All About Jeevan Anand LIC Policy

The Buyt Desk

LIC’s Jeevan Anand policy is one of the best selling plans of LIC. It is an endowment cum whole life insurance plan, a mix of, investment and insurance. As per the Jeevan Anand plan, the insurance cover continues even after the completion of the premium payment term. This plan pays out a lump sum to the policyholder and also provides him/her with a life cover. A maturity benefit, as well as a death benefit, goes hand in hand.

Features & Benefits of Jeevan Anand Policy

1. This plan provides the dual benefit of sum assured and additional bonus

2. Even after paying the maturity benefit after the premium payment term gets over the life cover continues to exist.

3. Under this scheme, there is the benefit of a simple reversionary bonus. Right now it is about Rs 48 per thousand rupees, which is available every year. It changes from time to time and it varies in the range of Rs 40-48.

4. In the event of the policyholder’s demise, the nominee gets paid the sum assured. One of the most attractive features of the Jeevan Anand Plan is the sum assured on death. It is either 125% of the sum assured or 10 times the annual premium whichever is higher.

5. One can avail of an additional rider by opting for Accidental Death and Disability Benefit. In case of accidental death, an additional rider sum assured is paid. On the other hand, if the insured becomes disabled in a mishap then he/she will be entitled to a monthly instalment for the next 10 years and subsequent premiums are also waived off.

6. One can take a loan against this plan depending on the surrender value of the plan. But loans will be granted only after continuous payment of the first three years premiums.

7. Any person from age of 18 years up to 50 years can buy Jeevan Anand, with a maximum maturity age of 75 years

8. The minimum term of the policy is 15 years and the maximum term is 35 years.

9.  The minimum sum assured in this policy is 1 lakh and there is no limit on the maximum sum assured but it depends on your income.

10. The premium of LIC Jeevan Anand Policy is eligible as a tax-free deduction under Section 80C of the Income Tax Act. The maximum deduction limit is under this section is 1.5 lakhs. The benefit received are also tax-free under Section 10(10D) of the Income Tax Act.

11. If the policyholder dies by suicide within 12 months of purchasing the plan, then LIC will not pay maturity benefit but nominees will receive the sum assured equal to 80% of the premium paid. If the policyholder dies by suicide after 12 months of the commencement of the plan then the beneficiary will get a sum higher than the 80% of the premium paid.