LIC Jeevan Anand is a traditional endowment plan that provides financial protection throughout the lifetime of the insured and a lump sum payment at the end of the policy term if the insured survives. It is a participating plan, which means that policyholders are eligible to receive bonuses declared by LIC from time to time.
The
maturity benefit of LIC Jeevan Anand is calculated as follows:
- Basic Sum Assured (BSA)
- Simple Reversionary Bonuses (SRB)
- Final Addition Bonus (FAB)
Basic Sum
Assured (BSA) is the amount of insurance coverage that the policyholder has
opted for. It is guaranteed and payable to the nominee in the event of the
policyholder's death.
Simple
Reversionary Bonuses (SRB) are declared by LIC on a yearly basis an
d credited
to the policyholder's account. The SRB rate depends on the performance of LIC's
investment portfolio.
Final
Addition Bonus (FAB) is a bonus declared by LIC at the end of the policy term.
The FAB rate is also dependent on the performance of LIC's investment
portfolio.
The total
maturity benefit of LIC Jeevan Anand is calculated as follows:
Maturity
Benefit = BSA + SRB + FAB
Maturity
Benefit = ₹10,00,000 + (45% of ₹10,00,000) + (20% of ₹10,00,000) = ₹16,50,000
The
maturity benefit of LIC Jeevan Anand is payable to the policyholder on the date
of maturity of the policy, if the policyholder is alive. If the policyholder
dies before the maturity date, the death benefit is payable to the nominee.
Note: The
maturity benefit of LIC Jeevan Anand is guaranteed only if the policyholder has
paid all the premiums on time. If the policyholder surrenders the policy before
maturity, the surrender value will be paid, which may be less than the total
premiums paid.
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