Life Insurance Corporation of India (LIC) has been the biggest name of trust and security for crores of Indians for decades. In today’s era, when there are countless investment options available in the market, but the common investor wants to invest his money in such a place where his deposited capital will be safe and in the end a big fund can also be created. LIC’s ‘New Jeevan Anand’ (Plan No. 915) is one such plan, which is not only a source of savings but also provides a strong foundation of financial security for the family. This policy is specially designed for those who want higher returns and lifetime insurance cover for a longer period at lower premiums.
A fund of Rs 25 lakh will be created with modest savings.
Often people think that it is necessary to invest thousands of rupees every month to build a big fund, but Jeevan Anand Policy changes this perception. If we understand the calculations of this scheme in detail, then if a 35-year-old person takes this policy for a period of 35 years with a sum assured of Rs 5 lakh, then he will have to pay a premium of approximately Rs 16,300 annually.
If this amount is divided on monthly basis, then it comes to around Rs 1,359 per month and only around Rs 45 per day. During this entire period the investor deposits a total of around Rs 5.70 lakh. But the amount received at the time of maturity is shocking. Based on current bonus rates, after 35 years the policyholder receives a lump sum amount of around Rs 25 lakh. This amount includes basic sum assured of Rs 5 lakh, revisionary bonus of Rs 8.60 lakh and final additional bonus of Rs 11.50 lakh.
The relationship doesn’t end even after maturity
The biggest and unique feature of this policy is its ‘Whole Life Risk Cover’. In ordinary insurance policies, as soon as the maturity period is completed and the money is returned, the insurance cover also ends. But life is not like this. Even after taking the maturity amount of Rs 25 lakh after 35 years, the policyholder’s life insurance of Rs 5 lakh continues for free for the entire life. This means that whenever the policyholder dies in future, an additional amount of Rs 5 lakh will be paid to his family or nominee, irrespective of the age of the person.
Tax benefits and loan facility at the time of need
Along with financial benefits and security, this scheme is also very helpful in saving income tax. Exemption can be availed under Section 80C of the Income Tax Act on the premium paid by the policyholder. Additionally, the entire maturity amount and death benefits also come under the ambit of Section 10(10D), making this investment completely tax-free.
Keeping in mind the emergency situations, LIC has also provided loan facility in this. After successful completion of two years of the policy, the investor can take a loan against his own deposited amount. Additionally, a grace period of 15 to 30 days is also available, giving flexibility in premium payment. Any Indian citizen between the age of 18 to 50 years can avail the benefit of this scheme by choosing the term from 15 to 35 years as per his/her financial capacity. According to your needs, the circle of protection can be made even wider by adding riders like accidental death and serious illness.