When it comes to financial security and future planning, LIC Jeevan Anand Policy stands out as a promising option for investors seeking both life insurance and good returns. This traditional endowment plan provides a robust maturity benefit alongside life coverage, making it an excellent tool for long-term wealth creation. For those with a goal of accumulating a large corpus, this policy offers a unique opportunity. By saving just Rs 45 per day, you can potentially build a fund of Rs 25 lakh over 35 years.
How LIC Jeevan Anand Policy Works
LIC Jeevan Anand Policy combines life cover with savings. The insured continues to receive life cover even after the premium payment period ends, offering long-term financial protection. In case of the policyholder’s death, the nominee receives the sum assured, providing security to the family. For those who survive the policy term, a lump sum maturity benefit is paid, including any applicable bonuses.
Key Highlights of the Policy:
- Life Coverage: Insured continues to be covered even after the premium payment term ends.
- Maturity Benefit: Upon survival, the policyholder receives the sum assured along with bonuses.
- Accidental Death & Disability Rider: Provides extra cover and regular financial assistance in case of permanent disability.
- Flexible Premium Payment: Options to pay annually, semi-annually, or monthly.
- Loan Facility: After 3 years, policyholders can take a loan against their policy.
How You Can Build Rs 25 Lakh
By contributing Rs 1,358 per month (equivalent to Rs 45 daily), this policy allows you to accumulate Rs 25 lakh by the end of 35 years. Here’s a breakdown of how the wealth-building process works:
- Monthly SIP (Systematic Investment Plan): Rs 1,358 (Rs 45 daily).
- Total Contribution Over 35 Years: Rs 5,70,500.
- Bonuses & Benefits:
- Bonus of Rs 8.60 lakh.
- Final additional bonus of Rs 11.50 lakh.
- Maturity Amount: Rs 25 lakh, combining the deposited amount and bonuses.
This accumulation includes both your regular contributions and the attractive bonuses offered by the policy, making it a high-return, low-risk savings plan. While this investment is long-term, it provides significant returns for those looking to save gradually without financial strain.
Why Should You Choose LIC Jeevan Anand?
LIC Jeevan Anand is popular because it combines both life insurance and investment benefits. It is particularly beneficial for those who want to invest in a safe and secure scheme, ensuring that their family is protected in case of unfortunate events while also building a solid savings corpus for the future.
Benefits of Large Corpus and Low Daily Investment:
- Small Daily Investment: The low amount of Rs 45 per day makes it accessible for a broad audience, allowing even those with a modest income to build wealth.
- Lifetime Coverage: Even after the premium term ends, the policyholder remains covered.
- Guaranteed Maturity Benefit: In case of survival, you receive a lump sum plus bonuses, ensuring long-term financial security.
Flexible Terms for All Types of Investors
The flexibility of LIC Jeevan Anand Policy makes it suitable for a range of investors. Whether you’re looking for short-term protection or long-term savings, the policy offers terms ranging from 15 to 35 years. You can choose your tenure based on your financial goals, allowing you to align it with your life’s milestones.
Key Terms:
- Minimum Entry Age: 18 years.
- Maximum Entry Age: 50 years.
- Policy Term: 15 to 35 years.
- Sum Assured: Minimum of Rs 1,00,000.
- Bonus Eligibility: Minimum policy term of 15 years required for bonus qualification.
Additional Riders for Enhanced Protection
For those looking for added safety, LIC offers an Accidental Death and Disability Rider with this policy. In case of accidental death, the nominee will receive an additional sum assured of up to Rs 5 lakh. Additionally, if the policyholder faces permanent disability due to an accident, the policy ensures regular financial support by paying out the sum assured in installments.
Policy Flexibility and Surrender Options
One of the key features of LIC Jeevan Anand Policy is its flexibility. After paying premiums for a minimum of two years, policyholders have the option to surrender the policy if required. However, to truly maximize benefits and bonuses, long-term commitment is encouraged.
Expense Breakdown & Tax Implications
This policy provides high returns, but it’s important to note that no tax exemptions apply to the bonuses or the final payout. Despite this, the returns are attractive enough to make the plan worthwhile for those seeking a secure, long-term investment option.
In conclusion, LIC Jeevan Anand Policy is an effective financial tool for individuals aiming to build wealth while ensuring life cover. By investing a small amount daily, policyholders can accumulate a large fund over time, along with enjoying lifelong insurance protection.
