LIC’s Jeevan ANURAG is a with profits plan specifically designed to take care of the educational needs of children. The plan can be taken by a parent on his or her own life. Benefits under the plan are payable at prespecified durations irrespective of whether the Life Assured survives to the end of the policy term or dies during the term of the policy. In addition, this plan also provides for an immediate payment of Basic Sum Assured amount on death of the Life Assured during the term of the policy.
Payment of 20% of the Basic Sum Assured at the start of every year during last 3 policy years before maturity. At maturity, 40% of the Basic Sum Assured along with reversionary bonuses declared from time to time on full Sum Assured for the full term and the Terminal bonus, if any shall be payable. For example, if term of the policy is 20 years, 20% of the Sum assured will be payable at the end of the 17th,18th, 19th year and 40% of the Sum Assured along with the reversionary bonuses and the terminal bonus, if any, at the end of the 20th year.
Payment of an amount equal to Sum Assured under the basic plan immediately on the death of the life assured
A grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums.
If you are not satisfied with the “Terms and Conditions” of the policy you may return the policy to us within 15 days.
If at least three full years' premiums have been paid in respect of this policy, any subsequent premium be not duly paid, this policy shall not be wholly void, but the Sum Assured by it shall be reduced to such a Sum, called the paid-up value, as shall bear the same ratio to the full Sum Assured as the number of premiums actually paid shall bear to the total number of premiums originally stipulated in the policy. The policy so reduced shall thereafter be free from all liability for payment of the within mentioned premium, but shall not be entitled to the future bonuses. The existing vested reversionary bonuses, if any, will remain attached to the reduced paid-up Policy. The Sum Assured so reduced along with existing bonuses, if any, shall be paid in one single instalment on maturity or on earlier death.
Policy Loan is permissible under the policy after it acquires a paid-up value but before starting of payment of assured benefits. Theterms and conditions of loan and the rate of interest applicable will be as fixed by the Corporation from time to time. At present, the rate of interest is 9% p.a. compounding half-yearly.
This policy can be surrendered for cash after the policy is kept in force by payment of premiums for at least three years. The guaranteed surrender value allowable under this plan for all modes, except the single premium mode will be equal to 30 percent of the premiums paid excluding the premiums paid for the first year and all extra premiums and the premiums paid for optional / rider benefits. In case of single premium mode, the guaranteed surrender value will be 90 per cent of the premiums paid excluding all extra premiums and the premiums paid for optional / rider benefits. The cash value of any existing vested bonus additions will also be payable on surrender.
Accidental Death and Disability Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together
Term assurance rider benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 25 lakh under all policies of the life assured with the Corporation taken together.
Critical Illness Rider Benefit will be available for an amount not exceeding the sum assured under the basic plan subject to overall cover of 5 lakh under all policies of the life assured with the Corporation taken together.If Premium Waiver Benefit is opted for, then in case of diagnosis by any of the critical illness conditions covered under the policy, the total future premiums in respect of the policy will be waived. Sum Assured under such policies will not exceed Rs 5 lakh.