Investors Guide Home News Markets IPO Personal Finance Tech Jobs Opinion LIC Jeevan Anand: Extended cover, additional accident benefit a big draw Bakul Chugan Tongia, ET Bureau Jul 30, 2012, 12.46AM IST Product Details: Jeevan Anand, from LIC, is an endowment-cum-whole life plan, wherein the policy continues to cover the life of the policyholder even after maturity, until his/her death. The scheme also provides for an additional accident benefit where an additional sum assured (subject to a maximum of Rs 5 lakh) is payable to the nominee in the event of the death of the policyholder due to accident up to 70 years of age. In case of permanent disability of the policyholder due to accident, this additional sum assured shall be paid in installments. Additional Features: The policyholder, on maturity, is entitled to the amount of sum assured along with vested bonuses that may have been declared by the company from time-to-time. However, as the policy continues even after maturity, the entire amount of sum assured shall again be payable to the nominee on the death of the policyholder. The scheme thus factually pays double the amount of the sum assured. Our View: Payment of the sum assured, on maturity as well as on the death of the policyholder, is the unique selling point (USP) of this scheme, while the additional accident benefit is also impressive. Jeevan Anand thus makes up for an interesting insurance-cum-investment plan that assures payment of the sum assured twice - once to the insured and later to the nominee. The only hitch here is that in the event of the death of the policyholder before the end of the policy term, the sum assured shall be paid just once, to the nominee, along with the vested bonuses. Investors Guide Home News Markets IPO Personal Finance Tech Jobs Opinion LIC Jeevan Anand: Extended cover, additional accident benefit a big draw Bakul Chugan Tongia, ET Bureau Jul 30, 2012, 12.46AM IST Product Details: Jeevan Anand, from LIC, is an endowment-cum-whole life plan, wherein the policy continues to cover the life of the policyholder even after maturity, until his/her death. The scheme also provides for an additional accident benefit where an additional sum assured (subject to a maximum of Rs 5 lakh) is payable to the nominee in the event of the death of the policyholder due to accident up to 70 years of age. In case of permanent disability of the policyholder due to accident, this additional sum assured shall be paid in installments. Additional Features: The policyholder, on maturity, is entitled to the amount of sum assured along with vested bonuses that may have been declared by the company from time-to-time. However, as the policy continues even after maturity, the entire amount of sum assured shall again be payable to the nominee on the death of the policyholder. The scheme thus factually pays double the amount of the sum assured. Our View: Payment of the sum assured, on maturity as well as on the death of the policyholder, is the unique selling point (USP) of this scheme, while the additional accident benefit is also impressive. Jeevan Anand thus makes up for an interesting insurance-cum-investment plan that assures payment of the sum assured twice - once to the insured and later to the nominee. The only hitch here is that in the event of the death of the policyholder before the end of the policy term, the sum assured shall be paid just once, to the nominee, along with the vested bonuses.
Posted on: Fri, 22 Nov 2013 10:03:51 +0000
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