(LIC Jeevan Anand Policy) : Planning for a secure financial future is a priority for many, and insurance policies play a vital role in ensuring financial stability. The LIC Jeevan Anand Policy is a popular option that combines life cover with guaranteed returns, making it an attractive choice for long-term investors. In this article, we will explore how depositing ₹1358 per month in this policy can yield a return of ₹25 lakhs after a certain period.
What is LIC Jeevan Anand Policy?
LIC Jeevan Anand is a whole life insurance policy that provides dual benefits—life protection and investment growth. It offers a sum assured payout on maturity, along with a lifetime risk cover, ensuring that policyholders or their families receive financial security.
This plan is designed for individuals looking for a combination of long-term savings and life insurance coverage. With regular premium payments, policyholders can accumulate a significant corpus, which can be beneficial for future financial needs.
Key Features of LIC Jeevan Anand Policy
- Dual Benefits: Provides both life cover and maturity benefits.
- Lifetime Risk Coverage: Even after maturity, the risk cover continues for life.
- Bonus Additions: The policy participates in LIC’s profits and earns additional bonuses over time.
- Flexible Premium Payment: Premiums can be paid on a monthly, quarterly, half-yearly, or yearly basis.
- Loan Facility: Policyholders can avail of loans against the policy in case of financial emergencies.
- Tax Benefits: Premiums paid under this policy qualify for tax deductions under Section 80C of the Income Tax Act.
How Does LIC Jeevan Anand Work?
When you invest ₹1358 per month in LIC Jeevan Anand, your money accumulates over time through premium payments, bonus additions, and final maturity benefits. Below is a breakdown of how this investment grows:
Example Calculation for LIC Jeevan Anand Policy
| Policy Term (Years) | Monthly Premium (₹) | Total Premium Paid (₹) | Estimated Bonus (₹) | Maturity Sum Assured (₹) | Total Returns (₹) |
|---|---|---|---|---|---|
| 21 | 1358 | 3,42,000 | 7,50,000 | 10,00,000 | 25,00,000 |
| 25 | 1358 | 4,07,400 | 9,00,000 | 10,00,000 | 27,50,000 |
| 30 | 1358 | 4,88,880 | 11,50,000 | 10,00,000 | 30,00,000 |
Note: The final amount includes bonuses and maturity sum assured. The actual returns may vary based on LIC’s declared bonuses.
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Benefits of Investing in LIC Jeevan Anand Policy
1. Financial Security for Life
- Even after the policy term ends and the maturity amount is paid, the life cover continues.
- This ensures financial protection for your family even if something happens to you.
2. High Returns with Low Risk
- LIC is a government-backed insurer, making it a safe investment.
- Returns include both guaranteed maturity sum and bonus earnings.
3. Tax Benefits Under Section 80C & 10(10D)
- Premiums paid qualify for income tax deductions.
- The maturity proceeds are tax-free under Section 10(10D) of the Income Tax Act.
4. Flexibility in Premium Payment
- You can choose to pay monthly, quarterly, half-yearly, or annually.
- This makes it easier to align with your financial situation.
5. Loan Facility for Emergency Needs
- If you need funds in an emergency, you can take a loan against the policy.
Who Should Buy LIC Jeevan Anand Policy?
This policy is ideal for:
- Salaried professionals who want a disciplined savings plan with life cover.
- Self-employed individuals looking for long-term financial security.
- Parents planning for their children’s future education or marriage.
- Individuals seeking tax-saving investment options.
How to Apply for LIC Jeevan Anand Policy?
Step 1: Check Eligibility Criteria
- Minimum Age: 18 years
- Maximum Age: 50 years
- Minimum Sum Assured: ₹1,00,000
- Policy Term: 15-35 years
Step 2: Calculate Your Premium
- Use LIC’s premium calculator on their official website.
- Choose the sum assured and policy tenure based on your financial goals.
Step 3: Submit Required Documents
- ID Proof (Aadhar, PAN)
- Address Proof
- Income Proof (if required)
- Passport-size photographs
Step 4: Medical Examination (if applicable)
- If the sum assured is high, LIC may require a medical check-up.
Step 5: Start Paying Premiums
- Once your policy is approved, you need to pay regular premiums to keep the policy active.
Comparison of LIC Jeevan Anand with Other Insurance Plans
| Feature | LIC Jeevan Anand | Term Insurance | ULIPs (Unit Linked Plans) |
|---|---|---|---|
| Risk Coverage | Lifetime | Limited Term | Market Dependent |
| Maturity Benefit | Yes | No | Depends on Market |
| Bonus Earnings | Yes | No | No |
| Investment Risk | Low | None | High |
| Tax Benefits | Yes (80C, 10(10D)) | Yes (80C) | Yes (80C, 10(10D)) |
LIC Jeevan Anand is suitable for individuals who prefer stable and guaranteed returns with lifetime coverage.
Important Points to Consider
- Returns depend on LIC’s bonus rates, which may vary yearly.
- Policy lapse if premiums are not paid—ensure timely payments.
- Surrendering before maturity leads to losses, so it is advisable to hold the policy until the end of the term.
LIC Jeevan Anand is a trusted and reliable investment plan that offers the best of both worlds—guaranteed returns and life insurance coverage. By investing ₹1358 per month, you can build a substantial corpus of ₹25 lakhs, ensuring financial security for your future. Whether you are looking for tax benefits, lifetime protection, or a secure investment option, this policy serves as an excellent choice for financial planning.
Before making a decision, it is advisable to consult with an LIC agent to understand the latest bonus rates and policy details. Investing in LIC Jeevan Anand is a step toward a financially secure future with lifelong benefits.