The Life Insurance Corporation of India (LIC), the country's largest insurance company, offers plans popular not only for providing security but also for their high rate of return. LIC provides policies for all age groups—children, seniors, and women. Many of these products allow one to accumulate a significant sum by investing small amounts.
One such product is the Jeevan Anand policy from LIC, which can be an effective way to accumulate 25 lakhs upon maturity. This plan also provides various bonuses upon investment.
If the goal is to accumulate a large capital with relatively low premiums, the LIC Jeevan Anand policy may be an excellent choice. Essentially, it functions as a term policy. You can make payments throughout the entire duration of your policy.
This plan includes several types of payouts at maturity (Maturity Benefit). The minimum guaranteed coverage amount is one lakh rupees, while there is no maximum limit.
To receive 25 lakhs under the LIC Jeevan Anand policy, one needs to pay approximately 1358 rupees monthly. Calculated on a daily basis, this is equivalent to saving just 45 rupees per day. Nevertheless, this policy program should be viewed as a long-term investment.
The policy term ranges from 15 to 35 years. If you invest 45 rupees daily for 35 years, you will receive a sum of 25 lakhs after the program concludes. The annual amount you will accumulate will be approximately 16,300 rupees.
With an annual investment of 16,300 rupees over 35 years in this policy, the total contributed amount will reach 5,70,500 rupees. According to the policy terms, the basic coverage amount will be five lakh rupees. To this amount, a Revisionary bonus of 8.60 lakh rupees and a Final bonus of 11.50 lakh rupees will be added after the maturity period. The LIC Jeevan Anand policy provides for two bonus payouts, but this requires the policy term to be at least 15 years.
Jeevan Anand policyholders do not receive tax benefits from this scheme; however, they have access to four types of riders: Accidental Death and Disability Rider, Accidental Payout Rider, New Term Insurance Rider, and New Critical Illness Rider.
Regarding death benefits, in the event of the policyholder's death for any reason, the heir will receive 125 percent of the policy payout amount.