LIC’s Jeevan Anand Policy is a great scheme. In this scheme, you receive strong returns along with life cover. Policyholders investing in this scheme continue to receive insurance coverage even after completing the premium payment term. By contributing only Rs 45 per day to this policy, policyholders can accumulate a substantial amount of Rs 25 lakh for 35 years. This term policy not only offers bonuses and death benefits but also provides additional riders, such as accidental death and disability riders, for extra protection.
LIC Jeevan Anand Policy: A Comprehensive Overview
LIC’s Jeevan Anand Policy is a great scheme offering both strong returns and life cover. The policy provides insurance coverage even after the premium payment term ends. By contributing only Rs 45 per day, policyholders can accumulate up to Rs 25 lakh over 35 years. This term policy also offers bonuses, death benefits, and additional riders such as accidental death and disability cover.
Flexible-Premium Payment Options
The policy also provides flexible premium payment options. If desired, policyholders can surrender the policy after two years. Additionally, the policy offers an extra cover amount of up to Rs 5 lakh in case of death due to an accident. If an accident results in permanent disability, the policy ensures that regular financial needs are met by paying the sum assured in instalments.
Key Features of LIC Jeevan Anand Policy
- Traditional endowment policy that pays the sum assured plus an additional bonus.
- Maturity benefits are paid on survival, and the policy remains active.
- In case of the death of the policyholder, the sum assured is paid to the nominee.
- Option for additional top-up cover.
- Provides financial protection for the lifetime of the insured person.
- A lump sum is provided at the end of the chosen term.
- Minimum entry age: 18 years; Maximum entry age: 50 years.
- Policy term: 15 to 35 years.
- Basic Sum Assured: Rs 1,00,000.
- Premium discount: 2% for annual payments, 1% for half-yearly payments.
- Loan facility available after 3 years from policy commencement.
How to Accumulate Rs 25 Lakh
This policy offers an opportunity to accumulate Rs 25 lakh over 35 years by depositing Rs 1,358 every month. This is equivalent to a daily deposit of Rs 45, making it a long-term investment scheme lasting from 15 to 35 years. The plan includes two bonuses, which, along with the basic sum assured of Rs 5 lakh, bring the total amount to Rs 5,70,500 over 35 years. On maturity, the policyholder is entitled to receive a bonus of Rs 8.60 lakh and a final bonus of Rs 11.50 lakh, in addition to the deposited amount. To qualify for these bonuses, the minimum policy term must be 15 years.
Tax Considerations
Please note that there is no tax exemption associated with this policy.
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