LIC Jeevan Anand policy is a discontinued policy. LIC has replaced this with LIC New Jeevan Anand policy table no 815. Jeevan Anand is the The Most Selling insurance Policy of LIC and also the most visited article on this website as well. 🙂
Find out complete information about LIC Jeevan anand policy calculator, premium chart, features, maturity benefits and other details.
LIC Jeevan Anand Policy Details
LIC Jeevan Anand policy is a mixture of endowment and life insurance. You will also get bonus amount. The main feature of this policy is the double death benefit option. Means policy holder’s life will not only be covered till the end of policy tenure , but till the policy holder dies. In case the policy holder dies in between the term tenure, then the policy sum assured with bonus amount will be paid to nominee of the policy. In that case policy will be terminated immediately. Accidental Death and Disability Benefit is payable till 70 years of age of the life insured.
Although like any other policy this policy is also very attractive. But the actual benefit can be understood after a through analysis only.
A simple example to expose LIC Jeevan Anand Maturity Amount in Long Term
For more details about this policy, you can refer to this page. The picture and data reference is taken from that page here to analyse further.
The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs 1,00,000 and Policy Term = 25 years respectively.
Now we will take the example of premium = Rs. 4346 / year.
Term period = 25 years
Total payment from your side = 4346 X 25 = Rs 108650/-
Bonus rate as 0.055. (approx data for analysis purpose)
The final Bonus amount will be = 0.055 X 1,00,000 X 25= Rs 137500/-
So on maturity the total amount will be = Rs 100000 + Rs 137500 = Rs 237500 /-
You will also get Final Additional Bonus (FAB) with this amount (if any). Now if you die after completing the premium term (after 25 years), then your family will also get Rs 1,00,000 more as Double death benefit plan.
Now let’s invest this Rs 4346 per annum in a monthly recurring deposit scheme. In such a case monthly amount equivalent to the premium will be 4346/12 = 362 and tenure will be 25X12 = 300 month
Now try this recurring deposit calculator for accumulated money after 25 years. It’s around Rs 343605, which is far more than the Jeevan Anand policy returns.
But Jeevan Anad is an insurance policy too. So how can we compare this with recurring deposit? Actually we can do the investment in such a way so that our insurance and savings, both requirement can be fulfilled.
You can do a complete term insurance plan, in which you have to pay a very less premium. And side by side invest in other savings options to earn good interest. This will fulfil your future requirement and also make your money capable to fight with inflation after 25 years. You can read the article below regarding best term plan in India.
Hope this small calculation will help you to understand LIC Jeevan Anand Policy details. This is same for the LIC New Jeevan Anand policy as well. Please correct me here in case any of the figure is calculated wrongly.