand Policy surrender Benefits –

You can surrender LIC Jeevan Anand Policy after completion of 3 full premium years. LIC will pay you the paid premium amount after deducting some percentage directly to the linked bank account. However, LIC will not refund the extra premium paid for riders. But, the policy holder will get the guaranteed surrender value including simple reversionary bonuses.

LIC Jeevan Anand Grace Period and exclusions –

Grace Period – LIC Jeevan Anand plan allows the policyholder a grace period of 30 days for payment of outstanding premium amount. Although you can revive LIC policy within 2 years from the date of last unpaid premium by clearing all dues and applicable penalty charges.

Exclusions – LIC does not pay any assured benefits If the policyholder commits suicide within 12 months of commencement of the plan. But LIC will pay the nominee a sum equal to 80% of the premiums paid. However, In case policyholder commits suicide after completion of 1 year from the date of policy inception, the nominee will receive a sum higher than 80% of the premiums paid.

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LIC claim settlement ratio –

As published by IRDA, the Insurance Regulatory and Development Authority of India, LIC’s claim settlement ratio was 98.62% as of March 31, 2021.

You can compare the claim settlement ratio of various companies in below list of companies having top 5 claim settlement ratio –

Company Name	Claim Settlement Ratio
SBI Life Insurance	93.09%
Max Life Insurance	99.35%
Bharti Axa Life Insurance	99.05%
AegonLife Insurance	99.25%
LIC Life Insurance	98.62%

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