LIC JEEVAN ANAND (Table No. 149)
LIC Jeevan Anand is one of the best plan from LIC India. This plan gives life times risk cover and accidental death benefits up to 5 Lacs SUM assured till 70 years of age. This policy is basically a combination of whole life and endowment plans. The plan gives bonus every year which are added to your policy and later given as a part of maturity amount. Risk cover in this policy continues even after end of selected term for lifetime. You can start this policy with a minimum period of 5 years and Rs. 1,00,000 SUM assured.
BENEFITS & FEATURES
Maturity Benefits : On the end of selected term, SUM assured plus the vested bonus in lump sum will be paid.
Death Benefits : SUM assured along with the vested bonus is payable if death occurred before selected term. In case of death after selected term, an amount equal to one basic SUM assured will be given.
Accident Benefits : In case of accidental death, double of basic SUM assured (subject to a limit of Rs.5 Lacs) is payable in a lump sum up to 70 year of age. In case of permanent disability caused due to accident, basic sum assured will be paid in installments.
Policy Loan : Policy loan feature is available in this plan.
Tax Benefits : Tax benefits on premium under section 80C and maturity under section 10 (10D) as per IT Act 1961.
Surrender Value : Guaranteed surrender value is available in this policy.
Guaranteed Surrender Value : LIC Table 149 is eligible for guaranteed surrender value if policy has been in force for 3 or more years. 30% of the basic premiums paid will be paid as a guaranteed surrender value after excluding the first year premium and extra premium.
Others Benefits : You may avail supplementary / extra benefits by paying extra premium in this plan.
ELIGIBILITY & PREMIUM PAYMENTS
|Minimum / Maximum Age||18 Years - 65 Years|
|Maximum age of maturity (Life Assured)||75 years|
|Minimum / Maximum Term||5 Years – 57 Years|
|Minimum / Maximum Sum Assured||Rs.1,00,000 and more (No upper limit)|
|Premium Payment||Yearly, Half Yearly, Quarterly, Monthly|
Why Jeevan Anand?
Jeevan Anand was first launched in 2002 and the policy has been doing well. Only 5 years of insurance can give you life time risk cover and accidental death benefit at no extra cost. Policy continues even after maturity and apart from SUM assured along with bonuses on maturity, one SUM assured will be given in case of death after maturity. Thus the Jeevan Anand policy pays you double of the sum assured.
This is a with-profit plan which shares corporation business profit. Jeevan Anand policy has been returning very good bonuses. If we look at the bonuses in last 3 years (2010, 11 and 12), it has been Rs 34 to Rs. 47. You can pay premium as per your comfort and avail tax benefits on premium payment as well as maturity received under Income Tax Act 1961.
If a person aged 30 years takes Jeevan Anand 149 policy for 20 years with SUM Assured Rs. 200,000. Then his yearly premium would be 11,320.00 yearly. If the policy is yielding Rs. 45 bonus every year on each thousand rupees of SUM assured then the benefits will be following:
On maturity: Rs. 200,000 S.A. + Rs. 180,000 Bonus
On Death Before Selected Term: Rs. 200,000 S.A. + Total bonus till the time
On Death After Selected Term: Rs. 200,000
On Death Due to Accident Before 70 Years of Age: 400,000 (Double of S.A up to 5 Lacs)
Note: Above calculation is for illustration purpose only.