ACHA ADVICE. SACHA ADVISOR
back arrow Back

LIC Jeevan Anand Plan 149

reply Share
04 Jul, 2021 by  Vimal Krishnan R

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?

like like
0

4 Answer

Post
05 Jul, 2021
Associate Professor, BIMTECH

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.

like like
0
icon-comment 1 Comments
icon-reply Reply
16 Jul, 2021
Vimal Krishnan R
like like
0
icon-reply Reply
05 Jul, 2021
CEO, Insurance Samadhan

Dear Vimal

Answers to your question regarding LIC Jeevan Anand (Plan 149)

1. If you exit now , you shall receive surrender value which will be almost 60 % of paid premium and accrued bonus till date. No You shall not receive your paid premium .

2. In case of death , your nominee would receive Rs 5 lakh plus accrued bonus .

3. Yes , you will have cover of Rs 5 lakh for full life and your nominee will receive onky Rs 5 lalh .

Hope this clarify . I recommrnd you to pay regular premium, take approx rs 10 lakh in 2031 and your nominee will get td 5 lakh on death after maturity.

 

Hope this clarify

Shailesh

like like
0
icon-comment 3 Comments
icon-reply Reply
16 Jul, 2021
Vimal Krishnan R
like like
0
icon-reply Reply
16 Jul, 2021
Vimal Krishnan R
like like
0
icon-reply Reply
16 Jul, 2021
Vimal Krishnan R
like like
0
icon-reply Reply
16 Jul, 2021
CEO, Insurance Samadhan

Dear Vimal

 

Refer your comments , answers are given below :

  1. Yes , each participating policy has a guaranteed surrender value which keep increasing with payment of premium . As you have paid 10 yearly premium hence guaranteed surrender value will be approx 60% of paid premium . Same formula would also apply with accrued bonuses , you will have approx Rs 1.20 lakh accrued bonus and you will receive 60% of accrued bonus . There is a SV factor which applies to accrued bonus .
  2. So you will not receive full accrued bonus but a percentage of accrued bonus calculated as per SV factor .
  3. It will not be taxable .
  4. No , death claim will not be applicable as you are terminating the contract premature .
  5. Let us say the premium is Rs 100 and you paid for 3 year then guaranteed surrender value after 3 year is 30% of Rs 200 i.e Rs 60 . So you pay Rs 300 and you get Rs 60 plus surrender value of accrued bonuses . Now all new policies generate surrender value after two year .

Hope this clarifies

 

Shailesh

Insurance Samadhan

like like
0
icon-comment 1 Comments
icon-reply Reply
16 Jul, 2021
Vimal Krishnan R
like like
0
icon-reply Reply
16 Jul, 2021
CEO, Insurance Samadhan

Dear Vimal

 

Yes , if you continue plan and take maturity then you shall have a whole life cover of Rs 5 lakh which means your nominee will receive an LIC Jeevan Anand (Plan-149) maturity amount of ₹Rs 5 lakh, whenever death happens post maturity .

Hope this clarifies , now

 

Shailesh

 

like like
0
icon-comment 1 Comments
icon-reply Reply
16 Jul, 2021
Vimal Krishnan R
like like
0
icon-reply Reply

Tired of dealing with call centers!

Get a professional advisor for life!

Rs. 1799

LIFETIME FREE

Limited Period Offer

or

Discover the best tips for insurance every week!

Beshak is not regulated by the Insurance Regulatory and Development Authority of India (IRDAI) and does not have any alliance or association with any Insurance business.
© Copyright 2022 Beshak Solutions Pvt. Ltd. All Rights Reserved.

Disclaimer: The content on the website is purely for information purposes for the public at large, and does not constitute personal financial advice for a specific individual reader.
If you are reading this, it means you love reading the fine print. Why not get paid for what you love doing - Join us by writing to info@beshak.org now 🙂