LIC Jeevan Anand versus LIC Jeevan Labh

Comparison Between LIC Jeevan Anand and LIC Jeevan Labh

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer. 

Let’s study each plan in more detail to establish its unique features.

About LIC Jeevan Labh

LIC Jeevan Labh is an endowment-based insurance policy that offers a limited premium paying option. The plan offers assured benefits in addition to increased returns in the form of bonuses. If you want to secure the financial future of your family in the event of your death during the policy term, LIC is liable to pay the sum assured on death to your family. This amount can be used by them to fund their needs. Notably, the policy also offers a loan facility that you can avail of for urgent capital requirements.

Let’s look at some of the common features of LIC Jeevan Labh:

1. Policy Term

   You have the option to choose a policy term of 16 years, 21 years, or 25 years.

2. Premium Paying Term

   • 10 years for a policy term of 16 years

   • 15 years for a policy term of 21 years

   • 16 years for a policy term of 25 years

3. Death Benefit

   Beneficiaries are entitled to the sum assured on death of the life assured. Further, the benefit amount can also be received in installments throughout 5, 10, or 15 years.

4. Maturity Benefit

   The sum assured in maturity is payable in installments or a lump sum payout. This amount acts as your savings.

About LIC Jeevan Anand

LIC Jeevan Anand is a whole life insurance plan that offers financial protection to your dependents in the event of your unfortunate demise at any point throughout your lifetime. Further, LIC is liable to pay a lump sum payout as a maturity benefit at the end of the chosen policy term.

Let’s look at the important features of the plan.

1. Death Benefit

   Sum assured in death is payable if the death of the life assured occurs during the policy term. One can also opt to receive this capital in monthly, quarterly, half-yearly, or yearly installments.

2. Maturity Benefit

   An amount equal to the basic sum assured is payable at maturity provided that all due premium payments had all been made in full.

3. Policy Term

   Policy term under LIC Jeevan Anand ranges from 15 to 35 years.

4. Premium Paying Term

   Policyholders can choose to pay premiums at regular monthly, quarterly, half-yearly, or yearly intervals.

Common Features LIC Jeevan Anand and LIC Jeevan Labh

• Type of Policy -  Both are endowment based life insurance policies

• Installment Option - If opted for, both the maturity benefit and the death benefit is payable in installments over 5/ 10/ 15 years.

• Maximum Maturity Age - Under both LIC Jeevan Labh and LIC Jeevan Anand, the maximum maturity age has been set at 75 years.

• Profit Participation -  Based on the profits earned by the company, policyholders are entitled to receive simple reversionary bonuses along with the assured death and maturity benefits.

• Loan Facility - Subject to the surrender value acquired, policyholders can avail of loans under both these policies. Please note that loans can only be availed on the payment of two full years’ premiums.

• Enhanced Protection - On paying an extra premium amount, one can avail of additional protection against accidental death, disability, and critical illnesses. Policyholders can also choose LIC’s New Term Assurance Rider under both policies.

Sample Premium Illustration - LIC Jeevan Anand versus LIC Jeevan Labh

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

As demonstrated in the table above, the maturity benefit payable at the end of the policy term is more in the case of LIC Jeevan Labh despite keeping all the parameters the same. As you can see the difference in the total premium amount is significant, although the maturity benefit differs marginally. 

Wrapping Up!

Insurance plans are a crucial investment and you should be very careful about their purchase. Not every plan is made to fit all needs. It is therefore important that you first identify your needs and then make a purchase. LIC Jeevan Labh versus LIC Jeevan Anand has given us widely differing features, yet there are several aspects where they resemble each other. Now that you have a comprehensive comparison between the two, you should be in a good position to choose your best life insurance cover.