|Product Detail – New Jeevan anand is a Participation non-linked plan. This offers an attractive combination of protection and saving. The combination provides financial protection against death throughout the lifetime of the policy holder with the provision of payment of lump sum at the end of the selected policy term in case of his or her survival.|
|Policy Term – 15 to 35 years|
|Minimum and Maximum Entry Age – 18 Years Completed and 50 Years Nearest Birthday|
|Maximum Maturity Age – 75 Years|
|Premium Payment Mode – Yearly / Half Yearly / Quarterly / Monthly (ECS)|
|Minimum and Maximum Sum Insured Rs.1,00,000/ and Maximum no limit depending on Income of insurer.|
|Maximum Accidental Death and Disability Benefit Rider up to age 70.|
|Policy Benefits or Feature –|
|On Death :
If all due premiums have been paid, the following death benefit shall be paid:
• On Death during the policy term: Death benefit, defined as Sum Assured on Death and vested Simple Revisionary Bonuses and Final Additional bonus, if any, will be payable. Where, Sum Assured on Death is defined higher of 125% of Basic Sum Assured or 7 times of annualized premium. This death benefit shall not be less than 105% of all the premiums paid as on date of death. The premiums mentioned above exclude service tax, extra premium and rider premiums, if any.
• On death of policyholder at any time after policy term (after completion): Basic Sum Assured.
|On Survival :
Basic Sum Assured, along with vested Simple Revisionary Bonuses and Final Additional Bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
|Surrendered Value :
The policy can be surrendered for cash yet at least two full years premiums have been paid. The Guaranteed Surrender value during policy term shall be a percentage of total premiums paid (net of service tax) excluding extra premiums and premiums for riders, if opted for. This percentage will depend on the policy term and policy year in which the policy is surrendered.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
Loan can be availed under the policy provided the policy has acquired a surrender value and subject to the terms and conditions as the company may specify from time to time.
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