Jeevan Anand (Table No – 149)
This plan is the combination of Whole Life policy and Endowment Insurance policy. The plan provides the pre-decides S.A. and Bonuses at the end of the stipulated PPT, but the risk cover on the life continues till death. This policyholders will be benefited by giving protection to 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 be 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 the time. The speciality of this plan is Moderate Premiums, High Bonus, High Liquidity, savings oriented. Premiums are usually payable for the selected term of years or until death if it occur during the term period. Accident Benefit is available during the PPT and upto age 70. This plan can be allowed to the persons engaged in hazardous occupations attracting occupational extra.
Maturity Benefit : S.A. + Bonus + FAB, if any is payable at the end of the Premiums Paying Term (PPT)
Death Benefit : If death occurs during the premiums paying term S.A. + Bonus + FAB, if any is payable and Premium payment is ceased. An extra amount equal to the S.A. is payable if death occurs after the premium paying term. No Bonus is paid on death after the premium paying term.
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.
Example -: Mr Amit 25 years, opts for Jeevan Anand policy for 20 years with S.a. Rs. 1 Lac. He has to pay annual premium of Rs. 5490/-. On maturity, Mr. Amit will get Rs. 1,98,000/- (S.A. + Bonus as per 2012 rates i.e. Rs. 43 per thousand per annum which becomes 43 * 100 * 20 = 86,000/-). Even after the premium paying Term is over, risk cover continues till the death of Mr. Ami. But if, Mr Amit dies at the age of 65 yrs his nominee will get an additinal amount equal to the S.a. i.e. Rs. 1 Lac. In case, Mr. Amit dies during premium paying term, his nominee will receive Rs. 1 lac + accumulated Bonus.