LIC's New Jeevan Anand: Review and Comparison with New endowment plan

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LIC’s New Jeevan Anand is also an extension of their famous Jeevan Anand plan, which offers death benefit even after policy terms expires. With little extra premium compared to Pure Endowment plan,  It combines features of both Endowment and Whole life plan.



Death and maturity benefit:


On Maturity
B.S.A + Bonus + F.A.B
On Death
During term
B.S.A + Bonus + F.A.B
After Term
B.S.A














Sum Assured on Death:  Higher of 125% of Basic Sum Assured OR 10 times Annual Premium.
Condition:
Min Age at entry is 18 years and maximum is 50 years.
Min S.A is 1 Lac and max any amount.
Min term is 15 years and max is 35 years.
Policy also offers accidental and Disability riders.
Policy surrender allowed after full three years premium is paid.
For a policy of 35 years and basic Sum Assured of Rs. 100000, the premium is 3165 for someone with 30 years age.

If I compare it with LIC’s newly launched new endowment plan, the premium is on a higher side. However if we compare overall benefits, I see that bonus rates is high for New Jeevan Anand plan (as mentioned in LIC illustration). Death benefit is also high compared to New Endowment plan. I am not going into the granularity of returns but if the idea is to invest money for safety along with life insurance cover, I find New Jeevan Anand far better than traditional insurance plan. Beside all these, it also offers Sum Assured whenever policyholder dies.

 
New Jeevan Anand
New Endowment
Yearly Premium
3165
2881
Total Premium paid
110775
100835
Difference
 
9940
Maturity
Maturity(SA)
100000
100000
Maturity(Bonus)
156000
149000
Total Maturity
256000
249000
Difference
 
-7000
Total Difference
 
2940
Min Death Benefit during term
Basic Sum Assured
125000
100000

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