Life Insurance Corporation of India (LIC) is one of the oldest and most trusted insurance companies in the country. Even today, when it comes to safe investment and family’s future, the first name that comes to the lips of crores of Indians is LIC. If you are also looking for a policy that not only increases your savings but also takes care of your family even after life, then LIC’s ‘Jeevan Anand’ policy can prove to be a great option for you. This policy (Plan No. 915) is a great blend of term insurance and savings plan, providing you dual benefits.
Big benefit in low premium
Often people are worried about the amount of premium while taking an insurance policy. The specialty of Jeevan Anand Policy is that it does not weigh heavily on the pocket of the common man. Suppose, you are 35 years old and you choose the option of Sum Assured of Rs 5 lakh. If you take a policy for a term of 35 years, you will have to pay a premium of around Rs 16,300 annually.
If we look at it on monthly basis, it is approximately Rs 1400 per month. That means savings of around Rs 45-46 per day. In this entire period you will deposit a total of around Rs 5.70 lakh. But, when the policy matures, you will get a lump sum amount of around Rs 25 lakh as per the current bonus rates. This will include your basic sum assured of Rs 5 lakh, vested simple revisionary bonus of Rs 8.60 lakh and final additional bonus of Rs 11.50 lakh.
Even with life, even after life
LIC’s tagline fits perfectly on this policy. The biggest attraction of Jeevan Anand policy is its ‘Whole Life Coverage’. Usually, insurance policies expire with maturity, but this is not the case. As per the above example, your policy does not expire even after taking the maturity amount of Rs 25 lakh.
Even after maturity, the risk cover of Rs 5 lakh remains with you for life. That is, whenever the policyholder dies in the future (even if it is at the age of 100), an amount of Rs 5 lakh will be given separately to his nominee. In this way, this policy pays twice, once during lifetime on maturity and second time after death to the family.
Tax saving along with security
Another advantage of investing in Jeevan Anand policy is tax exemption. The premium you pay is exempted under Section 80C of Income Tax. Also, the amount received on maturity and death benefit are also completely tax-free under Section 10(10D).
This policy can be useful to you in times of need. After completion of two years of the policy, you can take a loan against it. If for some reason you forget to pay the premium, it also has the facility of grace period. There is a rebate of 15 days on monthly premium and 30 days on other modes. This plan is available for people in the age group of 18 to 50 years and you can choose the term from 15 to 35 years as per your need. Additionally, riders like Accidental Death and Critical Illness can also be added to it, which further strengthens your protection.
Also read- LIC’s new scheme, protection will be available for 100 years, insurance cover will automatically increase as soon as the responsibility of marriage and children comes!