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

What is LIC Jeevan Anand 1 Lakh Policy?

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.

Why Should You Buy LIC Jeevan Anand 1 Lakh Policy?

1. Avail dual benefits with one policy

   LIC Jeevan Anand is a combination of a life protection plan and savings plan that is designed to look after your and your family’s financial needs after your demise, as well as help you plan in a better way for your future goals.

2. Look after your emergency needs with a loan facility

   The plan allows you to avail loan against your policy provided you have duly paid at least two full years' premiums.

3. Pay your pending premiums in a grace period without any penalty

   LIC Jeevan Anand 1 Lakh policy comes with a grace period of 30 days, wherein you can pay your outstanding premiums. The policy remains in force without any interruption during the grace period.

4. Enhanced coverage with Additional Riders

   The plan comes with four additional riders, namely LIC Accident Benefit Rider, LIC New Critical Illness Benefit Rider, LIC Accidental Death and Disability Benefit Rider, and LIC New Term Assurance Rider which allows you to enhance your protection.

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:

1. 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.

2. 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.

3. Tax Benefits

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

Sample Illustration of LIC Jeevan Anand 1 Lakh Policy

Take a look at the sample premium illustration of a 30-year-old male, who chose to buy LIC Jeevan Anand 1 Lakh policy for a tenure of 20 years.

How to Buy LIC Plans from Policybazaar?

Follow the below steps to buy LIC Plans from Policybazaar:

Step 1: Visit Life Insurance Corporation of India.

Step 2: In the form, fill your name and contact number.

Step 3: Click on “view plans”.

Step 4: Next, enter your current age and residential city.

Step 5: You can customize the amount and tenure of your plans at your convenience.

Step 5: Check the details, and proceed to make an online payment.

Note** You can buy LIC policy offline from Policybazaar. We provide door-to-door services by which you can easily buy your best-suited policy.

Summing it up

Protecting the financial future of your family with affordable premiums of LIC Jeevan Anand 1 Lakh policy is one of the best gifts you can give to your family. The plan offers coverage of 1 Lakh without burdening your pockets and ensures that your family can survive after your demise. Also, in case you outlive the policy tenure, the maturity benefit can be used in the future to fulfill your financial milestones.