LIC Jeevan Anand
Is LIC Jeevan Anand a good investment
LIC Endowment Plan help people in creating a savings corpus while at the same time also provides insurance coverage also. LIC New Jeevan Anand policy is one of many endowment policies that provide people with a combination of life insurance and risk-free returns under the same plan.
It's a participating plan where a person earns simple reversionary bonuses throughout the complete term of the policy. Moreover, upon policy maturity or death of the person, a final additional compensation is also paid. There is also an optional rider benefit that someone can also choose for a wider extent of coverage of his/her premiums, which are payable throughout the policymaking. They can also get premium discounts which also reduces the premium rate. Loans are also made available under the plan, which provides people the liquidity if they need any money at the time of their needs.
How is LIC Jeevan Anand's surrender value calculated?
The policy has acquired a minimum paid-up value. A person can surrender the plan and avail of all the surrender value if they do not want to continue with the policy coverage. The surrender value for the policy will be generally higher than the guaranteed surrender value or the exceptional surrender value. The guaranteed surrender value will be generally calculated as the aggregate surrender value of premiums paid by the policyholder and the bonuses earned from it. In contrast, the exceptional surrender value, on the other hand, would much likely depend on the LIC company, and it would be generally determined from time to time.
It can be calculated by
The Surrender Value = [{(the Number of premiums paid by the holder / Number of premiums payable by the company) X the Sum Assured} +the Accumulated Bonus] X the Surrender Value Factor.
Is LIC Jeevan Anand's maturity amount taxable?
The LIC Jeevan Anand maturity amount is not taxable. This policy provides a tax benefit to the insured individuals on the amount of premium they have paid and the number of claims they have received from it. This tax benefit is available to all of them under section 80C and Section 10(10D) of the Income Tax Act, which was passed in 1961.
Jeevan Umang policy
How is LIC's Jeevan Umang policy?
LIC's Jeevan Umang policy offers a person the combination of income and protection to one's family. This plan provides an annual survival benefit from the end of the premium paid term till maturity. Also, it guarantees a large sum of payment at the time of maturity or upon the policyholder's death during the on-going policy term. In addition to these things, this plan also takes care of liquidity when someone needs it through a loan facility.
What is the difference between Jeevan Anand and the new Jeevan Anand?
● LIC's Jeevan Anand policy Plan provides guaranteed returns along with the bonus facility to all policyholders. ● The life insurance cover under the New Jeevan Anand Policy can be extended until the policyholder's death. ● Benefits like add-on coverage, such as Disability Benefit Rider and Accidental Death Benefits, can also be availed by the insured holder under this new plan. ● The policy also offers a rebate if the policyholder opts for a higher sum of assured money. ● LIC's New Jeevan Anand is a participating endowment plan which also creates a corpus for the financial needs of the policyholder. This plan also promises insurance coverage during the policy tenure, which will take care of the protection needs of the policyholder.
What happens if you surrender the LIC policy after ten years?
Nowadays, there are several policies where the premium paying term (PPT) is often lesser than the policy's actual term. Suppose the policy payment time is less than 10 years. In that case, even if the existing policy term is 25 to 30 years, this policy will acquire a surrender value if the premium amount by the policyholder has been paid for at least two years. These are the interest rates that will be got by the holder when the policy is surrendered.
No of years Policy terms
7 50.00% 50.00%
8 57.50% 52.31%
9 65.00% 54.62%
10 72.50% 56.92%
If someone surrenders your LIC Plan, this table given here shows the amount returned to the holder. They only need to know the Surrender Value Factors to know the exact amount of money they will be returned.