LIC Policy: In today’s uncertain times, everyone wants to secure their own happiness and that of their families. When it comes to reliable investments, the Life Insurance Corporation of India (LIC) shines supreme. If you’re looking for a unique combination of savings and protection with a low investment, LIC’s “New Jeevan Anand” (Plan No. 915) is a boon.
It’s not just a policy, but a financial shield that serves you well during your lifetime and ensures your family’s well-being even after you’ve passed away. The most significant advantage of this policy is that your insurance coverage doesn’t expire even after receiving the maturity proceeds.
₹45 a day can create a fund of ₹25 lakh
People often shy away from insurance due to the fear of high premiums, but LIC Jeevan Anand has been designed with the common man’s pocket in mind. Its math is simple and effective. Imagine you’re 35 years old and choose a sum assured of ₹5 lakh for the next 35 years. In this case, your annual premium would be around ₹16,300.
Based on this, every month, this amounts to around ₹1,400 and requires a daily savings of just ₹45 to ₹46. This modest amount, saved in a disciplined manner, can provide you with a substantial corpus of ₹25 lakh at maturity. This total sum includes your basic sum assured, along with annual bonuses and final additional bonuses (FAB), making your retirement or old age completely worry-free.
A Unique Two-Payback Scheme
What makes this policy different from any other plan in the market, and a ‘superhit’ one, is its lifetime risk cover. It’s common for other insurance policies to lose their insurance coverage as soon as the term ends, and you receive the maturity proceeds. However, this isn’t the case with Jeevan Anand. Here, you receive two benefits: First, upon completion of the policy term, you receive a lump sum payment of ₹25 lakh, which you can use for your needs.
But the real magic begins after that. Even after receiving the maturity proceeds, your ₹5 lakh life insurance policy continues for life (up to the age of 100) completely free of charge. This simply means that whenever the policyholder dies in the future, their family or nominee will receive an additional ₹5 lakh sum assured. This truly fulfills the promise of “lifetime and afterlife.”
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Tax Savings
This LIC policy not only provides protection but also proves to be a great help in your tax planning. The premiums you pay are eligible for income tax deductions under Section 80C, reducing your annual tax liability. Furthermore, the maturity amount you receive is also completely tax-free under Section 10(10D).
This plan is also quite flexible in terms of liquidity. If you suddenly need money, you can avail a loan after just two years of policy inception. Anyone between the ages of 18 and 50 can avail of this plan. To further strengthen your protection, you can also add riders like accidental death, disability, and critical illness at a nominal cost.