LIC Lanka

LIC Lanka launches Jeevan Anand

To address the need for long term life insurance cover and at the same time ensuring decent return on premiums paid, LIC Lanka has devised a novel life insurance policy Jeevan Anand that provides for a lump sum maturity benefit plus a further lump sum payment on death of the policyholder after maturity date.

This innovative life insurance product from LIC Lanka, combines the benefits of an Endowment Plan and a Whole Life Plan. The main feature of this plan is that even after the maturity of the policy, the risk coverage on life continues for lifetime for the full sum assured, without the need for payment of any further premiums. Jeevan Anand therefore, provides cover for life not only during the premium paying term but even thereafter, until the death of the policyholder and has continued to be one of the most preferred life insurance policies in the market today.

As in the case of a regular endowment plan, the policyholder is required to pay premiums over the policy term. Jeevan Anand is a “with profit” policy, meaning that it will be entitled to bonuses declared by the company. If the policyholder dies during the plan’s tenure, the chosen sum assured along with bonuses that have accrued till such time, will be paid to the beneficiary. Hence, this policy is suitable for people of all ages and social groups.

In the event of survival of the policyholder, the lump sum available at maturity can be reinvested to provide an annuity, during the remainder of his/her life or in any other way considered suitable at that time. On survival to maturity, the policyholder will receive the sum assured and all accumulated bonuses. A final loyalty bonus, if any, may also be paid at maturity. Nevertheless, the life insurance cover will not terminate at maturity but will continue, free of charge and on death of the policyholder, a further payment equal to the sum assured will be given to the beneficiary.

Source: Daily News