In 2013 LIC of India most trusted insurance company has closed 14 different life insurance plans. This was done to comply with IRDA guideline. In 2014 LIC has launched 6 different new plans by renaming old plans.
Today we will discuss about New Jeevan Anand Plan 815 & its comparison with old Jeevan Anand Plan 149.
LIC New Plan – New Jeevan Anand
Basic Change incorporated in new LIC plan New Jeevan Anand are:-
- Maximum age entry reduced to 50 Years
- Maximum Policy term reduced to 35 Years
- Death Benefit Modified:-
Earlier death benefit was Basic Sum Assured but in new plan new term is incorporated which is Sum Assured on Death.
What is Sum Assured on Death?
Sum Assured on Death shall be Higher of 125% of Basic Sum Assured (1.25 x BSA) OR 10 times Annual Premium (10 x AP).
The death benefit as defined above shall not be less than 105% of total premiums* paid as on the date of death. [*excluding taxes, extra premiums and premiums for riders, if any]
- Rebate Benefit Modified
- Policy Revival Condition Changed
- Taxes will be borne by Policy Holder
- Loan Condition Modified
Should You Purchase New Jeevan Anand?
Well looking at change mention this plan it is like “New bottle but old wine”. New plan is launched just to comply with new IRDA guideline.
If you are looking this plan from insurance prospective and risk cover you should look at term plan which will give you good insurance coverage in low premium.
If you are looking this plan from investment or tax saving prospective it is big No. You should look at other better options like PPF or ELSS.
What Do you think about New Jeevan Anand Plan ? Post your views in comment section!