(LIC Jeevan Anand Policy) : Are you looking for a secure investment plan that provides both savings and life insurance benefits? The LIC Jeevan Anand Policy is a popular life insurance plan that offers lifelong coverage along with a maturity benefit. By depositing just ₹1358 per month, you can secure a substantial return of ₹25 lakh at the end of the policy term.
This article provides a detailed breakdown of the LIC Jeevan Anand Policy, including its benefits, features, eligibility criteria, premium details, and returns. Read on to understand how this policy can help you achieve financial security and long-term benefits.
What is LIC Jeevan Anand Policy?
LIC Jeevan Anand is a participating whole-life endowment plan offered by the Life Insurance Corporation of India (LIC). It provides both maturity benefits and lifelong coverage. The policyholder receives a lump sum amount at the end of the policy term, while life cover continues even after the maturity amount is paid.
Key Features of LIC Jeevan Anand:
- Combination of Savings and Protection – Offers life cover along with a savings component.
- Maturity Benefit – Sum assured plus bonuses are paid upon policy completion.
- Whole Life Coverage – Life cover continues even after maturity.
- Loan Facility – The policyholder can avail of a loan against the policy.
- Participation in LIC Bonuses – The policyholder gets reversionary bonuses and additional bonuses.
- Tax Benefits – Premiums are eligible for tax deductions under Section 80C of the Income Tax Act.
LIC Jeevan Anand Policy Premium & Benefits
The following table provides an approximate illustration of the monthly premium and returns under the LIC Jeevan Anand Policy:
| Policy Term (Years) | Monthly Premium (₹) | Total Premium Paid (₹) | Sum Assured (₹) | Total Maturity Benefit (₹) | Life Cover After Maturity (₹) |
|---|---|---|---|---|---|
| 15 | 1358 | 2,44,440 | 5,00,000 | 10,00,000 | 5,00,000 |
| 20 | 1358 | 3,25,920 | 5,00,000 | 15,00,000 | 5,00,000 |
| 25 | 1358 | 4,07,400 | 5,00,000 | 20,00,000 | 5,00,000 |
| 30 | 1358 | 4,88,880 | 5,00,000 | 25,00,000 | 5,00,000 |
- The maturity benefit consists of sum assured + accumulated bonuses.
- Even after the policy term ends, the policyholder continues to have life cover.
Premium amounts and benefits may vary based on age, policy term, and LIC bonus rates.
See More :LIC Pension Plan : Get Rs. 20,000 Monthly
Eligibility Criteria for LIC Jeevan Anand
To be eligible for the LIC Jeevan Anand Policy, you must fulfill the following criteria:
- Minimum Entry Age: 18 years
- Maximum Entry Age: 50 years
- Maximum Maturity Age: 75 years
- Minimum Policy Term: 15 years
- Maximum Policy Term: 35 years
- Minimum Sum Assured: ₹1,00,000
- Maximum Sum Assured: No upper limit
Benefits of LIC Jeevan Anand Policy
1. Maturity Benefit
Upon completion of the policy term, the policyholder receives the sum assured along with accrued bonuses. This amount can be used for financial goals like education, marriage, or retirement.
2. Lifetime Risk Cover
Even after receiving the maturity benefit, the policyholder continues to have life insurance coverage for their entire lifetime. Upon the policyholder’s death, the nominee receives the sum assured.
3. Death Benefit
If the policyholder passes away during the policy term, the nominee receives the sum assured + accrued bonuses. If the policyholder dies after the policy term (post-maturity), the nominee receives an additional sum assured.
4. Participation in LIC Bonuses
Since this is a participating policy, LIC offers reversionary bonuses and final additional bonuses that increase the total maturity amount.
5. Loan Facility
Policyholders can take a loan against their policy if they need financial assistance. The loan amount depends on the policy’s surrender value.
6. Tax Benefits
- Premium payments qualify for tax deductions under Section 80C.
- Maturity and death benefits are tax-free under Section 10(10D).
How to Apply for LIC Jeevan Anand Policy?
You can apply for the LIC Jeevan Anand Policy through the following methods:
1. Online Application
- Visit the official LIC website.
- Select the LIC Jeevan Anand Plan and fill out the required details.
- Submit the KYC documents (Aadhaar, PAN, Address proof).
- Pay the first premium online.
- Complete the medical examination (if required).
- Receive the policy bond.
2. Offline Application
- Visit the nearest LIC branch or contact an LIC agent.
- Fill out the policy proposal form.
- Submit required documents.
- Make the initial premium payment.
- Undergo the medical test, if necessary.
- Receive the policy document.
LIC Jeevan Anand Vs Other LIC Plans
Here is a comparison of LIC Jeevan Anand Policy with other popular LIC policies:
| Feature | LIC Jeevan Anand | LIC New Endowment Plan | LIC Jeevan Lakshya |
|---|---|---|---|
| Policy Type | Endowment + Whole Life | Endowment Plan | Income Benefit Plan |
| Maturity Benefit | Sum Assured + Bonus | Sum Assured + Bonus | Sum Assured + Bonus |
| Life Cover After Maturity | Yes | No | No |
| Bonus Participation | Yes | Yes | Yes |
| Loan Facility | Yes | Yes | Yes |
| Minimum Term | 15 years | 12 years | 13 years |
| Maximum Term | 35 years | 35 years | 25 years |
- LIC Jeevan Anand offers whole-life coverage, which is not available in most endowment policies.
- If you need a policy with a guaranteed income benefit, LIC Jeevan Lakshya is a better choice.
Frequently Asked Questions (FAQs)
1. Can I withdraw my LIC Jeevan Anand Policy before maturity?
Yes, LIC allows surrendering the policy after three years. However, the surrender value will be lower than the total premiums paid.
2. How much loan can I take against LIC Jeevan Anand Policy?
The loan amount depends on the surrender value, typically 80-90% of the surrender value.
3. What happens if I miss a premium payment?
LIC provides a grace period of 30 days. If the premium is not paid within this period, the policy lapses, but it can be revived within 5 years.
4. Is LIC Jeevan Anand a good investment?
Yes, LIC Jeevan Anand is a safe investment with the dual benefit of life insurance and savings. It provides bonus accumulation, making it a lucrative plan for long-term wealth creation.
LIC Jeevan Anand is one of the best long-term investment options for individuals seeking financial security and lifelong insurance coverage. By investing just ₹1358 per month, you can accumulate a substantial maturity amount while ensuring your family’s financial well-being even after your lifetime.
If you are looking for a safe, guaranteed, and tax-saving investment, LIC Jeevan Anand is an excellent choice. However, always consult with an LIC advisor to understand your specific requirements before purchasing the policy.