LIC Jeevan Anand versus LIC Jeevan Labh

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

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We are rated~
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6.7 Crore
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Common Features LIC Jeevan Anand and LIC Jeevan Labh

  • Installment Option - If opted for, both the maturity and death benefits are payable in instalments 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 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 by paying two full years’ premiums.

  • Enhanced Protection - On paying an extra premium, 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.

LIC Jeevan Anand and LIC Jeevan Labh are two traditional life insurance plans provided by Life Insurance Corporation of India. Although they share some similarities, they offer distinct features and benefits. Let's examine each plan separately:

Lic Anand vs Lic Labh Lic Anand vs Lic Labh

About LIC Jeevan Labh

LIC Jeevan Labh is an endowment-based insurance policy that offers a limited premium paying option. The plan provides assured benefits and increased returns in the form of bonuses. If you want to secure your family's financial future in the event of your death during the policy term, LIC is liable to pay the sum assured on death to your family. They can use this amount 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. Flexibility

    The plan offers flexibility to the policyholder by choosing a policy and premium-paying tenure. One can have a policy term of 16 years, 21 years, or 25 years.

  2. Death Benefit

    If the policyholder passes away during the policy term, the nominee receives the sum assured along with vested bonuses and a final additional bonus, if any.

  3. Maturity Benefit

    If the policyholder survives till the end of the policy term, they receive the sum assured along with vested bonuses and a final additional bonus, if any.

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

    In the event of the policyholder's demise during the policy term, the nominee receives the sum assured along with vested bonuses and a final additional bonus, if any. After the policy term, the nominee receives the sum assured and accrued bonuses.

  2. Maturity Benefit

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

  3. Policy Term

    LIC Jeevan Anand is a participating whole-life endowment plan. It provides life coverage for the policyholder's entire lifetime, even after the policy term is completed.

Comparison Between LIC Jeevan Anand and LIC Jeevan Labh

Parameters LIC Jeevan Anand LIC Jeevan Labh
Type of Plan Whole Life Endowment Plans Limited Premium Endowment Plans
Entry Age 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)
Minimum Sum Assured Rs. 1 Lakh Rs. 2 Lakhs

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


Sample Premium Illustration - LIC Jeevan Anand versus LIC Jeevan Labh

Let us understand the difference between the premium payment of LIC Jeevan Anand & LIC Jeevan Labh with the help of an illustration.

Mr. Sharma, a 35-year-old man, decided to buy a plan with a sum assured of Rs. 5 Lakhs for 25 years of the policy term. Let us look at the below table to understand how much premium he will be paying for both plans:

LIC Jeevan Anand LIC Jeevan Labh
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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark

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