(LIC Jeevan Anand Policy ) : When it comes to securing your financial future, choosing the right investment plan is crucial. The LIC Jeevan Anand Policy is one such plan that offers the dual benefits of insurance and investment. By investing just ₹1,358 per month, policyholders can receive a lump sum amount of ₹25 lakh along with life coverage. This article provides a detailed explanation of the LIC Jeevan Anand policy, including its benefits, eligibility criteria, and maturity calculations.
What is LIC Jeevan Anand Policy?
LIC Jeevan Anand is a traditional whole life endowment plan that combines savings and life insurance. It provides financial security to the policyholder’s family in case of an unfortunate event while also offering a lump sum amount at maturity. The policy is designed for individuals looking for long-term financial security with added benefits such as bonuses.
Key Features of LIC Jeevan Anand Policy:
- Combination of insurance and investment – Provides a lump sum at maturity along with life cover.
- Lifetime risk coverage – Insurance coverage continues even after maturity benefits are paid.
- Bonus facility – Policyholders receive additional benefits from LIC’s profit-sharing.
- Loan facility – Policyholders can take a loan against the policy.
- Flexible premium payment options – Monthly, quarterly, half-yearly, or yearly payments.
LIC Jeevan Anand Policy Benefits
This policy is a great option for those who want a secure investment plan along with life insurance coverage. Below are some of the major benefits:
1. Maturity Benefit
At the end of the policy term, the policyholder receives a lump sum amount, which includes:
- Sum Assured
- Accrued Bonus
- Final Additional Bonus (if applicable)
2. Death Benefit
In case of the policyholder’s death, the nominee receives the sum assured along with any accrued bonuses, ensuring financial security for the family.
3. Loan Facility
Policyholders can avail of a loan against the surrender value of the policy, providing financial assistance in times of need.
4. Tax Benefits
Premiums paid under LIC Jeevan Anand are eligible for tax deductions under Section 80C of the Income Tax Act, 1961. Additionally, the maturity amount is tax-free under Section 10(10D).
5. Lifetime Coverage
Unlike many other life insurance policies, the risk cover under Jeevan Anand continues even after the policy term has ended, ensuring lifelong protection.
LIC Jeevan Anand Policy Eligibility Criteria
Before investing in LIC Jeevan Anand, it is essential to check the eligibility criteria.
| Eligibility Parameter | 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 Term | Same as policy term |
| Maturity Age | 75 years |
LIC Jeevan Anand Premium & Maturity Calculation
Let’s break down the investment and returns for a 35-year term policy with a sum assured of ₹5,00,000.
| Policy Term | Monthly Premium | Total Premium Paid | Estimated Maturity Value |
|---|---|---|---|
| 15 Years | ₹3,552 | ₹6,39,360 | ₹10-12 Lakhs |
| 20 Years | ₹2,512 | ₹6,02,880 | ₹15-18 Lakhs |
| 25 Years | ₹1,978 | ₹5,93,400 | ₹20-22 Lakhs |
| 30 Years | ₹1,558 | ₹5,60,880 | ₹22-25 Lakhs |
| 35 Years | ₹1,358 | ₹5,71,320 | ₹25 Lakhs+ |
These figures are approximate and may vary based on LIC’s declared bonuses and policy terms.
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How to Apply for LIC Jeevan Anand Policy?
You can purchase LIC Jeevan Anand through multiple channels, making it convenient for policyholders:
1. Apply Online
- Visit the official LIC website.
- Select the Jeevan Anand Policy.
- Fill in personal and payment details.
- Upload necessary documents.
- Complete the payment process.
2. Apply Offline (Through LIC Agent)
- Contact a LIC agent for guidance.
- Choose the policy term and sum assured.
- Submit KYC documents, including Aadhaar, PAN, and photographs.
- Pay the first premium to activate the policy.
3. Apply Through LIC Branch
- Visit the nearest LIC branch.
- Consult with an officer regarding policy benefits.
- Complete the application form.
- Make the premium payment and receive the policy document.
Documents Required for LIC Jeevan Anand
| Required Document | Description |
|---|---|
| Identity Proof | Aadhaar Card, PAN Card, Passport |
| Address Proof | Utility Bill, Voter ID, Ration Card |
| Age Proof | Birth Certificate, School Certificate |
| Income Proof | Salary Slip, ITR, Form 16 |
| Passport Size Photo | Recent photograph |
| Bank Details | Canceled Cheque, Bank Statement |
Who Should Invest in LIC Jeevan Anand?
This policy is best suited for:
- Salaried Individuals looking for a safe and long-term investment.
- Self-Employed Professionals who want guaranteed returns and life coverage.
- Parents seeking a secure investment for their children’s future.
- Investors Seeking Tax Benefits under Section 80C.
Things to Consider Before Buying LIC Jeevan Anand
- Policy term and premium should align with your financial goals.
- Premiums should be paid regularly to keep the policy active.
- Loan against policy reduces the maturity benefit.
- Bonus rates vary based on LIC’s performance.
- Surrendering the policy before maturity results in lower returns.
The LIC Jeevan Anand policy is an excellent investment option that offers both financial security and substantial returns. With a minimum monthly investment of ₹1,358, policyholders can secure a maturity amount of ₹25 lakh, making it a perfect plan for those looking for lifelong protection and wealth accumulation. However, it is important to evaluate your financial goals before investing in any policy.