(LIC Jeevan Anand Policy) : LIC Jeevan Anand is one of the most popular life insurance policies offered by the Life Insurance Corporation of India. It is a combination of both endowment and whole-life insurance, providing financial security along with a lump sum payout at maturity. If you invest just ₹1358 per month in this policy, you can get a total return of ₹25 lakh. This article provides an in-depth analysis of the policy, including benefits, features, eligibility criteria, and a detailed maturity calculation.
What is LIC Jeevan Anand Policy?
LIC’s Jeevan Anand policy is a non-linked, participating endowment policy that offers both life cover and a savings component. It ensures financial security for the policyholder’s family in case of an unfortunate demise while also providing a lump sum maturity benefit.
Key Features of LIC Jeevan Anand
- Dual Benefit: Combines life insurance coverage with savings.
- Maturity Benefit: Policyholder gets a lump sum payout at the end of the term.
- Whole Life Cover: Risk cover continues even after maturity.
- Loan Facility: Can avail a loan against the policy.
- Bonus Additions: Eligible for LIC’s reversionary and final additional bonuses.
- Flexible Premium Payment: Premiums can be paid monthly, quarterly, half-yearly, or annually.
- Tax Benefits: Premiums and payouts qualify for tax exemptions under Section 80C and Section 10(10D) of the Income Tax Act.
Eligibility Criteria for LIC Jeevan Anand Policy
Before investing in this policy, check the eligibility requirements:
| Criteria | Details |
|---|---|
| Minimum Entry Age | 18 Years |
| Maximum Entry Age | 50 Years |
| Minimum Sum Assured | ₹1,00,000 |
| Maximum Sum Assured | No Limit |
| Policy Term | 15 to 35 Years |
| Premium Payment Term | Same as Policy Term |
| Maturity Age | Maximum 75 Years |
How ₹1358 Per Month Can Grow into ₹25 Lakh?
To understand how a monthly investment of ₹1358 in LIC Jeevan Anand policy can yield ₹25 lakh, let’s take a detailed look at the maturity benefits.
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Sample Calculation for LIC Jeevan Anand (Sum Assured ₹5,00,000)
| Policy Term | Monthly Premium | Total Premium Paid | Bonus Accumulated | Final Additional Bonus | Maturity Amount |
|---|---|---|---|---|---|
| 25 Years | ₹1358 | ₹4,07,400 | ₹8,00,000 | ₹1,00,000 | ₹13,07,400 |
| 30 Years | ₹1358 | ₹4,88,880 | ₹12,00,000 | ₹1,50,000 | ₹18,38,880 |
| 35 Years | ₹1358 | ₹5,70,960 | ₹17,00,000 | ₹2,00,000 | ₹24,70,960 |
Breakdown of Returns
- Total Premium Paid: The total investment made over the chosen term.
- Bonus Accumulated: LIC offers a yearly reversionary bonus, which accumulates over time.
- Final Additional Bonus: One-time bonus given at maturity.
- Total Maturity Amount: Sum of the insured amount, accumulated bonuses, and final additional bonus.
Benefits of LIC Jeevan Anand Policy
1. Maturity Benefit
After completing the policy term, the insured receives the sum assured along with all the accumulated bonuses.
2. Death Benefit
- If the policyholder dies during the policy term, the nominee receives the sum assured along with bonuses.
- Even after maturity, life cover continues, ensuring protection for dependents.
3. Loan Facility
After a few years of policy commencement, the policyholder can avail of a loan against the policy.
4. Tax Benefits
- Premium Payments: Get deductions under Section 80C.
- Maturity & Death Benefits: Exempt from tax under Section 10(10D), subject to conditions.
5. Whole Life Coverage
Even after maturity, the policyholder continues to get life cover, which is a unique advantage.
How to Buy LIC Jeevan Anand Policy?
Purchasing LIC Jeevan Anand is simple and can be done through various channels:
- Online: Visit LIC’s official website and apply directly.
- LIC Agents: Consult an authorized LIC agent for guidance and assistance.
- Branch Office: Visit the nearest LIC branch for an in-person application.
- Third-Party Portals: Various financial service providers offer LIC policy purchase options.
Important Things to Consider Before Buying
- Investment Duration: Since this is a long-term policy, ensure you can sustain premium payments.
- Return Expectations: While LIC provides decent returns, they may not be as high as market-linked investment options.
- Policy Surrender: If you discontinue the policy early, you may get a lower surrender value.
- Bonus Rates: Bonus accumulation depends on LIC’s performance and declared rates.
LIC Jeevan Anand is an excellent policy for individuals looking for a combination of life insurance coverage and long-term savings. With an investment of just ₹1358 per month, you can accumulate a substantial corpus of ₹25 lakh or more, ensuring financial security for yourself and your family. Before investing, consider your financial goals, policy tenure, and premium payment ability to make an informed decision.