LIC Jeevan Anand : LIC Jeevan Anand is one of the most trusted and popular life insurance policies offered by Life Insurance Corporation of India. With the promise of both protection and savings, it has emerged as a top choice among those looking for long-term financial security. What’s even more appealing is that with a small monthly investment, you can receive a hefty sum of ₹25 lakh in return. Let’s understand how this works.
What is LIC Jeevan Anand Policy?
LIC’s New Jeevan Anand (Plan No. 915) is a non-linked, participating, individual life assurance plan. This policy offers the dual benefit of savings and protection, ensuring financial support to your family in case of the policyholder’s unfortunate demise and a lump sum payout at maturity.
Key features include:
- Combination of savings and life insurance
- Continued risk cover even after policy maturity
- Attractive bonuses
- Loan facility available after a few years
- Ideal for long-term financial planning
How ₹1358 Monthly Can Get You ₹25 Lakh
This calculation is based on certain assumptions including the age of the policyholder, the policy term, and bonuses declared by LIC. Here’s an illustrative example to help you understand how a monthly premium of ₹1358 can translate into ₹25 lakh in returns.
Assumptions:
- Age: 25 years
- Policy Term: 35 years
- Sum Assured: ₹10,00,000
- Premium Payment Term: 35 years
- Annual Bonus (estimated): ₹48 per ₹1,000
- Final Additional Bonus (FAB): Applicable
See More : Deposit THIS Amount Once & Get ₹20,000 Pension for Life
Breakdown of Returns
| Year | Premium Paid (Annual) | Total Premium Paid | Bonuses Accumulated | Final Additional Bonus | Maturity Value |
|---|---|---|---|---|---|
| 1 | ₹16,296 | ₹16,296 | ₹0 | ₹0 | ₹0 |
| 5 | ₹16,296 | ₹81,480 | ₹48,000 | ₹0 | ₹0 |
| 10 | ₹16,296 | ₹1,62,960 | ₹1,44,000 | ₹0 | ₹0 |
| 20 | ₹16,296 | ₹3,25,920 | ₹3,36,000 | ₹0 | ₹0 |
| 30 | ₹16,296 | ₹4,88,880 | ₹5,76,000 | ₹0 | ₹0 |
| 35 | ₹16,296 | ₹5,70,360 | ₹6,72,000 | ₹2,00,000 | ₹25,00,000 |
Note: These figures are indicative and based on current bonus rates. Actual benefits may vary.
Major Benefits of LIC Jeevan Anand Plan
- Life Cover for Lifetime: Even after the policy matures, the life cover continues for the policyholder’s entire lifetime, offering peace of mind.
- Tax Benefits: Premiums paid and maturity amounts are eligible for tax deductions under Sections 80C and 10(10D) of the Income Tax Act.
- Loan Facility: After a certain period, the policyholder can avail of a loan against the policy.
- Guaranteed Payouts: The maturity benefit includes the basic sum assured plus bonuses and final additional bonus (if any).
- High Claim Settlement Ratio: LIC has one of the highest claim settlement ratios in India, making it a reliable insurer.
LIC Jeevan Anand Premium Chart (Illustrative)
Here is a sample premium chart for various ages and sum assured amounts under the Jeevan Anand plan.
| Age | Sum Assured | Policy Term | Monthly Premium | Total Premium Paid | Maturity Value (Est.) |
|---|---|---|---|---|---|
| 25 | ₹10,00,000 | 35 years | ₹1358 | ₹5,70,360 | ₹25,00,000 |
| 30 | ₹10,00,000 | 30 years | ₹1472 | ₹5,29,920 | ₹23,00,000 |
| 35 | ₹10,00,000 | 25 years | ₹1620 | ₹4,86,000 | ₹21,00,000 |
| 40 | ₹10,00,000 | 20 years | ₹1880 | ₹4,51,200 | ₹19,00,000 |
| 45 | ₹10,00,000 | 15 years | ₹2265 | ₹4,07,700 | ₹17,00,000 |
| 50 | ₹10,00,000 | 10 years | ₹3050 | ₹3,66,000 | ₹15,00,000 |
Who Should Consider Buying LIC Jeevan Anand?
This policy is ideal for:
- Individuals looking for long-term financial planning
- Parents wanting to create a financial cushion for their children
- People seeking both insurance protection and savings
- Investors looking for safe and reliable returns
- Those planning retirement income
Steps to Buy LIC Jeevan Anand Plan
- Visit an LIC branch or the official website.
- Choose your sum assured and policy term.
- Fill out the proposal form and provide required documents.
- Pay the first premium.
- Undergo medical examination (if required).
- Receive your policy document upon approval.
Pros and Cons of LIC Jeevan Anand
Pros:
- Lifetime risk cover even after maturity
- High maturity benefits with bonuses
- Trusted and government-backed insurer
- Flexible premium payment options
Cons:
- Returns are relatively lower than market-linked plans
- Long lock-in period
- Bonus rates may vary yearly
Frequently Asked Questions (FAQs)
Is LIC Jeevan Anand a good investment?
Yes, if you’re looking for low-risk, long-term savings with life insurance coverage, it’s a strong choice.
Can I surrender the policy early?
Yes, you can surrender after 3 policy years, but benefits may be lower.
How do I check my policy status?
You can check online via the LIC portal or visit a local LIC office.
What if I miss a premium payment?
LIC offers a grace period and policy revival options if the premium is missed.
LIC Jeevan Anand offers the best of both worlds—life insurance and savings. With a disciplined monthly investment of just ₹1358, you can secure a maturity value of around ₹25 lakh. It’s a robust plan for those who prefer stable returns and lifelong insurance protection. However, make sure to review the policy details and compare it with other plans based on your financial goals.