LIC Jeevan Anand was withdrawn and re-introduced as LIC New Jeevan Anand. It is an insurance product that covers the life assured throughout his/her lifetime. It also offers savings opportunities along with insurance protection. The returns from LIC Jeevan Anand can either be in the form of a death benefit or maturity benefit. Both of these amounts can be calculated before purchasing the plan using the LIC Jeevan Anand returns calculator.Read more
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Guaranteed maturity with life
cover for securing family's future
Tax saving under Sec 80C &
Sovereign guarantee as per
Sec 37 of LIC Act
It is an online tool that allows users to calculate the final benefit amount that they will be entitled to on death and maturity. Calculating the returns before buying the policy gives you more clarity on whether it is a fit for you or not. It allows you to decide if the premium charged is even worth the coverage offered.
Death Benefit - It is the amount payable to your family if you die within the policy tenure. The returns, in this case, will be equal to 125% of the Basic SA (Sum Assured) or 10 times the annual premium. Your family will be given whichever is higher.
In case you die anytime after the policy term, your family receives the basic sum assured.
Maturity Benefit - If you survive the policy term, you will receive a lump sum amount at the end of it. The amount will be equal to the Basic Sum Assured along with bonuses.
Bonus Amount - The final death and maturity benefits are payable along with a bonus amount. It comprises Simple Reversionary Bonuses and a Final (Additional) Bonus. These amounts depend on the company’s profits in a year and are, therefore, not fixed.
Using the LIC Jeevan Anand Returns Calculator, you will be able to calculate the aforementioned benefits yourself and from the comfort of your home. Because the bonus amount is not fixed, the final results are an approximation and may vary across individuals.
The tool is available on the official channels of LIC with its premium and maturity calculators. It requires you to fill in certain factors related to yourself and the policy based on which the returns are calculated.
Age at the time of entry
Basic sum assured
Frequency of premium payment
Annual premium amount
To fill in the above fields in the LIC Jeevan Anand Returns Calculator correctly, you should be aware of the eligibility conditions of the policy.
|Age at the time of Entry (Years)||18||50|
|Maturity Age (Years)||NA||75|
|Term of the Policy||15 years||35 years|
|Basic Sum Assured||Rs. 1 Lakh||No limit|
Now based on the basic sum assured by you, you can use the LIC New Jeevan Anand premium calculator to calculate the annual premium against it. Once you have the premium amount, you can easily use the formula discussed for the calculation of the death and maturity benefits.
Here’s a sample illustration for your understanding.
The following is an example of how this LIC Jeevan Anand returns calculator uses different factors to display results.
Entry Age - 26 years
Policy Term - 20 years
Premium payment term - 20 years
Basic Sum Assured - Rs. 10 Lakhs
Annual Premium - Using the LIC New Jeevan Anand premium calculator, the annual premium comes out to be Rs.57,031 payable for 20 years.
Simple Reversionary Bonus - Assuming the Simple Reversionary Bonus to be Rs.45 per 1000 Sum Assured every year, the total bonus amount in a year will be equal to 45 x (10,00,000/1,000) = Rs.45,000. In 20 years, it will be equal to Rs.9,00,000.
Final Addition Bonus - Assuming the Final Addition Bonus to be Rs.20 per 1000 Sum Assured, the total bonus amount will be equal to 20 x (10,00,000/1,000) = Rs.20,000.
Final Maturity Return Calculation - At the end of 20 years, the LIC Jeevan Anand returns calculator will calculate the maturity benefit as (10,00,000 + 9,00,000 + 20,000) = Rs.19,20,000.
Death Occurs After the Policy Term Ends - Rs.10 Lakhs
Death Occurs in the 15th Year of the Policy Term - Death benefit will be the higher by (125% of 10,00,000) or (10 times 57,031) which means the nominee will get Rs.12,50,000. This will also include a Simple Reversionary Bonus of (45,000 * 15) plus a final additional bonus of Rs.20,000. This brings the total death benefit amount to Rs.19,45,000.
To sum up, the LIC Jeevan Anand returns calculator can save you a lot of time that would otherwise be spent on discussing with a third-party agent. This eliminates the chances of miscommunication as well. Moreover, you can switch between different fields multiple times to get to the best coverage options for yourself.
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*All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C Apply
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”