LIC offers several insurance and savings products for customers looking to build a long-term financial corpus while maintaining life insurance coverage. One of these is the LIC New Jeevan Anand Plan, which combines life cover with maturity benefits.
The plan also provides two types of bonuses — the Simple Reversionary Bonus and the Final Additional Bonus — which can increase the amount payable under the policy. Here is a look at the investment calculation and other benefits mentioned for the plan.
LIC New Jeevan Anand Plan and Double Bonus Benefit
The LIC New Jeevan Anand Plan offers policyholders the opportunity to receive two types of bonuses during the policy term. The Simple Reversionary Bonus is added to the policy benefits, while a Final Additional Bonus may also be applicable at maturity.
These bonuses can increase the overall maturity benefit. The policy also provides a loan facility against the policy, subject to the applicable terms and conditions.
Save ₹45 a Day for a ₹25 Lakh Corpus
According to the calculation provided, an investment of ₹1,358 per month, equivalent to around ₹45 per day, over a 35-year period can result in a maturity amount of ₹25 lakh under the stated example.
The actual maturity benefit depends on factors such as the policyholder’s age, policy term, sum assured and applicable bonuses.
For an example involving a ₹5 lakh sum assured, investing around ₹45 per day for 35 years would result in total contributions of approximately ₹5.70 lakh. The calculation includes a Simple Reversionary Bonus of ₹8.60 lakh and a Final Additional Bonus of ₹11.50 lakh, bringing the stated maturity corpus to ₹25 lakh.
Insurance Cover Continues After Maturity
One of the features highlighted under the LIC New Jeevan Anand Plan is that life insurance coverage continues even after the policy reaches maturity, subject to the terms of the policy.
This means the plan combines a maturity benefit with continued life insurance protection, rather than ending the insurance coverage when the maturity amount is received.
Death Benefit and Additional Riders
The policy also provides death benefits to the nominee according to the applicable policy terms. As stated in the source information, the death benefit can be 125% of the sum assured, while in the event of death before maturity, the nominee receives an amount linked to the sum assured.
Additional riders mentioned with the plan include Accidental Death and Disability Benefit, Accident Benefit, New Term Assurance and New Critical Illness Benefit. The source information also states that tax benefits are not provided.
Disclaimer
This article is intended for general informational purposes and is based on the details provided in the source material. Investment returns, bonuses, maturity amounts, insurance benefits and rider availability are subject to the specific policy terms and conditions. Readers should verify the latest policy details, applicable benefits and charges directly with LIC before purchasing an insurance or investment product.