Lic Scheme: Secure future and better returns are the two main needs for any common man while investing. Despite all the investment options available in the market today, the first trust of crores of people of the country remains on Life Insurance Corporation of India (LIC). If you also want to financially strengthen the future of yourself and your family by investing your hard-earned money in a safe place, then LIC’s ‘Jeevan Anand’ (Plan No. 915) policy is a great option. This is not just an insurance plan, but a great combination of term insurance and savings that gives you double financial benefits.
Fund of Rs 25 lakh from savings of Rs 1400
While buying an insurance plan, people often shy away from the huge amount of premium. But the biggest feature of Jeevan Anand Scheme is that it fits in the budget of the common man. Suppose a person is 35 years old and he takes this policy for a term of 35 years with a Sum Assured of Rs 5 lakh.
In this situation he will have to pay a premium of approximately Rs 16,300 annually. If it is seen on monthly basis, then this amount comes to Rs 1400 per month. That means a small saving of only Rs 45-46 per day. A total of around Rs 5.70 lakh will be deposited in the entire period of 35 years. When this policy matures, as per the current bonus rates, the investor will get a huge lump sum amount of around Rs 25 lakh. This calculation of Rs 25 lakh includes 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.
Free lifetime insurance
The most unique aspect of this plan is its ‘Whole Life Coverage’, which completely gives meaning to the old and famous tagline of LIC. Generally, all insurance policies expire with the completion of their maturity period, but this is not the case in this case.
Even after taking the maturity amount of Rs 25 lakh, the risk cover of Rs 5 lakh continues for the entire life of the policyholder. This simply means that whenever the policyholder dies in future (even if he is 100 years old), his nominee will be paid an additional amount of Rs 5 lakh.
Tax saving, loan facilities also
Apart from security and good returns, this scheme also proves to be very helpful in saving tax. You can avail exemption under Section 80C of the Income Tax Act on the premium you pay. At the same time, the lump sum amount received on maturity and the death benefit amount are also completely tax-free under Section 10(10D).
In case of sudden need of money, you can also take a loan against it after completion of two years of the policy. In case of default in paying premium, a grace period of 15 days is given on monthly payment and 30 days on other modes. Any person in the age group of 18 to 50 years can choose the term from 15 to 35 years as per his need. To further strengthen your protection, you can also add riders like Accidental Death and Critical Illness.