Saturday, October 23rd, 2021

LIC’s Jeevan Anand Plan – Call For Door-step Guidance in Mumbai – 7715889393

LIC’s Best Plans 2021

LIC’s Best Plans 2021

LIC’s Jeevan Anand plan is a traditional insurance plan.

Not only does it provide insurance cover to insured till the chosen term, as well as provides him with lifelong insurance cover even after the completion of the insurance period. In this plan the policyholder also gets bonus during the policy term which makes this plan endowment as well as lifelong insurance plan.

  • In case the policyholder dies before the age of 70, an additional accident amount is paid to the nominee.
  • If under any circumstances the policyholder becomes permanently disabled due to accident, then the additional cover amount is paid to him in instalments.

At the time of buying the policy, the policyholder chooses the cover amount (Sum Assured) and the term of the policy (for the number of days he has to pay the premium).
If the policyholder survives for the term chosen by him then the policy matures. He is paid the accumulated bonus along with the sum assured. Even after this the plan continues and the policyholder is not required to pay any premium. When the policyholder dies, the Sum Assured is returned to the nominee again.

If the policy holder dies during the policy term, the nominee is paid the sum assured along with the accumulated bonus, and the policy terminates.

We will explain to you with an example, how does the joy of life work?

Example: Suppose Arun whose age is 35 years. Jeevan Anand buys the policy for 25 years with 1 lakh (Sum Assured). His annual premium would be 4,535.

Scenario 1: If Arun dies in the 15th year of the policy term.

In this case, Arun’s nominee will get the Sum Assured (1 lakh) and the bonus accrued till the death of Arun and the policy will lapse.

Bonus is declared every year by LIC. You can get Jeevan Anand Bonus Rates by clicking on this link.

Scenario 2: If Arun survives till the end of the policy term.

In this situation, Arun will get the Sum Assured (1 lakh) plus the bonus accumulated till maturity.

Even after this, the risk cover will continue under the policy. Later when Arun dies, his nominee will get the sum assured (1 lakh) back.

So the benefits of this scheme are as follows,

Maturity Benefit: If the policyholder survives even at the end of the policy term, he/she will get the Sum Assured and the bonus accumulated during the entire policy term.

Death Benefit: The death benefit depends on the year in which the policyholder dies.

If the death of the policyholder occurs within the term of the policy, then his nominee will get the sum assured along with the bonus accumulated till his death.
If the policyholder dies after the completion of the policy term, where he has already received the maturity benefit, the nominee gets the Sum Assured back.

Key Features of LIC Jeevan Anand Plan:

  • It is an endowment as well as a lifelong insurance plan.
  • Maturity Benefit : (Sum Assured + Accrued Bonus) and Lifelong Life Cover
  • Sum Assured only as death benefit after maturity
  • Death Benefit before Maturity: Sum Assured + Bonus accumulated till death
  • Simple Reversionary Bonus is paid only on maturity or on death during the policy term.
  • Accidental death and disability benefit is an inbuilt facility in this scheme.
  • An additional rider available as a critical benefit (optional).
  • This plan can be offered with additional premium to those who are involved in risky business.
  • A discount is given on the larger sum assured.

Income Tax Benefits in LIC Jeevan Anand Plan:
Premium Payment: The premium to be paid in this plan is exempted under Section 80C of the Income Tax Act. A maximum exemption of Rs 1.5 lakh can be availed.

Claim Amount: In this scheme, the benefit on maturity or death is exempted under section 10(10D) of the Income Tax Act. There is no limit on the claim amount.

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