LIC’s Jeevan Anand Policy is a life endowment plan that offers numerous benefits to policyholders throughout the term period. The plan ensures that the insurance cover remains in effect even after the premium payment term has been completed. By contributing just Rs 45 daily, policyholders can accumulate a substantial amount of Rs 25 lakh over a period of 35 years. This term policy not only includes bonus and death benefits but also offers additional riders such as the Accidental Death and Disability Rider for added protection.
Read More: Senior citizens can earn up to 9.5%: Top fixed deposit rates for October 2024
Furthermore, the policy provides flexible premium payment options and allows for policy surrender after two years. With its focus on secure financial planning, Jeevan Anand guarantees reliable returns and a comprehensive protection plan.
In the unfortunate event of an individual’s death due to an accident, the policy offers an additional cover sum up to Rs. 5 lakhs. Moreover, in cases where the accident results in permanent disability for a policyholder, the plan ensures the regular financial needs are met by paying the sum assured in installments. These additional benefits offered under LIC Jeevan Anand do not impose extra charges on the premium amount.
Read More: Borrower Blues: Home loan customers may have to wait till December for RBI to lower interest rates
Top features of LIC Jeevan Anand Plan
> Traditional endowment policy providing sum assured and additional bonuses
> Maturity benefits paid upon survival, and policy remains active
> Sum assured goes to nominee in case of policyholder’s death
> Option for additional top-up covers with nominal sum
> Provides financial protection for lifetime of insured person
> Offers lump sum at end of chosen term period
> Policy participates in corporation’s profits
> Minimum Entry age: 18 years; Maximum entry age: 50 years
> Policy term: 15 to 35 years
> Basic sum assured: Rs.1,00,000
> Revival: Within 2 years
> Rebate: 2% for yearly
1% for half-yearly
None for quarterly
> Loan eligibility: After 3 years of entry
Read More: RBI Policy: Should you lock your money in an FD since the rate cut cycle to begin soon?
How to accumulate Rs 25 lakh
This policy offers the opportunity to accumulate Rs 25 lakh in 35 years by depositing Rs 1,358 every month. This equates to a daily deposit of Rs 45, making it a feasible long-term investment plan spanning from 15 to 35 years.
Bonus for this scheme
The scheme includes two bonuses, with a total deposit of Rs 5,70,500 over 35 years and a basic sum assured of Rs 5 lakh. Upon maturity, the policy holder is entitled to a revisionary 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 policy must have a minimum tenure of 15 years.
Furthermore, the policy provides benefits such as Accidental Death and Disability Rider, Accident Benefit Rider, New Term Insurance Rider, and New Critical Benefit Rider. In the unfortunate event of the policy holder’s demise, the nominee receives 125% of the death benefits. There is no benefit of tax exemption in this policy.
