Introduction
LIC Jeevan Anand policy is one of the most popular and trusted life insurance policies offered by Life Insurance Corporation of India. It is a traditional endowment insurance plan that provides the dual benefit of savings and lifelong protection.
What makes LIC Jeevan Anand unique is that even after the policy matures and the maturity amount is paid, the life cover continues for the entire lifetime of the policyholder. This makes it suitable for individuals looking for long-term financial security along with guaranteed savings.
Key Highlights of LIC Jeevan Anand
- Policy Type: Endowment with whole life cover
- Entry Age: 18 to 50 years
- Maximum Maturity Age: 75 years
- Policy Term: 15 to 35 years
- Premium Payment: Regular premium
- Maturity Benefit: Sum Assured + Bonus
- Death Benefit: Life cover even after maturity
Features of LIC Jeevan Anand
- Combines insurance + savings in one plan
- Provides life cover till age 100, even after maturity
- Eligible for annual bonuses declared by LIC
- Option to avail loan against the policy
- Premiums can be paid yearly, half-yearly, quarterly, or monthly
- Offers tax benefits under the Income Tax Act
Benefits of LIC Jeevan Anand
✔ Financial Security
Ensures financial stability for your family in case of an unfortunate event.
✔ Savings with Guaranteed Returns
Policyholders receive Sum Assured plus accumulated bonuses at maturity.
✔ Lifetime Protection
Unlike most endowment plans, risk cover continues even after maturity.
✔ Long-Term Wealth Creation
Suitable for long-term goals like retirement planning, family security, or legacy planning.
Eligibility Criteria
- Minimum Entry Age: 18 years
- Maximum Entry Age: 50 years
- Policy Term: 15–35 years
- Maximum Maturity Age: 75 years
- Premium Payment Mode: Monthly / Quarterly / Half-Yearly / Yearly
Premium Details
The premium of LIC Jeevan Anand depends on:
- Age of the policyholder
- Sum Assured chosen
- Policy term
- Premium payment frequency
Example (Indicative):
A 30-year-old individual opting for a Sum Assured of ₹10 lakh for 25 years will pay a higher premium compared to someone aged 25 for the same coverage.
Note: Exact premium varies and should be calculated using LIC’s official premium calculator.
Death Benefit
- If the policyholder dies during the policy term, the nominee receives:
Sum Assured on Death + Accrued Bonuses - If death occurs after maturity, the nominee receives the Basic Sum Assured (life cover continues).
This feature makes LIC Jeevan Anand different from most endowment plans.
Maturity Benefit
On survival till the end of the policy term, the policyholder receives:
- Basic Sum Assured
- Accumulated Simple Reversionary Bonuses
- Final Additional Bonus (if applicable)
After maturity, the risk cover remains active for life.
Bonus Structure
LIC Jeevan Anand is eligible for:
- Simple Reversionary Bonus (declared annually)
- Final Additional Bonus (subject to policy term and Sum Assured)
Bonuses depend on LIC’s performance and are not guaranteed, but historically LIC has maintained consistency.
Riders Available
Policyholders can enhance coverage by opting for riders such as:
- Accidental Death & Disability Benefit Rider
- Premium Waiver Benefit Rider
- Term Assurance Rider
Riders are available at an additional cost.
Policy Exclusions
- Suicide within the first 12 months (limited refund applicable)
- Misrepresentation or fraud
- Non-disclosure of material facts
Tax Benefits
- Premium paid is eligible for deduction under Section 80C
- Maturity and death benefits are tax-free under Section 10(10D), subject to prevailing tax laws
Who Should Buy LIC Jeevan Anand?
- Salaried individuals looking for safe investment
- People seeking life cover + savings
- Conservative investors
- Individuals planning long-term financial security
Who Should Avoid LIC Jeevan Anand?
- Those looking for high market-linked returns
- Short-term investors
- Individuals wanting pure insurance at low cost (term insurance may be better)
Comparison (Quick Insight)
- Vs Term Insurance: Higher premium but offers savings + maturity benefit
- Vs ULIPs: No market risk, stable returns
- Vs Other LIC Endowment Plans: Extra advantage of post-maturity life cover
FAQs on LIC Jeevan Anand Policy
Q1. Is LIC Jeevan Anand a good investment?
Yes, it is suitable for risk-averse individuals seeking guaranteed returns with life cover.
Q2. Does life cover continue after maturity?
Yes, life cover continues till the policyholder’s death.
Q3. Can I take a loan against LIC Jeevan Anand?
Yes, loan facility is available after the policy acquires surrender value.
Q4. Is LIC Jeevan Anand taxable?
Premiums and maturity benefits are eligible for tax benefits under applicable sections.
Q5. Can I surrender LIC Jeevan Anand early?
Yes, but surrender value is available only after paying premiums for a minimum period.
GSCE Insights
LIC Jeevan Anand is a trusted, long-term insurance-cum-savings plan that offers financial protection even after maturity. While it may not deliver high returns like market-linked products, it excels in stability, lifetime coverage, and guaranteed benefits, making it an ideal choice for conservative investors and family-oriented individuals.
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