(LIC Jeevan Anand Policy Update) : Life Insurance Corporation of India (LIC) offers various insurance plans, but one of the most popular and beneficial policies is LIC Jeevan Anand. This plan provides both protection and savings benefits, making it a great choice for individuals looking for a secure future.
With a small monthly investment of ₹1358, policyholders can receive a maturity amount of ₹25 lakh after a specific period. This article will provide complete details about the plan, including its features, benefits, eligibility, and investment breakdown.
What is LIC Jeevan Anand Policy?
LIC Jeevan Anand is a non-linked, participating life insurance policy that offers both life coverage and savings benefits. The unique feature of this policy is that it provides financial protection even after maturity, making it a lifetime coverage plan.
Key Features of LIC Jeevan Anand:
- Dual Benefit: Offers both savings and insurance coverage.
- Lifetime Risk Cover: Even after the policy term ends, the life cover continues.
- Bonus Additions: Policyholders receive bonuses declared by LIC.
- Flexible Premium Payment Options: Monthly, quarterly, half-yearly, or yearly payments.
- Loan Facility: Policyholders can take loans against their policy.
How Does the LIC Jeevan Anand Policy Work?
If an individual invests ₹1358 per month in this policy, they can receive ₹25 lakh after completing the tenure. Here’s a breakdown of the policy structure:
| Policy Details | Information |
|---|---|
| Policy Name | LIC Jeevan Anand |
| Monthly Investment | ₹1358 |
| Total Investment Tenure | 35 Years |
| Sum Assured | ₹10 Lakh |
| Total Maturity Amount | ₹25 Lakh |
| Bonus Amount | Included |
| Life Cover After Maturity | Continues for a Lifetime |
Calculation of Returns
The total amount received at maturity includes:
- Sum Assured (Guaranteed Amount)
- Bonuses (Accrued Every Year)
- Final Additional Bonus (FAB) if applicable
For a sum assured of ₹10 lakh, the maturity amount increases significantly due to LIC bonuses and additions over the years.
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Benefits of Investing in LIC Jeevan Anand
This policy offers numerous advantages, making it a preferred choice for many individuals.
1. Lifetime Protection
Unlike other policies that end after maturity, LIC Jeevan Anand continues to provide life cover even after the payout. This ensures financial security for policyholders throughout their lifetime.
2. High Returns with Bonus Additions
LIC Jeevan Anand is a participating policy, meaning the policyholder benefits from LIC’s profit-sharing. Over the years, LIC declares annual bonuses, increasing the maturity amount significantly.
3. Tax Benefits Under Section 80C & 10(10D)
- The premiums paid qualify for tax deductions under Section 80C of the Income Tax Act.
- The maturity amount is tax-free under Section 10(10D), subject to conditions.
4. Loan Facility Available
Policyholders can take a loan against their policy in case of financial emergencies after a few years of policy tenure.
5. Flexibility in Premium Payment
LIC provides multiple premium payment options, including monthly, quarterly, half-yearly, and yearly. This flexibility makes it easier for individuals to manage their payments.
Eligibility Criteria for LIC Jeevan Anand
Before investing in this policy, it’s important to check 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, Yearly |
Individuals falling within this age bracket and fulfilling the premium requirements can easily apply for the policy.
How to Apply for LIC Jeevan Anand Policy?
The process to apply for LIC Jeevan Anand is simple and can be done in two ways: offline and online.
1. Offline Application Process
- Visit the nearest LIC branch.
- Consult an LIC agent who will help in filling out the policy application.
- Submit required documents (ID proof, address proof, income proof, medical reports if required).
- Pay the first premium and receive the policy document.
2. Online Application Process
- Visit the official LIC website (www.licindia.in).
- Select LIC Jeevan Anand from the list of plans.
- Fill out the proposal form with personal details.
- Upload the necessary documents online.
- Pay the premium amount securely through net banking or debit/credit card.
- After verification, the policy document is sent via email and post.
Maturity Benefits & Payout Breakdown
The maturity amount consists of the sum assured and accumulated bonuses. Here’s an example of how the maturity amount is calculated:
| Yearly Investment | Total Premium Paid in 35 Years | Expected Maturity Amount |
|---|---|---|
| ₹16,296 | ₹5,70,360 | ₹25 Lakh (Including Bonuses) |
- The policyholder pays ₹1358 per month (₹16,296 per year).
- Over 35 years, the total premium paid is ₹5,70,360.
- At the end of the term, the expected maturity amount is ₹25 lakh, which includes sum assured + bonuses.
Things to Keep in Mind Before Investing
Before purchasing LIC Jeevan Anand, consider the following points:
- Policy Tenure: Choose a term that suits your financial goals.
- Premium Payment: Ensure timely premium payments to keep the policy active.
- Surrender Value: If the policy is surrendered before maturity, only a portion of the investment is returned.
- Medical Examination: Some applicants may need to undergo a medical test based on their age and sum assured.
Is LIC Jeevan Anand a Good Investment?
LIC Jeevan Anand is an excellent long-term investment plan offering dual benefits of savings and lifetime protection. It is best suited for individuals looking for a secure financial future with guaranteed returns.
Pros of LIC Jeevan Anand
- Lifetime coverage after maturity.
- High returns with bonus benefits.
- Tax benefits under Section 80C and 10(10D).
- Loan facility in case of emergencies.
Cons of LIC Jeevan Anand
- Long-term commitment required.
- Returns depend on LIC’s bonus declarations.
Despite these minor drawbacks, LIC Jeevan Anand remains one of the safest and most rewarding insurance plans in India.
Conclusion
LIC Jeevan Anand is a smart investment choice for those who want to secure their future with high maturity benefits and lifelong protection. With an affordable premium of ₹1358 per month, policyholders can receive ₹25 lakh or more at maturity.
If you are looking for a reliable life insurance plan with investment benefits, LIC Jeevan Anand is a great option to consider.
This article is for informational purposes only. The actual maturity amount, bonuses, and policy terms may vary based on LIC’s latest guidelines. Please consult an LIC agent or visit the official LIC website before making an investment decision.