Hit enter to search or ESC to close
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.
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:
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.
Premium Chart Example:
Tech Desk, Amar Ujala, New Delhi Published by: Pradeep Pandey Updated Sat, 16 Oct 2021 12:12 PM IST Summary If you spend Rs 449 then you will get 30Mbps speed. Jio Fiber also gives...
LondonHaseeb Hameed (Haseeb Hameed ComebackWednesday’s lamp was of double happiness. He returned to the England International team after almost 5 years. He has been included in the squad for the first two matches of...
Rajiv Sinha, Amar Ujala, New Delhi Published by: Kuldeep Singh Updated Tue, 21 Sep 2021 03:46 AM IST Summary The bench dismissed the petition of Bhagwan Narayan Gaikwad against an order of the Bombay...