In order to give wider choice to our customers, it has been decided to introduce with effect from 1 February, 2002, ’Jeevan Anand’, a With Profit Assurance Plan. Basically, the plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. The plan provides the pre-decided Sum Assured and Bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death.
Moderate Premiums
High bonus
High liquidity
Savings oriented.
Premiums are usually payable for the selected term of years or until death if it occurs during the term period.
This policy not only makes provisions for the family of the Life Assured in event of his early death but also assures a lump sum at a desired age. The lump sum can be reinvested to provide an annuity during the remainder of his life or in any other way considered suitable at that time.
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Suitable For:
Being an endowment assurance + whole life policy, this plan is apt for people of of all ages and social groups who wish to protect their families from a financial setback that may occur owing to their demise.
The amount assured if not paid by reason of his death earlier will payable at the end of the endowment term where it can be invested in an annuity provision for the rest of the policyholder’s life or in any other way he may think most suitable at that time.
Benefits:
Accident Benefit:
The double Accident Benefit is available during the premium paying term and thereafter up to age 70. The premium for this has been built into the tabular premium rates. Maximum Accident Cover available under this plan will be Rs. 5 lakh ( this limit excludes accident benefit taken under other plans).
Premium Stoppage:
If payment of premiums ceases after at least THREE years’ premiums have been paid , a free paid-up policy for a reduced sum assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the policy..
Bonus:
Is there anything extra payable besides the sum assured at the time of claim settlement? Yes, but only if it is a ?with profits? policy. Every year the Life Insurance Corporation distributes its surplus among policyholder to ?with profits? polices in the form of bonuses. Substantial bonuses have been declared in the past after each valuation of policy liabilities.
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