Under the Jeevan Anand policy of LIC, you get the benefit of endowment and life plan. With the end of the term of this policy, along with the returns on maturity, the coverage of life assured is also available.
Life Insurance Corporation of India
Life Insurance Corporation of India (LIC) is the most trusted insurance company in the country. This is the reason that even today, this company has the highest number of insurance holders. LIC launched Jeevan Anand Policy (Table Number 915) in February this year. This is one of the best selling policies of LIC. LIC has specially prepared this policy as a mix of endowment and life plan. Under this, after the end of the policy period, along with the return on maturity, the coverage of life assured is available. This policy is said to be one of the best in terms of liquidity and investment.
Under this plan, the policy holder not only gets fat returns while he is alive, after the death, the family also gets some financial help. Under this policy, you will get 125 percent life coverage of whatever you take.
What are the benefits of this policy?
Death Benefits: If the policy holder pays all the premiums on time, then they will get death benefits under it. Assured amount and revisionary bonus and final additional bonus on the death of the policy holder. Life coverage is 125 percent of the assured amount or 10 times the annual premium. Death benefits shall not be less than 105 per cent of the total premium deposited till the day of death. This premium will not include service tax, extra premium and rider premium.
Benefit at the end of the policy term: This basic sum assured, revisionary sow and final will be available as additional bonus.
Share in profits: This policy participates in the profits of the corporation. Under this, you get a simple revisionary bonus on the profits of the corporation. This amount is available only during the policy term.
What are the terms of the policy?
1. The minimum sum assured under this policy is Rs 1 lakh. There is no limit on the maximum assured amount.
2. After the age of 18 years, any person can take the benefit of this policy. However, people above 50 years of age cannot avail this policy. The maximum age of policy maturity should not be more than 75 years.
3. You can take this policy for a period of at least 25 years and up to a maximum of 35 years.
Example of premium for Basic Assured Sum of Rs. 1 Lakh:
| Ages | Policy Term (15 years) | Policy Term (25 years) | Policy Term (35 years) |
| 20 years | ₹7,747 | ₹4,341 | ₹2,935 |
| 30 years | ₹8,080 | ₹4,581 | ₹3,165 |
| 40 years | ₹8,644 | ₹5,037 | ₹3,636 |
| 50 years | ₹9,575 | ₹5,846 | – |
Tax has not been added to this premiere.
Premium Deposit Option
Under this policy, you can pay the premium on yearly, half-yearly, quarterly or monthly basis. Those submitting annual, half-yearly and quarterly premiums will also get a 30-day grace period. However, those who pay monthly premiums get a grace period of 15 days. The policy will lapse if the premium is not deposited within the grace period.
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