LIC Jeevan Anand - Features, benefits and returns, premium option and how to buy
LIC Jeevan Anand is the most selling and best LIC plan covering maximum risk as well as providing good return. See features of LIC Jeevan Anand policy, its benefits and drawbacks and buy if you think are the right candidate to have this LIC policy.
The Jeevan Anand plan of Life insurance Corporation (LIC) of India is a good whole life plan. It offers tremendous returns which make it extremely helpful plan that is a combination of the term insurance Plan and highly preferred Endowment guaranteed Plan. Taking into consideration its various features LIC Jeevan Anand acts as one of the most traditional endowment plan out of all plans provided insurance companies available in the market.
Important Features of LIC Jeevan Anand
LIC Jeevan Anand is whole life plus endowment plan.
Maturity benefit is nothing but sum assured plus bonus and life insurance cover continues till the death of policyholder.
Death benefit after the policy maturity is Sum Assured.
While death benefit before policy gets maturity is in the form of sum assured plus accrued bonus.
In Jeevan Anand, simple reversionary bonus can be payable on maturity or earlier death.
Disability and accidental death benefit is an inbuilt feature comes with Jeevan Anand plan.
Besides this, Jeevan Anand offers critical Illness benefit.
Accident Benefit is a default feature offered in this plan without extra premium is being charged for it. Benefits of LIC Jeevan Anand
Maturity Benefit of LIC Jeevan Anand – At the time of policy maturity, the policy holder will get sum assured plus accrued bonus plus final addition bonus.
Death Benefit – In case of death of the policyholder
Before the end of the Policy Term, the Sum Assured as well as accrued Bonus is paid.
After the Policy Term, Sum Assured is offered as Death Benefit in case the policyholder dies.
Income Tax Benefit of LIC Jeevan Anand – All the premiums paid under life insurance policy are tax exempted from tax under Section 80C and maturity proceeds are also exempted from tax under Section 10 (10D)
Besides this, there are two built riders available under the plan of Jeevan anand
Accidental disability benefit rider in LIC Jeevan Anand - Additional sum assured is offered in several installments. Additional rider available in the form of critical illness rider.
Accidental death benefit rider in LIC Jeevan Anand - An additional sum assured is paid in case death is because of accident till 70 years of age.Drawbacks associated with LIC Jeevan Anand
In Jeevan Anand plan, excessive premium is charged on the policyholder who possesses hazardous occupation. Who should buy LIC Jeevan Anand plan
- People who are looking for best investment plan in LIC and for TAX saving too.
- Individuals who want to be insured for the Whole Life and for people who are aged between 25 to 45 years.
- Software professionals, women or individuals with stable earnings, who have objective of saving for at least 15 years in future.
Jeevan Anand is amazing plan to get guaranteed returns with excessive coverage which suits people who do not want to take high risk in their lives. Apart from these, the coverage continues till death. LIC's Jeevan Anand is highly popular and a top selling endowment plan which offers combination of investment and insurance plan in India.