LIC Jeevan Anurag Plan
LIC Jeevan Anurag Plan is a plan designed specifically to take care of your child’s education needs. In this plan, you get an Assured Benefit and Death Benefit. On death of the Life Insured, the Sum Assured is paid immediately to the nominee and all future premiums are waived off, but the policy continues. Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity, and on maturity the remaining 40% of the Sum Assured along with the bonus would also be paid, irrespective of whether the life insured is alive or not.
Key Features
Premiums Waiver Benefit is an inbuilt rider. Other 3 optional additional riders available are 1. Accidental Death and Disability Benefit rider 2. Critical Illness rider and 3. Premium Waiver Benefit rider for Critical Illnesses.
Benefits
In case of death of the Life Insured, the nominee would get the Sum Assured immediately. The future premiums would be waived and again 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity and then the Maturity Benefit would also be paid.
On Survival of the Life Insured, he receives 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity.
On maturity, the life insured or his nominee gets the remaining 40% of the Sum Assured plus the Bonus.
Tax Benefit
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C.
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) | 50,000 | No Limit |
| Policy Term | 5 years for Single Premium,
10 years for Regular Premium |
25 years |
| Entry Age of Policyholder | 20 years | 60 years |
| Age at Maturity | - | 70 years |
| Payment modes | Single, Yearly, Half-Yearly, Quarterly & Monthly | |
Sample illustration of LIC Jeevan Anurag Plan
Premium = Rs.4,606/-
Age = 35 years
Policy Term = 25 years, yearly mode
Premium paying term = Regular Pay
Sum Assured = Rs 1,05,000
Total Investment = Rs 4,606 X 25 = Rs 1,15,150/-
Bonus Assumptions :
Regular Bonus - Rs.21 per thousand S.A at 6% rate of return
Rs.55 per thousand S.A at 10% rate of return
Terminal Bonus - Rs. 170 per thousand S.A at 6% rate of return
Rs. 450 per thousand S.A at 10% rate of return
Guaranteed Returns :
Beginning of Year 23 = Rs 21,000/-
Beginning of Year 24 = Rs 21,000/-
Beginning of Year 25 = Rs 21,000/-
Maturity Benefit at the End of Year 25 = Rs 42,000/- + Bonus (Variable)
FAQs
What happens if You stop paying the premium ?The policy will lapse if the premium stops. However, if at least 3 years’ premium shave been paid then the policy acquires a Paid Up Value and the risk cover continues at the reduced Sum Assured. The reduced Sum Assured and the accrued Bonus would be payable on Maturity or on earlier death. It can also be revived within 5 years from the due date of first unpaid premium.
What happens if You want to surrender the policy ?Surrender Value is paid if premiums for 3 years have been paid up. For regular premium, the Guaranteed Surrender Value is 30% of basic premiums paid excluding the first year’s premium and the additional premium paid for the rider benefits. In case of single premium mode, the guaranteed surrender value will be 90% of the premium paid excluding all extra premiums and the premiums paid for optional / rider benefits. The cash value of any existing vested bonus additions will also be payable on surrender.
What happens if You want a loan against your policy ?Loan is available under this policy after it acquires a paid-up value but before starting of payment of assured benefits. The present rate of interest is 9% p.a. compounding half yearly but it may change from time to time.
Various riders available.Large Sum Assured Rebate available in this LIC plan.
