LIC Jeevan Anand Returns Calculator

LIC Jeevan Anand was withdrawn and re-introduced as LIC New Jeevan Anand.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. 

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What is the LIC Jeevan Anand Returns Calculator?

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.

Before discussing the LIC Jeevan Anand Returns Calculator in more detail, here are the returns you can expect out of the LIC Jeevan Anand Policy.

Returns from LIC Jeevan Anand Policy

  • 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.

How to Use the LIC Jeevan Anand Returns Calculator?

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.

Factors Considered By the LIC Jeevan Anand Returns Calculator

  • Age at the time of entry

  • Gender

  • Smoking habits

  • Basic sum assured

  • Policy term

  • 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.

Eligibility Criteria of LIC New Jeevan Anand

Parameter Minimum Maximum
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.

Sample Benefit Illustration Using the LIC Jeevan Anand Returns Calculator

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.

Sample LIC Jeevan Anand Return Calculation

  • 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.

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

*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.”

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