Product Specification-new-jeevan-anand-plan

Grace Period: A grace period of 30 days is allowed for the payment of due premiums. In case the insurance holder delays the premium payment, he is allowed for a grace period of 30 days. If he fails to pay during the grace period as well, the policy will lapse. However, the insurance holder is allowed to pay within tenure of 2 years from the due date of the first unpaid premium. He has the option to revive the lapsed LIC New Jeevan Anand Plan by paying all the due premiums within this period. Free Look Period: Dont see your Jeevan Anand plan catering your needs well? The policyholder gets a free cancellation option in which he can cancel his plan within 15 days of its inception, given that no claims have been made yet. Policy Termination or Surrender Benefit: On completion of 3 policy years, the insurance gets charged with surrender value benefits. Also, the insurance plan provides loan advantages under which the insurance holder can avail loan against his policy. Policy Exclusions In case the policyholder comits suicide within 12 months of the policy inception, 80 % of the premiums paid till date shall be returned to the nominee. In case of death after the plan renewal, higher of 80% premiums paid till date or the acquired surrender value shall be paid.