LIC Jeevan Anand Policy : Investing in a reliable life insurance plan is crucial for financial security. The LIC Jeevan Anand Policy is one of the most popular options for individuals looking for a combination of life coverage and maturity benefits. By investing just ₹1358 per month in this policy, you can accumulate a corpus of ₹25 lakh after a certain period.
This article will provide a detailed breakdown of the LIC Jeevan Anand Policy, including its features, benefits, eligibility criteria, and a detailed premium-to-benefit analysis.
What is LIC Jeevan Anand Policy?
LIC Jeevan Anand is a participating, non-linked, whole life endowment plan that offers both investment and insurance benefits. This means that the policyholder receives a lump sum maturity benefit while also enjoying lifetime insurance coverage.
Key Features of LIC Jeevan Anand Policy:
- Dual Benefits: Provides both savings and insurance.
- Lifetime Coverage: Death benefit continues even after maturity.
- Flexible Premium Payment: Monthly, quarterly, half-yearly, or yearly.
- Bonus Benefits: Earns bonuses declared by LIC.
- Loan Facility: Policyholders can avail of a loan against the policy.
- Tax Benefits: Eligible for deductions under Section 80C and tax-free returns under Section 10(10D).
How Does the LIC Jeevan Anand Plan Work?
Under this plan, you will pay a fixed premium for a specific term. After completing the policy term, LIC will pay out the sum assured along with accumulated bonuses. However, even after the payout, the life coverage continues for the policyholder’s lifetime.
Let’s understand the structure of the plan with an example.
| Plan Details | Value |
|---|---|
| Monthly Premium | ₹1358 |
| Policy Term | 35 years |
| Sum Assured | ₹5,00,000 |
| Expected Bonus | ₹10,00,000+ |
| Maturity Benefit | ₹15,00,000+ |
| Life Cover After Maturity | ₹5,00,000 |
| Total Benefit Received | ₹25,00,000+ |
The above table is just an approximation based on LIC’s past bonus trends. The actual amount may vary depending on LIC’s future declarations.
Benefits of Investing in LIC Jeevan Anand Policy
1. Maturity Benefit
After the completion of the policy term, the insured will receive the sum assured plus the accumulated bonuses. This lump sum can be used for retirement, children’s education, or other financial needs.
2. Lifetime Death Coverage
Even after receiving the maturity amount, the policyholder remains covered for the sum assured amount throughout their lifetime. In case of the policyholder’s death, their nominee receives the sum assured.
3. Bonuses & Additional Benefits
LIC Jeevan Anand is a participating plan, meaning it earns bonuses declared by LIC every year. These bonuses significantly increase the maturity amount.
4. Loan Facility
In case of financial emergencies, policyholders can take a loan against the policy.
5. Tax Benefits
- Premiums paid are eligible for deduction under Section 80C.
- The maturity proceeds and death benefits are tax-free under Section 10(10D).
Premium & Maturity Amount Calculation
The premium amount depends on age, policy term, and sum assured. Below is an estimated breakdown of premium payments and benefits.
| Age at Entry | Monthly Premium (₹) | Policy Term (Years) | Sum Assured (₹) | Maturity Amount (₹) |
|---|---|---|---|---|
| 25 years | 1358 | 35 | 5,00,000 | 25,00,000+ |
| 30 years | 1482 | 30 | 5,00,000 | 23,50,000+ |
| 35 years | 1620 | 25 | 5,00,000 | 22,00,000+ |
| 40 years | 1805 | 20 | 5,00,000 | 20,00,000+ |
The above table shows how policy term and age impact premiums and maturity benefits.
Eligibility Criteria for LIC Jeevan Anand Policy
To apply for this policy, one must meet the following criteria:
- Minimum Entry Age: 18 years
- Maximum Entry Age: 50 years
- Policy Term: 15 to 35 years
- Minimum Sum Assured: ₹1,00,000
- Maximum Sum Assured: No Limit
- Premium Payment Mode: Monthly, Quarterly, Half-Yearly, Yearly
How to Apply for LIC Jeevan Anand Policy?
Applying for LIC Jeevan Anand Policy is simple and can be done in two ways:
1. Offline Application
Visit the nearest LIC branch or contact an LIC agent to fill out the proposal form and submit necessary documents.
2. Online Application
- Visit LIC’s official website.
- Select Jeevan Anand Plan.
- Enter required details and premium calculation.
- Make the payment and complete the KYC process.
Once your policy is issued, you will receive the policy bond document either physically or digitally.
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Who Should Consider LIC Jeevan Anand Policy?
This policy is ideal for:
- Individuals looking for a safe investment with insurance benefits.
- Those who want a lifetime protection cover even after maturity.
- Investors who prefer risk-free savings with guaranteed returns.
- People looking for tax-saving investment options under Section 80C.
Important Terms & Conditions
Before purchasing LIC Jeevan Anand Policy, consider the following:
- Surrender Value: If you surrender the policy before maturity, you will receive a reduced payout.
- Grace Period: If you miss a premium payment, LIC allows a grace period of 30 days.
- Policy Lapse & Revival: If premiums are not paid within the grace period, the policy lapses. It can be revived within 5 years.
- Suicide Clause: If the policyholder dies by suicide within the first 12 months, LIC will refund only 80% of the premiums paid.
LIC Jeevan Anand is an excellent choice for individuals looking for a combination of investment and insurance. By investing just ₹1358 per month, you can accumulate ₹25 lakh in the long run while ensuring a lifetime insurance cover.
This plan is ideal for long-term financial planning, offering risk-free returns and tax benefits. However, it is advisable to consult an LIC agent or financial advisor to understand the terms and conditions before investing.