LIC Jeevan Anand Policy: If you want to invest in such a scheme of LIC (Life Insurance Corporation), where the maturity benefit is also available and the nominee also gets the benefit on death, then Jeevan Anand policy can be better for you.
The premium term and the policy term are same in this policy. This means that the number of years for which the policy is in place, the premium will be paid for the same number of years. If you are above 18 years of age then you can buy this policy. Know here what are the other benefits of this policy…
Get two types of bonus
You get two types of bonus in this policy. The older the policy, the higher will be the benefit of vested simple revisionary bonus. Apart from this, it is necessary for the policy to be of 15 years to avail the additional bonus. On the other hand, if the person dies during the policy, then the nominee will get the death benefit of 125% of the sum assured. If the policy holder dies after the term, then the nominee will get the amount equal to the sum assured.
Minimum Sum Assured Rs 1 lakh
Talking about the minimum sum assured under this policy, it is up to one lakh rupees and there is no limit on the maximum sum assured. There are 4 riders available with this policy, namely Accidental Death and Disability Rider, Accident Benefit Rider, New Term Assurance Rider and New Critical Illness Benefit Rider.
This benefit is available on maturity
Under this policy, the maturity or death benefit can be taken in lump sum or in installment. You can take some part in lump sum or in installment. This installment can be for 5, 10 and 15 years. Apart from this, the benefit of tax exemption is also available on this policy.
Maturity calculation
According to the LIC premium calculator, if you have bought a sum assured of Rs 5 lakh at the age of 35 years and the policy term is of 35 years, your annual premium will be Rs 16,300. Half yearly premium will be Rs 8200, quarterly premium will be Rs 4200 and monthly premium will be Rs 1400. The total deposit in 35 years will be Rs 5.70 lakh. Based on the existing bonus, you will get a total of Rs 25 lakh on maturity. In this, Basic Sum Assured 5 Lakh, Wasted Simple Revisionary Bonus of Rs 8.60 Lakh, Final Additional Bonus of Rs 11.50 will be available.
What is the rule regarding grace period?
Under this policy, if the insured pays the premium every month, then the grace period is 15 days and if the premium is deposited quarterly, half yearly and annually, there is a grace period of 30 days. The policy can be surrendered on completion of 2 years. You can also take a loan against this policy after 2 years.
