Everyone sets aside a portion of their income with the intention of investing it in a place where their modest savings can grow significantly in the future. The savings plans offered by LIC, the biggest insurance company in India, are highly favored for their safety and profitability.
LIC offers insurance plans suitable for individuals of every age group. A plan offered by LIC is the Jeevan Anand Policy, where you can invest Rs 25 lakh by only putting aside Rs 45 per day. If you are looking to generate a substantial sum for yourself with a minimal premium, the Jeevan Anand Policy may be an excellent choice. It can be likened to a term policy in some aspects.
Premiums can be paid for the entire length of your policy. In this plan, the policyholder receives multiple maturity benefits instead of just one. LIC’s plan guarantees a minimum sum of one lakh rupees with no upper limit. By paying approximately Rs 1358 per month, you can receive an amount of Rs 25 lakh in LIC’s Jeevan Anand Policy. By looking at it on a daily basis, you can save 45 rupees each day.
You need to save money for the long run. According to this scheme, investing Rs 45 daily for 35 years will result in receiving Rs 25 lakh upon maturity. If you calculate your yearly savings, it will be approximately Rs 16,300.
By investing Rs 16,300 annually in this LIC policy for 35 years, you will accumulate a total of Rs 5,70,500. As per the policy terms, the initial sum assured is five lakh rupees. Upon maturity, you will receive a revisionary bonus of Rs 8.60 lakh and a final bonus of Rs 11.50 lakh. To receive double bonuses in LIC’s Jeevan Anand policy, you must have held the policy for at least 15 years.
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