The Life Insurance Corporation of India (LIC) Jeevan Anand policy offers investors something of substance. The LIC policy essentially offers two distinct bonuses at two different intervals given that the investor continuously invests in the scheme. As per the protocols of the scheme, anyone aged 18 years old or above can apply for it and start investing. It also offers assured returns at the time of maturity. It is a non-linked plan that offers an attractive combination of protection and savings. In essence, it provides a financial safety net against one’s death throughout the lifetime of the policyholder with the provision of payment of the lump sum at the end of the selected policy term in case of his or her survival. This plan also caters to liquidity needs through its loan facility.
One of the better aspects of this scheme is the premium term and policy term. That means the premium will have to be paid till the policy matures. Investors in the policy also receive a bonus after investing continuously for 15 years. Now, circling back to the coverage in the event of death, the nominees get a decent amount of returns to secure their future. As per the policy norms, the minimum sum assured in the LIC scheme is Rs 1 Lakh.
It should be noted that investors can actually increase the final payout by increasing the sum assured against the policy. As it stands, the sum assured on death is 125 per cent of the basic sum assured or 10 times that of the annualised premium. It also states that the death benefit shall not be less than 105 per cent of all the premiums paid as of the date of death. The premiums also exclude service tax, extra premiums and rider premiums if any.
Investors also get a wide range of other coverage benefits in the LIC Jeevan Anand policy, including insurance for accidental death, disability, term assurance and critical illness cover and so on. Additionally, you can also choose how you want the payout, it can either be a lump-sum amount or you can choose to take the route of a monthly payment of returns.
The maximum age of entry that this policy will allow is 50 years of age. While the minimum policy term is 15 years, the maximum is 35 years. It should also be noted that the maximum maturity age for this policy is 75 years. However, there is no upper limit for the maximum basic sum assured so you have a lot of legroom when it comes to taking on this policy.
How to Get Over Rs 10 Lakhs on Maturity
First off, you just need to invest an average of Rs 76 every day. If you as an investor of say, the age of 24, opt for the Rs 5 lakh option for this policy, then you need to pay a premium of around Rs 26,815. This basically means that on a monthly basis you will be paying around Rs 2,281 or Rs 76 a day. Over the maturity period of the next 21 years, if you continuously invest, your sum amount will reach around Rs 563,705. This in addition to the bonuses that the policy gives will get you just around Rs 10.33 lakh at the time of maturity.
All in all, it is a very useful scheme to secure one’s future and that of your loved ones. Keep in mind that for this policy to take full effect you need to continuously feed into it, but given that the premiums are so manageable its quite doable at the end of the day.
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