Jeevan Anand is one of the most popular plan of LIC (Life Insurance Corporation.). It combines features of both Endowment and Whole life plan, with little extra premium compared to Pure Endowment plan. For 30 years male, S.A 1,00,000, Term 25 years.
Pure Endowment: Rs. 3982 Yearly premium
Jeevan Anand: Rs. 4346
Feature of Endowment and Whole-Life plans.
Like Endowment it not only pays Maturity Benefit at the end of term but as in whole life policy it also gives S.A to nominee irrespective of the timing of death. It means even premium paying term is over and maturity benefit is paid, one continue to enjoy insurance cover. |On Maturity |S.A + Bonus + F.A.B | |On Death | |During term |S.A + Bonus + F.A.B | |After Term |S.A |
If accidental death benefit is taken, nominee would receive
2 times of S.A + Bonus in case of death in between term.
Double accident Benefit is paid even if person dies due to accident after the policy term up to 70 years of age. Normal benefits.
This plan provides all other benefits which a plain Endowment provides. You can pay premium Monthly/Quarterly/Half Yearly/Yearly.
Maturity Benefit tax-free.
Tax rebate on premium paid.
Loan facility (Subject to certain rules).
Min Age at entry is 18 years and maximum is 65 years.
Min S.A is 1 Lac and max any amount.
Min PPT is 5 years and max is 57 years.
Eg: Following table will highlight the Maturity benefits for a healthy person of age 30 years and for term of 25 years. If person dies in between the term nominee will receive
S.A + Bonus (Till the death) + F.A.B(If any).
If Person dies any time after term nominee will receive S.A. |S.A |5,00,000 |10,00,000 | |Yearly prm |20,978 |41,206 | |Total Prm |52,4450 |10,30,150 | |Maturity Benefit. | |S.A |5,00,000 |10,00,000 | |Bonus @ 45/1000 |5,62,500 |12,37,500 | |FAB @ 550/1000 |2,75,000 |5,50,000 | |Total amount(apx.) |13,37,500 |27,87,500 |
Conclusion: Jeevan Anand offer the double benefit of Endowment as well as whole life plan with little extra premium and plan is worth taking for those who wants the benefit of both Endowment as well as Whole Life.
# JEEVAN ANAND : Very good Combo of Whole-Life &
It is my firm conviction that Insurance should form a part of every individual’s Asset allocation. A recent (and decent ) offering by LIC is a scheme called JEEVAN ANAND.
Anand is a unique combination of ’’Whole Life’’ and ’’Endowment’’ type of policies with the obvious advantage of having to pay a lower premium. If a person took separate policies, it would work out costlier. However Pl. note that the Whole Life component is not ’’Free’’. It is built into the premium.
Initially JEEVAN ANAND is a classic Endowment policy with the premium payable throughout the Term of the policy. On surviving the Term (in other words : On Maturity), the policy holder would get the Sum Assured (SA) + Accrued Bonuses + Loyalty Additions ( Also called “Final Additional Bonuses” or “Terminal Bonus”- Your reward for sticking with LIC ! )
The charm of this policy is that even beyond maturity, the risk coverage for an amount equal to the Sum Assured continues until the death of the...