LIC Jeevan Anand is an Endowment Assurance (like LIC Jeevan Saral policy) plus whole life plan. The plan provides insurance cover throughout the policy term and in case of survival, the life assured gets a lump sum amount consisting of Sum Assured and any Bonus that may have accrued during the policy period (this is a with-bonus policy). Also, if the LA dies after the policy term, his nominee is eligible for an additional Sum Assured (benefit of Whole Life policy). This Additional Sum Assured will be payable in lump sum if an accident occurs before attaining 70 years. In case the LA becomes disabled permanently, this additional SA will be paid in installments.
If the death occurs during the policy period, the Sum Assured along with Bonus (see LIC Bonus) will be payable.
As the tag line says ‘Zindagi ke sath bhi, zindagi ke baad bhi’, Jeevan anand policy will cover your risk even after maturity (end of policy term).
If the policy has been in force for 3 years, you may consider surrendering your policy (but please be advised that surrendering of a policy should always be the last choice). You will get 30% of all the premium paid till date excluding the premiums paid in the first year and extra premiums paid for riders such as accident benefit.
You can register your LIC Jeevan Anand policy at LIC portal to check its complete status including number of premiums paid, number of premiums remaining due date, revival quote if surrendered etc.