Life Insurance Corporation of India (LIC) offers a remarkable scheme called Jeevan Anand, where a monthly investment of approximately Rs 1,358 can yield a corpus of Rs 25 lakhs. By breaking it down further, this means saving just Rs 45 per day.
The scheme has garnered significant popularity due to the security and returns provided by LIC’s savings schemes.
Individuals of all age groups can avail themselves of these policies, enabling them to accumulate substantial funds with minimal investment.
Let’s delve into the details of LIC’s Jeevan Anand policy.
Generous Returns at Affordable Premiums
If you seek to build a substantial fund for yourself while paying affordable premiums, Jeevan Anand policy is an excellent choice. It functions similarly to a term policy, allowing you to pay premiums for the duration of the policy.
Under this scheme, policyholders receive multiple maturity benefits instead of just one. The policy comes with a minimum sum assured of Rs 1 lakh, while there is no maximum limit set.
The Math: Rs 45 to Rs 25 Lakhs
With LIC’s Jeevan Anand Policy, an investment of around Rs 1,358 per month can result in a sum of Rs 25 lakhs. When broken down on a daily basis, it amounts to saving Rs 45 every day. This savings commitment needs to be maintained over the long term.
Suppose you invest Rs 45 daily for a period of 35 years. In that case, upon maturity of the policy, you will receive an amount of Rs 25 lakhs. Looking at the annual savings, it will accumulate to approximately Rs 16,300.
The aforementioned amount includes bonus benefits. If you invest Rs 16,300 every year in this LIC policy for 35 years, your total deposit will amount to Rs 5,70,500.
As per the policy terms, the Basic Sum Assured will be Rs 5 lakhs. Upon completion of the maturity period, you will receive a revision bonus of Rs 8.60 lakhs and a final bonus of Rs 11.50 lakhs.
The bonus is granted twice in LIC’s Jeevan Anand policy, but the policy duration must be at least 15 years.
No Tax Exemption, but Rider-Death Benefits
LIC’s Jeevan Anand policy does not offer tax exemption benefits to policyholders. However, it provides four types of riders, including Accidental Death and Disability Rider, Accident Benefit Rider, New Term Insurance Rider, and New Critical Benefit Rider.
The policy incorporates a death benefit feature, wherein the nominee receives 125% of the policy’s death benefit if the policyholder passes away due to any reason.
Moreover, if the policyholder dies before the policy’s maturity, the nominee receives the money equal to the assured sum for the remaining duration.
