Yes, it is a good policy. It has dual benefits of saving as well as protection against life uncertainties.

No. The LIC Jeevan Anand policy provides tax benefit to the insured individuals on the premium paid as well as on the claims that are received. This tax benefit is available under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Yes, LIC’s Accidental Death and Disability benefit Rider can be attached to the base plan. One may avail such an optional rider by paying an additional premium for it during the policy process. The Accident benefit sum assured benefit would be paid in case of death due to an accident occurring during the policy period. In case of a permanent disability because of the accident, then an amount equivalent to the Accident benefit sum assured would be paid, but in the form of monthly installments.

Under this plan, the rate of the bonus will not be fixed. It completely varies according to the performance of the insurance company and paid only if the insurance company makes any benefit in the financial year.

The bonus rate declared under various plans of LIC depends upon the profits generated by the corporation. One can see the bonus rates applicable for various plans by visiting the following link licindia.in/Customer-Services/Bonus-Information.aspx

The plan offers simple reversionary bonuses for every year the policy is in force. At the time of death during the policy’s tenure or on maturity, a Final Bonus might also be paid in addition to the vested bonuses. 

Yes, this LIC insurance plan offers loan advantages where the insurance holder can get a loan against the policy.

Yes, a lapsed policy can be revived if the revival is done within 2 years of policy lapsing. The outstanding premium and any applicable interest for the lapsed period would have to be paid to the company for such revival.

No, the policy does not allow switching. Once bought it should be continued for the chosen duration. If premiums are stopped, the policy would lapse.

Yes, loans are allowed under the plan. Loans are allowed only if the plan acquires a surrender value as the limit of loan allowed depends on the Surrender Value acquired by the policy. 

No. Rider benefits are contingent on happening of the even against which the rider has been taken. If you are not diagnosed with any illness covered by the rider during the plan tenure, you would get no additional rider benefits either on death or maturity.

The plan comes out with different premium rebates. The first one is a high Sum Assured rebate that provides a rebate of 1.50% to 3% if the Sum Assured is Rs.2 lakhs and above. The second rebate offered is for paying the premium in annual or half-yearly mode. The annual mode rebate is 2% of the tabular premium while for half-yearly mode the rebate is 1%. 

The documents that are necessary to be insured under the insurance plan are all subject to the sum assured amount that is chosen and the premiums that are paid for it. Below mentioned are some of the primary documents that are required for an individual to get insured under the plan:

• Completely filled Application form/Proposal form with accurate information
• Age Proof
• Address Proof
• Medical History
• KYC documents such as Aadhaar Card, PAN Card, Tax Details, etc.
• Medical Diagnosis Reports as needed