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LIC Jeevan Anand Review

Plan Name: Jeevan Anand Insurer: Life Insurance Corporation of India Category: Traditional Plan Objective: Financial protection of family and returns on investment

Premium (10lac,20yrs,Age-23)-Rs 47130/yr

Major USP of LIC Jeevan Anand


Whole Life Plan Inbuilt Accidental Benefit Bonuses available

Eligibility of LIC Jeevan Anand

Minimum Entry Age: 18 Years Maximum Entry Age: 65 Years Policy Term: Minimum-5 Maximum-75 minus Age at Entry Premium Payment Term: Regular Term Minimum Sum Assured: Rs 100,000 per annum Premium Payment Mode: Yearly, Half Yearly, Quarterly or Monthly

Eligibility conditions and other restrictions in LIC Jeevan Anand Plan

Illustration of premium of LIC Jeevan Anand Plan

Benefits you get from LIC Jeevan Anand Plan


Death Benefit In case of death of the Life Insured Before the end of the Policy Term, the Sum Assured + accrued Bonus is paid After the Policy Term, Sum Assured is paid as Death Benefit whenever the Life Insured dies. Accidental Benefit: In case of death as a result of accident, additional Sum Assured is paid. And in case of disability because of accident, the accidental benefit is paid in installments.

Maturity Benefit At the maturity of the policy, the insured will Get Sum Assured + accrued Bonus+Final Additional Bonus

Bonuses: These are added at the end of each financial year and are a percentage of Sum Assured. The percentage depends on the performance of the company.

Income Tax Benefit Premiums paid under life insurance policy are exempted from tax under Section 80 C and maturity proceeds are exempted from tax under Section 10 (10D)

Are there any tax benefits?


Under Section 80C you can avail tax benefit, yearly premium (not more than 1lac) will be deducted from taxable income. Under Section 10(10D) death claim is completely tax free.

Additional Features and Benefits of LIC Jeevan Anand Plan


Riders There are 2 In Built Riders available: Accidental Death Benefit Rider- an additional Sum Assured is paid if death is due to accident till 70 years of age Accidental Disability Benefit rider- additional Sum assured is payable in installments There is 1 additional Rider available: Critical Illness Rider

What happens if ?
You stop paying the premium If you stop paying the premiums after 3 policy years, the policy acquires a Paid Up Value for a Reduced Sum Assured but the policy would be eligible for any future regular additions. You want to surrender the policy There is a Guaranteed Surrender Value after 3 policy years Guaranteed Surrender Value = 30% of all premiums paid 1st years premium There is Special Surrender Value that is available under this plan. You want a loan against your policy Loan facility is available under this policy