LIC Jeevan Anand plan is a plan with combined benefit of whole life plan and endowment assurance plan. It is a Profit Assurance Plan and it is one of the most popular LIC schemes. It gives the pre-decided sum assured and bonuses at the end of premium paying term, but the risk cover continues till the death of the policy holder.
In Jeevan Anand plan the premium payment term is limited as per the option of the policy holder and at the maturity the sum assured and bonus will be given to the policy holder. The insurance cover will continue till the death of the policy holder. This is just like whole life policy.
There is no any additional premium should be paid after the maturity of Jeevan Anand Plan. But the policy holder should pay premium for double accidental insurance till 70 years of age even after the maturity of the plan.
After three years of the commencement of the policy, the insurer can take loan against the surrender value of the policy.
At the end of the pre decided term the policy holder can receive the sum assured and accumulated bonus just like endowment plan.
Even after the maturity of the plan the insurer is supposed to pay premium for double accident benefit till the age of 70 years, but the maximum accident benefit is fixed to Rs. 5 Lakh.
One of the important specialties of this Jeevan Anand Plan is that if the insurer stops paying premium after three years of payment the sum assured is considered as a lover amount and the policy will be continued as the reduced sum assured policy.
If the insurer dies before the end of premium paying term (before maturity of the policy) the sum assured is payable along with the accrued bonus. If the insurer is surviving when the premium paying term is over the insurer will get the sum assured and bonus accrued during the premium paying term. And when the policy holder dies after the maturity of the policy the nominee will get an amount equals to sum assured. No bonus is payable, if the death occurs after the premium paying term (maturity).