(LIC Jeevan Anand Policy) : When it comes to securing your financial future, LIC (Life Insurance Corporation of India) offers some of the most trusted and rewarding policies. One such popular plan is the LIC Jeevan Anand Policy, which combines the benefits of insurance coverage and investment returns. If you invest ₹1,358 per month, you can receive ₹25 lakh at maturity. This article will provide a detailed breakdown of this policy, its features, benefits, eligibility, and a step-by-step guide on how to invest.
What is LIC Jeevan Anand Policy?
LIC Jeevan Anand is a participating, non-linked life insurance policy that offers both savings and protection benefits. The policy provides life coverage even after maturity, making it one of the most attractive options for policyholders looking for long-term security.
Key Features:
- Dual Benefit: Life cover continues even after the maturity period.
- Guaranteed Returns: A fixed amount will be paid on maturity.
- Bonus Addition: LIC offers simple reversionary bonuses and final additional bonuses to enhance returns.
- Flexible Premium Payment: Choose between monthly, quarterly, half-yearly, or annual premium payments.
- Loan Facility: Policyholders can take a loan against the policy after a certain period.
How ₹1,358 Per Month Can Grow to ₹25 Lakh?
The amount you invest in LIC Jeevan Anand accumulates over the policy tenure, ensuring a significant return upon maturity. Below is an illustration of how ₹1,358 per month (or ₹16,296 per year) grows over time:
Investment & Maturity Calculation
| Details | Values |
|---|---|
| Monthly Premium | ₹1,358 |
| Yearly Premium | ₹16,296 |
| Policy Term | 35 years |
| Total Premium Paid | ₹5,70,360 |
| Bonus Accumulated | ₹12-15 lakh (approximate) |
| Final Additional Bonus | ₹3-5 lakh (approximate) |
| Maturity Amount | ₹25 lakh (approximate) |
| Life Cover After Maturity | Same as Sum Assured |
- The final amount includes sum assured + bonuses, which makes LIC Jeevan Anand a high-yielding investment option.
- The life cover continues even after you receive the maturity amount, ensuring lifetime security for your family.
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Eligibility Criteria for LIC Jeevan Anand
Before applying for this policy, you must ensure you meet the eligibility requirements:
| Criteria | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 50 years |
| Minimum Policy Term | 15 years |
| Maximum Policy Term | 35 years |
| Minimum Sum Assured | ₹1 lakh |
| Maximum Sum Assured | No Limit |
| Premium Payment Mode | Monthly, Quarterly, Half-Yearly, Annually |
- If you are above 50 years, this policy is not applicable.
- You must complete the full policy term to receive full maturity benefits.
- There is no upper limit on investment, meaning you can increase your premium to get higher returns.
Benefits of LIC Jeevan Anand Policy
1. Maturity Benefits
- After the policy term ends, LIC pays the sum assured + accrued bonuses to the policyholder.
- This lump sum can be used for retirement planning, children’s education, or business expansion.
2. Lifetime Coverage
- Even after maturity, the risk cover continues for the rest of your life.
- This ensures financial protection for your family.
3. Death Benefit
- In case of the policyholder’s demise, LIC provides the sum assured + accrued bonuses to the nominee.
- This ensures the family’s financial security even after the insured’s death.
4. Bonus Benefits
- LIC Jeevan Anand is a participating policy, meaning LIC adds yearly bonuses.
- The final additional bonus further increases the total payout.
5. Tax Benefits
- Premiums paid under this policy qualify for tax deductions under Section 80C of the Income Tax Act.
- The maturity amount is tax-free under Section 10(10D).
How to Apply for LIC Jeevan Anand Policy?
Step-by-Step Process:
- Check Your Eligibility: Ensure you meet the age and term requirements.
- Visit the LIC Website or Branch: You can either apply online at LIC’s official website or visit a nearby LIC branch.
- Select the Sum Assured & Policy Term: Decide how much coverage you need and for how long.
- Fill Out the Application Form: Provide personal, nominee, and medical details.
- Medical Examination (if required): Depending on the sum assured, LIC may require a medical check-up.
- Submit Required Documents:
- Identity Proof (Aadhaar Card, PAN Card, Passport)
- Address Proof (Voter ID, Electricity Bill, Rental Agreement)
- Income Proof (Salary Slip, ITR, Form 16)
- Age Proof (Birth Certificate, 10th Mark Sheet)
- Pay the First Premium: Once all documents are verified, make the first premium payment.
- Receive Your Policy Document: LIC will issue a policy bond, which you must keep safe.
Comparison with Other Investment Options
| Investment Option | Premium | Returns | Tax Benefits | Life Cover | Bonus |
|---|---|---|---|---|---|
| LIC Jeevan Anand | ₹1,358/month | ₹25 lakh | Yes (80C, 10(10D)) | Lifetime Cover | Yes |
| Fixed Deposit (FD) | ₹1,358/month | ₹9-10 lakh | Limited | No | No |
| Mutual Funds (SIP) | ₹1,358/month | ₹20-30 lakh | Yes (ELSS) | No | No |
| PPF | ₹1,358/month | ₹15-18 lakh | Yes (80C) | No | No |
- LIC Jeevan Anand stands out because it offers guaranteed returns with life coverage.
- Unlike FDs or PPF, it provides a bonus component that significantly boosts the final payout.
LIC Jeevan Anand is one of the best long-term investment plans for those looking to secure their financial future while ensuring life coverage. By investing just ₹1,358 per month, you can accumulate ₹25 lakh over time while also receiving tax benefits and a continuous life cover even after maturity.
If you are looking for a safe and rewarding investment, this policy is an excellent choice. Visit your nearest LIC branch or apply online to start your journey toward financial security today.
The calculations and benefits mentioned in this article are illustrative and may vary based on LIC’s latest terms and conditions. It is recommended to consult with an LIC advisor before making any investment decision.