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Wednesday, 14 April 2021

You can get lifetime risk cover of Rs 10 lakh without paying premium, learn about this special policy of LIC

You can get lifetime risk cover of Rs 10 lakh without paying premium, learn about this special policy of LIC

LIC

One line of LIC is very famous - life or company, life or after. That is, a policy that gives you protection for life, even after death, guarantees protection to family members. The name of this policy is New Jeevan Anand Policy. The most special thing about this policy is that the life of the depositor is safe even after maturity, as the risk cover continues, while after a certain period of time he does not need to pay any premium.

LIC

There are some special features of the New Life Enjoy Policy that make it popular. The most important of these is free risk cover up to the age of 100. That means the depositor gets free risk cover for 100 years. Let us understand it by an example. A 30 year old person deposits Rs 10 lakh for 25 years.

When he turns 55, the policy will mature. After 55 years the person got maturity and no longer has to pay any premium. But he will get a risk cover of Rs 10 lakh for 100 years. This means that if the depositor dies within this age, his nominee will get Rs 10 lakh.

You will also get a good amount on surrender
Another feature of this policy is that the policy can be surrendered at maturity. The policyholder can also surrender free risk cover if he or she faces financial hardship. If the policy is surrendered at the age of 75-80, the policyholder gets 70 per cent of the amount.

LIC

No need to worry if the premium is missed
The third special feature of this policy is the paid up value after 3 years of premium payment. Accordingly the policy should run for 3 years. Then the pad up value becomes. Let us understand it by an example. The policyholder continues for 5 years after taking this policy and then discontinues.


 The policy of Rs 10 lakh has been taken for 25 years, but if it is closed in 5 years due to poor economic condition, the sum assured will be Rs 2 lakh. This means that even if the policyholder does not pay the premium, he will get a risk cover of Rs 2 lakh. If any kind of untoward incident happens, his family will get Rs 2 lakh.

Special facility in case of accident
Accidental Death and Disability Rider facility is also available under this policy. This means that if the policyholder dies accidentally during the policy or the policyholder becomes permanently disabled, he gets full risk cover.

In case of death due to accident, the policyholder gets extra sum assured except Rs 10 lakh. This amount increases from 10 lakhs to 20 lakhs. In case of complete disability, the policyholder's premium will be waived and the person will get Rs. 1 lakh per annum. This facility will be available for 10 years. You will also get the maturity of the policy on completion of 10 years.

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