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LIC Jeevan Anand Is Offering High Returns In Long Term: Should You Invest?
LIC Jeevan Anand Plan is a high return insurance policy with both protection and saving option, which is a non-linked plan. A non-linked means, the returns from it will not depend on the equity markets. LIC, through this plan, will provide financial protection against death throughout the lifetime of the policyholder with the provision of payment of lumpsum as the policy-term ends.
Sum assured amount and eligibility for LIC Jeevan Anand
Jeevan Anand is LIC's one of the most popular plans. This plan will cover the policyholder for the selected policy term, along with the lifetime coverage. So, it will continue even after the completion of the policy term for the policyholder's lifetime. Jeevan Anand also offers a bonus during the plan term, so this is an Endowment cum Whole Life Insurance policy by the public life insurer. One can choose the Policy Term from 15 years to 35 years.
The Minimum Basic Sum Assured amount for the plan is Rs. 1,00,000, and there is no limit on the Maximum Basic Sum Assured. The Minimum Age at entry for the plan is 18 years, while the Maximum Age at entry is 50 years for LIC Jeevan Anand. Hence, this long-term plan has been designed by the LIC to provide safe and secured financial stability to the policyholders in their old age. The Maximum Maturity Age for the plan is 75 years.
Death Benefits
On Death during the policy term before Maturity, the Death benefit will be paid. It will be the same as the 'Sum Assured on Death' along with vested Simple Reversionary Bonuses and Final Additional bonus (if any). The Sum Assured on Death is defined by LIC, as higher than 125% of Basic Sum Assured or 7 times of annualized premium.
Under this whole life LIC plan, one can take the death benefit in installments over the chosen period of 5 or 10 or 15 years instead of a lump-sum amount under an in-force as well as a paid-up policy. LIC informs that this option is taken be chosen by the policyholder's lifetime; for full or part of Death benefits payable under the policy. The amount can be either in absolute value or as a percentage of the total claim amount. "The installments shall be paid in advance at yearly or half-yearly or quarterly or monthly intervals, as opted for, subject to minimum installment amount for different modes of payments being as under," LIC said.
| Mode of Instalment payment | Minimum instalment amount |
|---|---|
| Monthly | Rs. 5,000 |
| Quarterly | Rs. 15,000 |
| Half-Yearly | Rs. 15,000 |
| Yearly | Rs. 50,000 |
Survival Benefits
On the other hand, On Life Assured surviving to the stipulated Date of Maturity, provided the policy is in-force - all due premiums have been paid, the Sum Assured on Maturity along with the vested Simple Reversionary Bonuses and Final Additional Bonus (if any) will be paid by LIC. Again, the Sum Assured on Maturity is the same as the Basic Sum Assured, paid by the policyholder. The settlement option for maturity benefits can also be chosen in installments over the chosen period of 5 or 10 or 15 years.
LIC Jeevan Anand benefits calculation
These calculations (for example) have been done considering the Policy term is 15 years, and the policyholder's entry age is 30 years.
| Basic sum assured (INR) | Death sum assured | Yearly Premium 1st year (4.5% tax) | Yearly Premium (after 1st year - with 2.5% tax) | Total return at maturity time | Life time risk cover |
|---|---|---|---|---|---|
| Rs. 3 lakh | 375000 | 25174 | 24632 | 477000 | 300000 |
| Rs. 5 lakh | 625000 | 41435 | 40543 | 795000 | 500000 |
The calculation is done through the official 'All in one Calc' by LIC.
(Also read: LIC's Jeevan Shiromani: A High Return Investment Opportunity)
