The LIC Jeevan Anand Policy is one of the most popular life insurance plans offered by Life Insurance Corporation of India (LIC). It provides dual benefits of life coverage and savings, ensuring financial security for your loved ones while also serving as a long-term investment. With a monthly premium of just Rs 1,358, policyholders can accumulate a maturity amount of Rs 25 lakh over time.
In this article, we will discuss everything you need to know about the LIC New Jeevan Anand policy, including its features, benefits, eligibility, and how you can apply. We’ll also break down how this investment works, making it easy to understand for beginners and professionals alike.
LIC Jeevan Anand Policy
| Feature | Details |
|---|---|
| Policy Name | LIC New Jeevan Anand |
| Monthly Premium | Rs 1,358 |
| Maturity Amount | Rs 25 lakh |
| Policy Term | 35 years (varies as per preference) |
| Death Benefit | Sum Assured + Bonuses |
| Loan Facility | Available after 2 years |
| Tax Benefits | Eligible under Section 80C & 10(10D) |
| Official LIC Website | www.licindia.in |
The LIC New Jeevan Anand Policy is an excellent choice for individuals looking for long-term financial security with the dual benefits of investment and insurance. With a modest monthly premium of Rs 1,358, policyholders can accumulate up to Rs 25 lakh, ensuring peace of mind and financial stability.
If you’re planning for a secure future, this LIC policy is a great option. Visit the official LIC website or contact an LIC agent today to explore your options.
What is LIC Jeevan Anand Policy?
The LIC New Jeevan Anand Policy is a participating, non-linked, endowment plan that offers a combination of protection and savings. This means that:
- It provides a lump sum amount on maturity.
- In case of the policyholder’s death, the nominee receives a death benefit.
- The policy continues for a lifetime, even after the maturity benefit is paid.
Why Choose LIC New Jeevan Anand?
- Lifetime Coverage: Even after receiving the maturity amount, the risk cover continues for life.
- Guaranteed Benefits: The plan provides a lump sum maturity benefit along with bonuses.
- Flexible Premium Payments: Choose from monthly, quarterly, half-yearly, or annual premium options.
- Loan Facility: You can avail a loan against the policy after paying premiums for at least 2 years.
- Tax Benefits: Premiums are tax-deductible under Section 80C, and the maturity amount is tax-free under Section 10(10D).
see also: Post Office FD Scheme: Returns on a Rs 4 Lakh Fixed Deposit
How Does LIC Jeevan Anand Work?
Example Breakdown:
Let’s consider an individual who opts for the LIC New Jeevan Anand Policy with the following details:
- Sum Assured: Rs 5 lakh
- Policy Term: 35 years
- Monthly Premium: Rs 1,358
What You Pay vs. What You Get:
| Year | Total Premium Paid | Maturity Amount (Estimated) |
|---|---|---|
| 5 years | Rs 81,480 | Rs 5 lakh + Bonuses |
| 10 years | Rs 1,62,960 | Rs 5 lakh + Bonuses |
| 20 years | Rs 3,25,920 | Rs 5 lakh + Bonuses |
| 35 years | Rs 5,70,360 | Rs 25 lakh (approx.) |
Benefits of LIC New Jeevan Anand Policy
1. Maturity Benefit
Upon completing the policy term, the policyholder receives Sum Assured + Accrued Bonuses. This lump sum payout is useful for retirement planning, children’s education, or major life expenses.
2. Death Benefit
If the policyholder passes away during the policy term, the nominee receives:
- 125% of the Sum Assured or 10 times the annual premium, whichever is higher.
- Accumulated bonuses (if applicable).
- The policy continues with life-long coverage.
3. Bonus Additions
LIC declares Simple Reversionary Bonuses and Final Additional Bonus, which significantly increase the policy’s overall payout.
4. Lifetime Coverage
Even after the policy term ends, the life cover continues, ensuring long-term financial security.
5. Loan Facility
You can avail of a loan against the policy after completing two years of premium payments.
6. Tax Benefits
- Premium payments qualify for tax deductions under Section 80C.
- Maturity and death benefits are tax-free under Section 10(10D).
How to Apply for LIC Jeevan Anand Policy?
Applying for the LIC New Jeevan Anand policy is easy. Follow these steps:
- Visit the Official LIC Website (www.licindia.in) or visit a nearby LIC branch.
- Check Eligibility – Ensure you meet the age and policy term requirements.
- Select Sum Assured & Policy Term – Choose the coverage and premium amount as per your financial goals.
- Submit Required Documents – ID proof, address proof, income proof, and medical details.
- Make Payment – Choose your preferred payment frequency (monthly, quarterly, etc.).
- Receive Policy Documents – LIC will provide a soft and hard copy of your policy for reference.
see also: Post Office Saving Scheme: Get a Pension of Rs 20,000 Per Month at 8.2% Interest
LIC Jeevan Anand Policy FAQs
1. What is the minimum and maximum entry age for LIC New Jeevan Anand?
- Minimum Age: 18 years
- Maximum Age: 50 years
2. What is the minimum and maximum sum assured?
- Minimum Sum Assured: Rs 1 lakh
- No maximum limit
3. Can I surrender my LIC New Jeevan Anand policy?
Yes, you can surrender the policy after paying premiums for at least 3 years. However, surrendering early might result in lower returns.
4. Is there a loan facility available?
Yes, you can take a loan against the policy after completing two years of premium payments.
5. How can I check my policy status?
You can check your policy status online by logging into the LIC e-Services Portal or visiting an LIC branch.
6. Are there any riders available with this policy?
Yes, LIC offers additional riders like Accidental Death & Disability Benefit Rider for extra protection.
