Key Features of the Whole Life Jeevan Anand Policy from LIC
This plan is a simple whole life plan with regular premium paying term
Death Benefit is Sum Assured + accrued Bonus
Simple Reversionary Bonus is payable on maturity or earlier death.
An additional Accidental Death Benefit rider can be opted for.
Benefits you get from the Whole Life Policy from LIC
Death Benefit – In case of death of the Life Insured, the nominee would get the Sum Assured + accrued Bonus.
Maturity Benefit – This being a whole of life plan, maturity is payable after premium paying term.
Income Tax Benefit –
Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)
What happens if policy is discontinued?
You stop paying the premium – If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would not be eligible to participate in the bonuses declared thereafter. The bonuses already declared would be payable if the premiums have been paid at least for 5 years.
You want to surrender the policy – There is a Guaranteed Surrender Value after 3 policy years
Guaranteed Surrender Value = 30% of all premiums paid – 1st year’s premium
You want a loan against your policy – Loan facility is available under this policy