LIC Jeevan Anand versus LIC Jeevan Labh

LIC Jeevan Anand and LIC Jeevan Labh are both life assurance plans that serve dual purposes of protection and savings. The difference in both these plans lies in the fact that LIC Jeevan Anand is a whole life insurance plan, unlike LIC Jeevan Labh.

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Comparison Between LIC Jeevan Anand and LIC Jeevan Labh

LIC Jeevan Anand LIC Jeevan Labh
Whole life insurance
✓✓  XX
Age At Entry
Minimum: 18 years Maximum: 50 years Minimum: 8 years Maximum: 59 years
Policy Term
15 to 35 years 16/ 21/ 25 years
Premium Paying Term
Regular (throughout the policy term) Limited (10/ 15/ 16 years)
Death Benefit After Policy Expiry
Basic sum assured XX
Minimum Sum Assured
Rs. 1,00,000 Rs. 2,00,000
Sum Assured On Death
125% of basic sum assured or; 7 times the annualized premium Absolute sum assured or; 7 times the annualized premium

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

Features LIC Jeevan Anand LIC Jeevan Labh
Age 35 years 35 years
Sum Assured Rs. 5 Lakhs Rs. 5 Lakhs
Policy Term 25 years 25 years
Premium Paying Term 25 years 16 years
 
Annual Premium Rs.23,122 Rs.23,110
Total Premium Amount Rs.5,78,559 Rs.3,70,268
Maturity Benefit Rs.13,37,500 Rs.13,50,000

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.

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

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