LIC Jeevan Anand Policy: Lifetime Coverage and Wealth Creation 2024

The LIC Jeevan Anand Policy Plan is one of Life Insurance Corporation (LIC) India’s most popular insurance policies. Known for its unique combination of endowment and whole life insurance, this plan offers a range of benefits for policyholders, including a guaranteed sum at maturity, lifelong coverage, and financial security for beneficiaries. By blending life insurance with investment benefits, LIC Jeevan Anand enables individuals to secure both their future and that of their loved ones, making it an excellent choice for those seeking wealth creation and protection.

In this article, we cover the objectives, benefits, eligibility criteria, key features, premium payment options, and application process for LIC Jeevan Anand Policy Plan.

Objectives of LIC Jeevan Anand Policy Plan

The LIC Jeevan Anand Policy aims to fulfil the dual objectives of providing life insurance coverage and accumulating wealth over time. Key objectives of this policy include:

1. Financial Protection: Providing lifetime financial protection for the policyholder and their family members in the event of an unforeseen circumstance.
2. Savings and Wealth Creation: Enabling policyholders to accumulate savings for future financial goals through maturity benefits and bonuses.
3. Dual Coverage: Offering endowment benefits upon policy maturity and lifelong coverage for policyholders even after the policy term.
4. Risk-Free Investment: Combining insurance with a secure investment, free from market risks, allowing policyholders to grow wealth steadily.

Key Features of LIC Jeevan Anand Policy Plan

The LIC Jeevan Anand Plan stands out due to its dual benefits of life coverage and wealth creation, with various features that make it an attractive option for policyholders:

1. Lifelong Coverage: The policy offers lifetime coverage even after maturity, ensuring financial security throughout the policyholder’s life.
2. Maturity Benefit: Upon policy maturity, the guaranteed sum assured along with any accrued bonuses is paid to the policyholder, securing future goals.
3. Death Benefit: In case of the policyholder’s unfortunate passing, the nominee receives the sum assured, ensuring financial support for the family.
4. Bonus Facility: LIC’s Jeevan Anand Plan participates in LIC’s profit-sharing pool, offering additional bonuses on the maturity amount, enhancing wealth.
5. Loan Facility: Policyholders can avail of a loan against the policy, offering a convenient option during financial emergencies.
6. Tax Benefits: Contributions made towards the Jeevan Anand policy qualify for tax deductions under Section 80C, and the maturity and death benefits are exempt under Section 10(10D).

Benefits of LIC Jeevan Anand Policy Plan

The LIC Jeevan Anand Policy offers several unique benefits, combining life insurance with wealth creation:

1. Lifetime Financial Security: Even after the policy matures, the plan continues to provide life coverage, ensuring lifelong protection for the policyholder’s family.
2. Guaranteed Returns: The policy guarantees a maturity benefit along with bonuses, helping policyholders achieve their financial milestones.
3. Accidental Death and Disability Rider: This plan offers an optional rider that provides additional benefits in case of accidental death or permanent disability.
4. Policy Loan Facility: The plan’s loan facility offers easy access to funds, adding flexibility and convenience in case of financial needs.
5. Tax Benefits: Premiums paid qualify for tax deductions under Section 80C, and maturity/death benefits qualify for tax exemptions, helping policyholders save on taxes.
6. No Risk of Market Volatility: As an LIC policy, it is not subject to market fluctuations, offering secure and steady growth for policyholders’ savings.

Eligibility Criteria for LIC Jeevan Anand Policy Plan

To qualify for the LIC Jeevan Anand Policy Plan, individuals must meet certain eligibility requirements:

1. Age: Entry age ranges from 18 to 50 years, with a maximum maturity age of 75 years.
2. Policy Term: The policy term ranges from 15 to 35 years, depending on the policyholder’s financial goals.
3. Sum Assured: The minimum sum assured is INR 1 lakh, with no upper limit, giving policyholders the flexibility to choose according to their needs.
4. Medical Examination: A medical examination may be required, depending on the sum assured and the policyholder’s age.

Advantages of LIC Jeevan Anand Policy Plan

1. Lifetime Coverage Beyond Maturity: Jeevan Anand is unique in offering lifelong coverage even after the policy term has ended.
2. Flexible Premium Payment Options: Policyholders can choose annual, semi-annual, quarterly, or monthly premium payment modes.
3. Customizable Riders: The accidental death and disability benefit rider enhances coverage, offering more security for policyholders.
4. Loan Availability: Policyholders can take a loan against the policy to meet financial emergencies, without affecting coverage.
5. Guaranteed Bonuses: The policy participates in LIC’s profit pool, ensuring periodic bonuses that increase overall returns.
6. Suitable for Long-Term Wealth Creation: Jeevan Anand’s secure returns and endowment benefits make it suitable for achieving long-term financial goals like retirement planning or children’s education.

Disadvantages of LIC Jeevan Anand Policy Plan

1. Lower Returns Compared to Market-Linked Investments: Although it is a secure option, returns may be lower than market-linked investments like mutual funds or ULIPs.
2. Lock-In Period: The policy’s long-term commitment may limit flexibility for those needing short-term savings solutions.
3. Premium Commitment: Failure to pay premiums on time could lead to the policy lapsing, affecting future benefits.
4. High Premiums for Large Sum Assured: For higher sums assured, the premium amounts can be substantial, making it more suitable for individuals with stable incomes.

How to Apply for LIC Jeevan Anand Policy Plan

Step 1: Consult an LIC Agent

Consulting an LIC agent can help you understand premium options, the policy term, and additional riders, allowing you to tailor the policy to your needs. Also, You can call us on 9999999999 to get to know about the best plans for you.

Step 2: Choose Your Sum Assured and Policy Term

Based on your financial goals, decide on the sum assured and policy term that best fits your needs. LIC agents can provide assistance in determining the most suitable options.

Step 3: Complete the Application Form

Fill out the application form with personal details, sum assured, chosen riders, and your desired premium payment mode (annual, semi-annual, quarterly, or monthly).

Step 4: Submit Necessary Documents

Submit documents such as age proof, address proof, income proof, and medical test results (if required) to complete the application process.

Step 5: Pay the First Premium

After submission, pay the first premium to activate the policy. Subsequent premiums can be paid through various modes such as online payments, bank deductions, or LIC offices.

The LIC Jeevan Anand Policy Plan is ideal for individuals seeking a secure and flexible option for both lifetime insurance coverage and long-term wealth creation. With its dual benefits, this policy enables policyholders to accumulate wealth steadily, while also providing lifelong financial protection.

From tax-saving benefits to the optional accidental rider and lifetime security, the plan ensures that policyholders’ loved ones are protected, even after they have achieved their financial goals.

For those interested in learning more about other government-backed financial security schemes, explore our detailed article on Atal Pension Yojana, which highlights a reliable pension plan for unorganized sector workers.