What are the Benefits of LIC Jeevan Anand 1 Lakh Policy?

What is LIC Jeevan Anand 1 Lakh Policy?

LIC Jeevan Anand 1 Lakh policy is a traditional life insurance plan that is designed for those individuals who are willing to financially support the future of their loved ones, and at the same time do not want to burden their pockets with heavy premiums. The Life Insurance Corporation of India (LIC) offers this Jeevan Anand 1 Lakh policy that provides several benefits to the policyholder and his/her loved ones. The plan offers a death benefit, and if the policyholder survives till the end of the policy term, a lumpsum maturity benefit. It also provides a loan facility to take care of the liquidity needs of the policyholders.

Why Should You Buy LIC Jeevan Anand 1 Lakh Policy?

The LIC Jeevan Anand 1 Lakh policy provides the following benefits: 

• Dual Benefits In One Policy
  LIC Jeevan Anand is a combination of a life protection plan and savings plan designed to provide for your and your family’s financial needs after your demise or help you better plan for your future financial goals.

• Loan Facility for Emergency Needs
  The plan allows you to take out a loan against your policy provided you have duly paid at least two full years' premiums.

• Enhanced coverage with Additional Riders
  The plan comes with four additional riders: LIC Accident Benefit Rider, LIC New Critical Illness Benefit Rider, LIC Accidental Death and Disability Benefit Rider, and LIC New Term Assurance Rider, which allow you to enhance your protection.

• Grace Period for Paying Pending Premiums Without Any Penalty
  LIC Jeevan Anand 1 Lakh policy has a grace period of 15 days, for monthly, and 30 days for other premium payment modes, wherein you can pay your outstanding unpaid premiums. The policy remains active without any interruption during the grace period.

Eligibility Criteria of LIC Jeevan Anand 1 Lakh Policy

Advantages of LIC Jeevan Anand 1 Lakh Policy

LIC New Jeevan Anand comes with several benefits including:

• Death Benefit:
  If the policyholder dies during the policy term, the nominee will receive a death benefit which will be equal to (Sum Assured on Death+ vested Simple Reversionary Bonus + Final Additional Bonus if any). The sum assured on death paid will be the higher of 7 times of annualized premium or 125% of the Basic Sum Assured.

• Option to take Death Benefit in Instalments:
  Under this LIC 1 Lakh per year plan, policyholders can also receive the death benefit in instalments over the chosen period of 5, 10, or 15 years instead of a lump sum amount. This option is available for an in-force as well as a paid-up policy. Complete or parts of death benefits are payable at various intervals, as follows:

  Mode of Instalment payment	Minimum instalment amount
  Monthly	5,000
  Quarterly	15,000
  Half-Yearly	25,000
  Yearly	50000

• Maturity Benefit:
  If the policyholder survives till the end of the policy term, the “Sum Assured on Maturity” with vested Simple Reversionary Bonuses and Final Additional Bonus, if any, will be paid. The plan also provides an option of settlement of maturity amount in installments similar to the death benefit. 

• Tax Benefits:
  Premiums paid against LIC Jeevan Anand are eligible for tax deductions under Income Tax Act 1961.

• Rebates:

  Rebate on Premium Modes:

  Yearly mode	2% of Tabular Premium
  Half-yearly mode	1% of Tabular premium
  Quarterly, Monthly mode & Salary Deduction	NIL

  High Sum Assured Rebate on Premium:

  Basic Sum Assured (B.S.A)	Rebate (Rs)
  1, 00,000 to 1, 95,000	Nil
  2, 00,000 to 4, 95,000	1.50%o B.S.A.
  5, 00,000 and 9, 95,000	2.50%o B.S.A.
  10, 00,000 and above	3.00%o B.S.A.

Sample Illustration of LIC Jeevan Anand 1 Lakh Policy

Take a look at the sample premium illustration of the LIC 1 lakh policy 15 years, 25 years and 35 years as per different ages.

How to Buy LIC Plans from Policybazaar?

Follow the steps below to buy LIC Plans from Policybazaar:

Step 1: Visit Life Insurance Corporation of India Policybazaar page.

Step 2: In the form at the top right corner, fill your name and contact number. Click on “View Plans”.

Step 3: Next, enter your current age, residential city and annual income.

Step 4: Select the plan you wish to purchase and click on “Get Details”

Step 5: Check the LIC policy details and benefits payable in the policy. You can customize the amount and tenure of your plans at your convenience.

Step 5: Proceed to make an online payment and buy the plan.

Note** You can also buy LIC policies offline from Policybazaar. We provide door-to-door services through which you can easily buy the best-suited policy.

Summing it up

Protecting your family's financial future with an affordable premium of LIC Jeevan Anand 1 Lakh policy is one of the best gifts you can give to your family. This 1 Lakh LIC policy also provides a maturity benefit in case you outlive the policy tenure, which can be used to fulfill your financial milestones.

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