LIC Policy: All individuals set aside a portion of their income and seek to invest it in a place where even their modest savings can grow into substantial funds in the future. In this situation, the savings plans offered by India’s biggest insurance firm, Life Insurance Corporation of India (LIC), are highly favored for their safety and profitability. LIC offers policies that cater to individuals of every age group. An example of this plan is the LIC’s Jeevan Anand Policy, where you can invest a substantial amount of Rs 25 lakh by setting aside only Rs 45 daily.
LIC Jeevan Anand Policy
If you are looking to accumulate a substantial amount of money for yourself with minimal premiums, the Jeevan Anand Policy is an excellent choice. In some sense, it resembles a term policy. You have the option to make premium payments throughout the period in which you hold a policy. In this plan, the insured individual receives multiple maturity benefits instead of just one. In LIC’s plan, there is a minimum guaranteed sum of one hundred thousand rupees, with no upper limit.
By paying approximately Rs 1358 per month in LIC Jeevan Anand Policy, you can receive around Rs 25 lakh. By looking at it on a daily basis, you will be able to save 45 rupees each day. You must save money for the future. According to this policy, if you save Rs 45 daily and invest for 35 years, you will receive Rs 25 lakh upon maturity of the scheme. When considering your yearly savings, it typically comes to approximately Rs 16,300.
You will accumulate a total of Rs 5,70,500
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 set at five lakh rupees. Upon maturity, a revisionary bonus of Rs 8.60 lakh and a final bonus of Rs 11.50 lakh will be provided to you. In order to receive the bonus twice in LIC’s Jeevan Anand policy, your policy duration must be at least 15 years.
Clarify that the holder of the policy does not receive the tax exemption benefit in this LIC policy. Nevertheless, there are various other advantages that can be obtained. When examining closely, it is evident that there are 4 categories of riders on the Jeevan Anand policy. Some of the riders available are Accidental Death and Disability Rider, Accident Benefit Rider, New Term Insurance Rider, and New Critical Benefit Rider. Death benefit is included in this policy as well. If the policyholder dies, the nominee will receive 125% of the policy’s death benefit.