LIC New Jeevan Anand plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. LIC New Jeevan Anand Policy provides 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.
Under this plan, premiums are limited to the term chosen and benefits are payable on the date of maturity. But the insurance cover on the life assured continues till death, like a whole life policy.
Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with Final Additional Bonus. No Bonus is paid on death after the premium paying term.Loans will be granted against the surrender value of the policy after payment of premiums for at least 3 years and completion of 3 years. Interest on such loans will be fixed by the corporation from time to time.
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