In this world full of uncertainties, everyone wants to secure the future of themselves and their family. When it comes to investing your hard-earned money in the right place, Life Insurance Corporation of India (LIC) still remains the most trusted name in the country. Among all the options available in the market, LIC’s Jeevan Anand (Plan No. 915) policy is a great gift for those who want double the benefit of savings and protection at a low premium. This policy is not just an investment, but a promise to be followed throughout life.
Fund worth lakhs will be prepared for daily tea expenses
Often we postpone insurance plans thinking that the premium will be too expensive. But the mathematics of Jeevan Anand Policy has been prepared keeping in mind the pocket of the common man. If we look at the figures, it looks quite cost-effective. For example, if you are 35 years old and you choose a Sum Assured of Rs 5 lakh, your annual premium for a term of 35 years will be approximately Rs 16,300.
If we look at this amount monthly, it is around Rs 1400. To simplify it further, you will have to save only Rs 45 to 46 per day. By saving such a small amount in a disciplined manner, you get a huge amount at the time of maturity. As per the current bonus rates, you will get a lump sum amount of around Rs 25 lakh on completion of the policy. This will include your basic sum assured of Rs 5 lakh, vested simple revisionary bonus and final additional bonus. That means, with small savings, you can create a big support for your old age.
Even with life, even after life
The biggest feature of this policy is what makes it different from other plans. Usually, the insurance policy expires after the term is completed and the money is received. But this does not happen in life bliss. Your insurance cover does not end even after reaching the maturity amount of Rs 25 lakh.
The risk cover of Rs 5 lakh remains for the life of the policy holder. This means that years after receiving the maturity amount, whenever the policyholder dies (even if he is at the age of 100), a separate amount of Rs 5 lakh is given to his family or nominee. Thus, this policy truly fulfills the promise of “with life and beyond life” as it pays out twice.
Tax will be saved
Not just returns and protection, this policy also helps you in tax planning. You can avail exemption under Section 80C of Income Tax on the premium you pay. Apart from this, the entire maturity amount and death benefit are also completely tax-free under Section 10(10D).
LIC has also taken care of liquidity in this plan. If you are in dire need of money in between, then after completion of two years of the policy, you can take a loan against it. This feature makes it a liquid asset. People between 18 to 50 years of age can avail the benefits of this scheme. Additionally, you can add riders like Accidental Death and Critical Illness to further strengthen your protection.