Introduction of Jeevan Anand – A With Profit Assurance Plan
Table No.149


In order to give wider choice to our customers, it has been decided to introduce with effect from 1st February, 2002, ‘Jeevan Anand’, a With Profit Assurance Plan. Basically, the plan is a combination of the Whole Life Plan and the most popular Endowment Assurance Plan. The plan provides the pre-decided Sum Assured and Bonuses at the end of the stipulated premium paying term, but the risk cover on the life continues till death.

Premium Rates:

The tabular premium rates under this plan are given in Annexure ‘A’. The premiums are payable during the endowment term of the policy or until death of the Life Assured, whichever is earlier.


(a) Survival Benefits: Sum Assured along with all vested bonuses payable at the end of the premium paying term (Endowment term).
(b) Death Benefit: Sum Assured along with vested bonuses are payable on death during the premium paying term. An amount equal to the Sum Assured is payable on death after the premium paying term.
(c) Bonuses: Simple Reversionary Bonus accrues during the premium paying term and is payable at the end of the premium paying term or on earlier death along with Final Additional Bonus, if any. No Bonus is paid on death after the premium paying term.
(d) Accident Benefits: The double Accident Benefit is available during the premium paying term and thereafter upto age 70. The premium for this has been built into the tabular premium rates. Maximum Accident Cover available under this plan will be Rs.5 lakhs (this limit excludes accident benefit taken under other plans).

Rebates for High Sum Assured:

Sum Assured Rebates in Tabular Premium %o S.A.

Less than Rs.3,00,000 NIL

Rs.3,00,000 and above Rs.1.00
but less than Rs.5,00,000

Rs.5,00,000 and above Rs.1.50
but less than Rs.10,00,000

Rs.10,00,000 and above Rs.1.75

In addition to the above, a rebate as per details given below will be available on Sum Assured in excess of Rs.5 lacs reduced by the Accident Benefit availed under this plan earlier.
(e.g. (1) If Rs.2 lacs Sum Assured has been taken in Jeevan Anand earlier and Rs.5 lacs is currently being proposed, then the Total Sum Proposed (including previous policy) under Jeevan Anand would be Rs 7 lacs. However, as the Maximum Accident Benefit available under this plan is Rs. 5 lacs, this rebate will applicable on the excess of the Total Sum Proposed (Rs. 7 lacs) over Rs. 5 lacs. i.e. Rs. 2 lacs.
(2) If Rs.7 lacs Sum Assured has been taken earlier and Rs.7 lacs is being proposed now, the Rebate will apply on the full Rs.7 lacs.)

Premium Paying Term (in years) Rebate (Rs.)

5 – 9 2.25
10 – 14 1.50
15 – 19 1.25
20 – 24 1.15
25 and above 1.00


(a) Underwriting: All aspects of underwriting will be as applicable to Table No.14.

(b) Financial Powers: For the purpose of Medical Examiner’s limit, Moral Hazard Report, Underwriting, Claims Investigation and Settlement, Rules as applicable in respect of Endowment Assurance Plan (Table No.14) will apply.


The following restrictions will apply for policies under this plan.

(a) Minimum age at entry : 18 years (completed)
(b) Maximum age at entry : 65 years (age nearer birthday)
(c) Maximum age at the end
of the premium paying term: 75 years (age nearer birthday)
(d) Premium Paying Term : 5 years to 57 years
(e) Minimum Sum Assured : Rs.1,00,000

Proposal Form:

Form No.300 (Rev.) with modifications can be used for this plan. A copy of the necessary modifications is enclosed.

Policy Form:

Paid up Value/Surrender Value:

Paid up Values and Surrender Values will be given at a later date.


Loans will be granted against the surrender value of the policy after payment of premiums for at least 3 years. Interest on such loans will be fixed by the Corporation from time to time.

Other terms and conditions:

All other terms and conditions including Mode of Premium Payment, Mode Rebate, Agents’ Commission, Credit to Development Officers, Staff Rebate, Back Dating of Policies, will be as applicable to Endowment Assurance Plan (Table No.14).