Life Insurance Corporation (LIC) of India, the country's largest life insurer, offers a variety of endowment plans. LIC's New Jeevan Anand policy offers a combination of protection and savings, according to the insurance major's website - www.licindia.in. Endowment insurance products are different from the usual term insurance policies which mature in the event of death of an insured person. Endowment plans offer savings along with the protection of the insured person for a chosen policy term period. (Also read: LIC Jeevan Pragati Policy sum assured, premium and other key details)
Here are key details such as premium rates and sum assured applicable under the LIC New Jeevan Anand policy (excluding GST):
LIC's New Jeevan Anand policy can be purchased by any individual in the age group of 18-50 years for a policy term of 15 years to 35 years with the maximum age of maturity at 75 years.
The policy can be purchased with a minimum sum assure of Rs 1 lakh and it has no upside limit for the maximum amount of sum that can be assured at the time of maturity of the policy.
(Also read: How LIC Aam Aadmi Bima (AABY) scheme works)
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly intervals over the policy term, according to the LIC portal.
Below are premium rates per Rs 1,000 of the basic sum assured (excluding GST):
If premiums are not paid within the grace period then the policy will lapse. A lapsed policy can be revived within a period of two consecutive years from the date of first unpaid premium but before the end of policy term on payment of all the arrears of premium together with interest, LIC noted on its website.
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