LIC’s “Jeevan Anand” policy is an excellent option for safe investment and lifetime coverage. By saving just ₹45 a day, or ₹1,400 a month, you can build a corpus of up to ₹25 lakh. The special thing is that the insurance cover continues even after receiving the maturity amount. This plan not only provides substantial returns but also helps save taxes.
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LIC Scheme: In this world of uncertainty, everyone wants to secure their own and their family’s future. When it comes to investing their hard-earned money in the right place, the Life Insurance Corporation of India (LIC) remains the most trusted name in the country. Among the many options available in the market, LIC’s Jeevan Anand (Plan No. 915) policy is a great gift for those who want the double benefit of savings and protection at a low premium. This policy is not just an investment, but a lifelong commitment.
A fund of lakhs will be created from the daily tea expenses.
We often put off insurance plans, fearing that the premiums will be prohibitively expensive. However, the Jeevan Anand policy’s calculations are designed with the common man’s budget in mind. Looking at the figures, it appears quite affordable. For example, if you are 35 years old and choose a sum assured of ₹5 lakh, your annual premium for a 35-year term would be approximately ₹16,300.
If you calculate this amount on a monthly basis, it amounts to approximately ₹1,400. To simplify things further, you’ll need to save just ₹45 to ₹46 daily. Disciplined savings of this small amount can yield a substantial sum at maturity. Based on current bonus rates, you’ll receive a lump sum of approximately ₹2.5 million upon policy maturity. This includes your basic sum assured of ₹5 million, vested simple revisionary bonuses, and final additional bonus. This means that with small savings, you can create a significant cushion for your old age.
With life, even after life
The biggest feature of this policy is what sets it apart from other plans. Typically, insurance policies expire after the term is over and the payout is received. However, this doesn’t happen with Jeevan Anand. Your insurance cover doesn’t expire even after reaching the maturity amount of Rs 25 lakh.
The risk cover of Rs 5 lakh remains for the life of the policyholder. This means that years after receiving the maturity amount, whenever the policyholder dies (even at the age of 100), a separate sum of Rs 5 lakh is given to their family or nominee. Thus, this policy truly fulfills the promise of “lifetime and life after” as it pays twice.
There will be tax savings
Not only does this policy offer returns and protection, it also helps you with tax planning. The premiums you pay are eligible for income tax deductions under Section 80C. Furthermore, the entire maturity amount and death benefit are also completely tax-free under Section 10(10D).
LIC has also addressed liquidity in this plan. If you face a financial need, you can take a loan against the policy after two years. This feature makes it a liquid asset. Individuals between the ages of 18 and 50 can avail of this plan. Furthermore, you can add riders like accidental death and critical illness to further strengthen your protection.
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