This is a popular whole-life insurance plan that offers both death and maturity benefits. It provides financial security to the insured and their family.
There are various benefits of LIC Jeevan Anand Policy:
- Dual Benefits: LIC Jeevan Anand provides both a death benefit and a maturity benefit. In the event of the insured person’s demise during the policy term, the nominee receives the sum assured along with any bonuses declared by LIC. If the insured survives the policy term, they receive the maturity benefit, which includes the sum assured and accrued bonuses.
- Whole Life Coverage: This policy offers coverage for the entire lifetime of the insured, as long as the premiums are paid. In other words, it provides lifelong protection.
- Bonus and Profits: LIC typically declares bonuses for participating policies like Jeevan Anand. These bonuses accrue over the policy term and are paid out along with the death benefit or maturity benefit, enhancing the overall returns.
- Flexible Premium Payment Options: Policyholders can choose from various premium payment frequencies, including yearly, half-yearly, quarterly, or monthly, depending on their convenience.
- Loan Facility: Policyholders have the option to avail of a loan against the policy’s cash value after a certain period, providing liquidity when needed.
- Surrender Value: If the policyholder wishes to surrender the policy before maturity, a surrender value is paid out, which includes the accrued bonuses. However, the surrender value is typically lower than the maturity value.
- Income Tax Benefits: Premiums paid under LIC Jeevan Anand are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the maturity amount and death benefit are usually tax-exempt under Section 10(10D) of the Act, subject to certain conditions.
- Riders: Policyholders can enhance their coverage by adding riders such as accidental death benefit riders or disability benefit riders for an additional premium.