LIC Jeevan Anand Plan 149
I am holding a LIC Jeevan Anand (Plan-149). The Commencement Date of this plan was 09/12/2011 and the premium paying term is 20 years (ending on 9/12/2031). It would be great if anyone can answer the following questions regarding this plan:
1)If I exit the LIC plan 149 this year, will I receive the Bonus, Guaranteed Addition that has been accrued? If I will not be entitled to the Bonus, will I at least receive in full, the amount that I have paid as a premium?
2) The 'sum assured' is Rs. 5 Lakhs. Is this the only amount that my family will receive if at all I die during the premium paying term? or are there any additional amounts?
3) The policy term is 76 years. So if I continue to pay the premium till my premium payment end date (that is till 09/12/2031) will I get a life insurance coverage after this date? The policy term is 76 years and the date of maturity is 9/12/2087. If yes, will the amount of life cover be the same 5 lakhs?
Jeevan Anand is a product having a combination of endowment & whole life. At the end of the 20th year you would get around 10 lakhs i.e. sum assured 5 lakhs plus 5 lakhs of bonus ( my assessment). The policy would not end there but you would continue to hv a death risk coverage of 5 lakhs without any premium till age 100. That means a guaranteed death claim benefit is there for family. There is also a provision of surredering this death claim benefit after a ceryain age perhaps 75 years. If you do so you may get more than 2.5 lakhs or so. Would not advise to surrender / break the policy . It is a good policy.