Although there are many investment schemes, the Life Insurance Corporation of India (LIC) offers a wide range of options. LIC has a scheme where you can build a large fund by depositing a small amount daily. This fund can be used for education, marriage, or any other important purpose. Additionally, this scheme offers several other benefits.
The name of this LIC scheme is the Jeevan Anand Policy. In this scheme, you can build a fund of Rs 20 lakh by depositing less than Rs 200 daily. If you want to create a bigger fund, you need to invest more. The minimum sum assured in this scheme is Rs 1 lakh, and there is no maximum limit. You can create a fund of any amount.
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In this scheme, age and time play an important role. For example, if you are 21 years old and want to create a fund of Rs 20 lakh, you will need to invest Rs 5,922 every month for 30 years, which is about Rs 197 per day. The premium will be this amount in the first year. From the second year onwards, the monthly premium will reduce to Rs 5,795, which is about Rs 193 per day.
What is This Scheme?
This is a term maturity plan, meaning you need to pay the premium for the desired number of years. For instance, in the 30-year plan, you will pay premiums for 30 years. If the policyholder dies during this time, the nominee will receive 125% of the basic sum assured or 105% of the premiums paid until death.
Additional Benefits
This plan also provides a bonus. If you deposit about Rs 200 daily for 30 years, you may receive a bonus of around Rs 30 lakh. For more details, visit the nearest LIC branch. You can also take a loan against this policy.
Who Can Take This Plan?
Any individual between the ages of 18 and 50 can take this policy. The policy period ranges from 15 to 35 years. Premiums can be paid monthly, quarterly, half-yearly, or yearly.
Payment of Premiums
Premiums can be paid regularly on a yearly, half-yearly, quarterly, or monthly basis (only through NACH) or through salary deductions throughout the policy term.
Grace Period
A grace period of 30 days is allowed for yearly, half-yearly, or quarterly premium payments and 15 days for monthly premiums from the date of the first unpaid premium. During this period, the policy remains active with full risk cover as per the policy terms. If the premium is not paid within the grace period, the policy will lapse. The same grace period applies to rider premiums, which must be paid along with the base policy premium.