LIC - Jeevan Anand

[c_shekar123]

Hi,

I am having a Jeevan Anand Policy with the following details,

Policy start date : Oct 2003,
Policy Premium : Rs. 62,489
Sum Assured : Rs. 12,00,000/-.

So far I have paid 10 premiums of Rs. 62,489 each and the 11th one is due in October 2008. The records show that I have an accrued bonus of Rs. 1,90,800/-

Pease advice me the best method of surrendering so that I will not loose much.

Regards

Shekar

 

[ravalsb]

Dear Shekar

It is not advisable to surrender endowment policies.

However, if it is inevitable, following is the calculation to surrender.

Guaranteed Surrender Value = 30% of (Total Premiums Paid - First Year Premium - Additional Premium paid towards Accident Benefit)

Further, Accrued Bonus would not form part of Guaranteed Surrender Value. However, some part of it might be paid depending on your policy term.

You can also check with your insurance agent regarding making the policy paid up, where premiums already paid is adjusted for remaining policy term and sum assured is proportinately reduced. Thus, u dont pay further premiums and policy remains active.

Hope this helps.

Regards

 

[maxjlone]

What is Jeevan Anand ?
Jeevan Anand is an Endowment Policy along with a Whole Life Policy in one. A combination plan. Assume a 20 year old person takes the policy with a life cover of Rupees 10 lakhs for 15 years. He pays the premium each year for all 15 years. If he dies during this period, his nominee gets the Life Cover amount. However is he survives the period of 15 years, he will get the life cover amount alongwith the bonuses that have accumulated each year. But the chapter doesnt end then ! LIC still gives him a life cover for the same amount (Rs.10 Lakhs) for as long as he lives....(Whole Life Insurance) without any extra cost ! So assuming he lives upto 65 years he gets 10 Lakh rupees life cover free for 30 years.
Jeevan Anand a good whole life plan' Jeevan Anand is really good having excellent returns and very much beneficial
plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan.we have analyzed Jeevan Anand, one of LIC's most popular endowment plans.

 

[jlseagull]

maxjlone - Thanks for explaining Jeevan Anand Policy..

 

[Pratikdas]

I have Jeeevan Anand policy with the following details:

commencement date: 2004
Plan 149
Policy Term 70 (Premium paying term: 25)
Accrued Bonus 1,15,500.00
Surrender Value 71,926.00
Loan Amount 59,750.00

Can anyone explain what the policy term means? How long do i need to pay the premiums and when can i get back any money?

thanks

 

[raghav_r]

Hi All,
I have Jeevan anand policy and following are the details

start date: 2005
age: 27
Plan 149
Policy Term 77 (Premium paying term: 23)

I have 20 policies of 1L each and i first gets matured at age of 46 ie. 2028 and the second in 2029 so on so forth...bcoz my premiums of each policy are not same.
Lic sends these reminders for premium payments and i get some 20 inland letters every year :annoyed: each policy has a fixed bonus of 17900 so my total accrued bonus is 17900*20 rite.

Every time i look into this plan I feel I have to surrender it , I am paying 62K every year though i can continue paying it but i feel it is not a great plan, I can as wel take a term insurance and put the rest of the money in market/MF/SIP.

please advice me i have already paid 5 premiums...feeling like losing money...

 

[ANANTH1066]

Hi I do have Jeevan Anand policy for 5 lakhs, but I paid annual premium of 1.05 lakhs for 6 years. policy started in July 2004. I have following queries in this policy.

I dont know why my total premium was more than the policy value?

Secondly, what I got by way of accrued bonus was only around 80,000 INR and not in lakhs as mentioned by other people in the link.

Since my policy term got over after 6 years, I got my premium (5 years only) + accrued bonus back in July 2010,.

Secondly, I am not sure whether this maturity amount received is taxable?

Can anyone throw some light on the above ?.... Appreciate..

Thanks

 

[raghav_r]

Hi All,
each policy has a fixed bonus of 17900 so my total accrued bonus is 17900*20 rite.
please advice me i have already paid 5 premiums...feeling like losing money...

Thnks rupslicindia for replying can u also clear the above point is correct. My total accrued bonus is 17900*20 = 358000 rite till now or is it a consolidated bonus of 17900 for all policies.

 

[ANANTH1066]

Thanks Rups... your response is very clear..

My only remaining query is I have been asked to pay premium of Rs 1.05 lakhs for 6 years for a policy value of Rs 5 lakhs...?.. That means I paid Rs 6.2 lakhs for 5 lakhs policy... Is that OK??

Secondly, when I log into see my policy online in LIC website, its still showing next premium due for 2010... which should not be the case.... should I have to take it up with LIC?....

For my policy value and premium amount mentioned above... how many years I am required to pay?..

Thanking you in advance
Ananth

 

[ANANTH1066]

Many Thanks Rups.. I really appreciate your prompt response. you have guessed it correct, my age was 38 when I took the policy and now I am 44.....

My policy value is Rs 5 lacs... I paid Rs 1.05 lacs for 6 years, so total premium paid was Rs 6.3 lacs, but I received term maturity amount of only Rs 6,03,500 and not 11 lacs or 16 lacs as mentioned by you in your reply... do you think that the value I received was ok or should I have to write to LIC?..

I dont want to bother you too much but your guidance here is really appreciated. Once again thanking you in advance

Regards
Ananth