LIC Plan: In this world of uncertainty, everyone wants to secure their own and their family’s future. When it comes to investing their hard-earned money in the right place, the Life Insurance Corporation of India (LIC) remains the most trusted name in the country. Among the many options available in the market, LIC’s Jeevan Anand (Plan No. 915) policy is a great gift for those who want the double benefit of savings and protection at a low premium. This policy is not just an investment, but a lifelong commitment.
We often put off insurance plans, fearing that the premiums will be prohibitively expensive. However, the Jeevan Anand policy’s calculations are designed with the common man’s budget in mind. Looking at the figures, it appears quite affordable. For example, if you are 35 years old and choose a sum assured of Rs 5 lakh, your annual premium for a 35-year term would be approximately Rs 16,300.
If you calculate this amount on a monthly basis, it amounts to approximately Rs 1,400. To simplify things further, you’ll need to save just Rs 45 to Rs 46 daily. Disciplined savings of this small amount can yield a substantial sum at maturity. Based on current bonus rates, you’ll receive a lump sum of approximately Rs 2.5 million upon policy maturity. This includes your basic sum assured of Rs 5 million, vested simple revisionary bonuses, and final additional bonus. This means that with small savings, you can create a significant cushion for your old age.
The standout feature of this policy is what distinguishes it from other options. Usually, insurance policies end once the term is completed and the payout is made. But with Jeevan Anand, that’s not the case. Your insurance coverage continues even after you hit the maturity amount of Rs 25 lakh.
The risk coverage of Rs 5 lakh stays in place for the entire life of the policyholder. This means that even years after getting the maturity amount, if the policyholder passes away (even at 100 years old), a separate sum of Rs 5 lakh is paid out to their family or nominee. So, this policy genuinely delivers on the promise of “lifetime and life after” since it pays out twice.
You’ll also enjoy tax benefits
This policy not only provides returns and protection but also aids in tax planning. The premiums you pay qualify for income tax deductions under Section 80C. Plus, the full maturity amount and death benefit are completely tax-free under Section 10(10D).
LIC has also taken care of liquidity with this plan. If you find yourself in need of cash, you can borrow against the policy after two years. This feature makes it a liquid asset. People aged 18 to 50 can take advantage of this plan. Additionally, you can include riders like accidental death and critical illness to enhance your coverage even more.