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LIC Jeevan Anand Policy Review

by anonymous

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LIC of India has been serving in India since 1956 and now has a base greater than 250 million lives insured. LIC is serving with more than 2000 branch and 8 zonal offices in more than 54 cities.

LIC Jeevan Anand policy is one of the good and trustworthy policy running since past few years. This is an endowment as well as whole life plan. It provides financial protection against death throughout the lifetime of the life assured with the provision of payment in a lump sum at the end of the selected term in case of life insured survival. Being a with profit plan this also shares the profit of corporation and the same is distributed among policy holders as a bonus. Reversionary bonuses are declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Bonuses will be added during the selected term or till death, if it occurs earlier. Final (Additional) Bonus may also be payable provided the policy has run for certain minimum period. An additional Sum Assured is payable on death thereafter, which mean the life cover continues even after maturity.

Death cover in Jeevan Anand policy is Sum assured plus the vested bonus. In case of accidental death life insured gets an additional Sum Assured (subject to a limit of Rs.5 lakh) is payable in a lump sum up to age 70. In case of permanent disability of the life assured due to accident this additional Sum assured is payable in installments.

This is best plan for people age between 24 to 40. Apart from maturity, in last 3 years LIC has been giving bonus between Rs. 34 to Rs. 47. Which mean per thousand of Sum assured, life insured will get a normal saving account interest rate. But the additional feature of insurance and the accidental double Sum assured is an added advantage in Jeevan Anand 

Premium can be paid monthly / quarterly / half yearly or yearly and the premium paid in LIC Jeevan Anand ( ) is income tax excepted under section 80C and claim received under section 10 (10D) as per IT Act 1961. Policy holder can also avail loan facility after 3 or more years successful premium payments.

If in case the policy is surrendered before maturity, an amount equal to guaranteed surrender value will be paid to policy holder. Guaranteed surrender value will be 30% of the basic premiums paid excluding the first year’s premium and extra premium, if the policy has been in force for 3 years or more. Read LIC Jeevan Anand Review ( ) and discussion for more suggestions.

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