LIC Best Scheme : Invest Rs 45 and Get Rs 25 Lakh : Comprehensive Guide 2024
LIC Best Scheme : Investing money wisely is a universal goal, as everyone aims to secure their future with a reliable source of income. However, finding a savings scheme that balances affordability with high returns is often challenging. For decades, Life Insurance Corporation of India (LIC), the largest insurance company in the country, has provided comprehensive schemes that cater to these specific needs. Among LIC’s numerous plans, the Jeevan Anand Policy stands out as one of the most promising options for individuals looking to create substantial wealth through small, consistent investments. This policy exemplifies how disciplined savings can lead to significant financial outcomes, such as accumulating a fund of ₹25 lakh by investing just ₹45 daily.
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In this essay, we delve into the intricacies of the Jeevan Anand Policy, outlining its benefits, investment strategy, and long-term rewards. By exploring how it transforms small daily contributions into a sizeable corpus, we aim to provide readers with a comprehensive understanding of why this policy is regarded as one of LIC’s best offerings.
Why Choose LIC for Your Savings and Investments?
LIC has long been synonymous with trust, reliability, and customer satisfaction. As a government-backed insurance provider, LIC has carved a niche in the financial landscape by offering policies that emphasize security, long-term benefits, and guaranteed returns. These policies cater to people across all demographics, including salaried professionals, business owners, and homemakers.
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The Jeevan Anand Policy exemplifies LIC’s commitment to providing comprehensive financial solutions. Designed to address the dual objectives of insurance and investment, this policy is particularly appealing for individuals looking for a low-risk, high-return savings scheme. With a focus on small but consistent contributions, the policy ensures that even those with modest incomes can plan for a financially secure future.
Jeevan Anand Policy: The Basics
The LIC Jeevan Anand Policy combines the features of a traditional endowment plan with whole life insurance benefits. This unique structure ensures that the policyholder not only enjoys financial security during their lifetime but also provides substantial benefits to their beneficiaries in the event of their untimely demise.
Key Features of Jeevan Anand Policy:
- Minimum Sum Assured: ₹1 lakh (no maximum limit).
- Flexible Premium Payment Options: Can be paid monthly, quarterly, half-yearly, or annually.
- Policy Term: Ranges between 15 and 35 years.
- Dual Benefits: Includes maturity benefits as well as whole-life risk coverage.
- Bonus Additions: The policy provides revisionary and final bonus payouts.
- Optional Riders: Includes Accidental Death and Disability Rider, Accident Benefit Rider, New Term Insurance Rider, and Critical Illness Rider.
How to Accumulate ₹25 Lakh with ₹45 Daily?
One of the most compelling aspects of the Jeevan Anand Policy is its ability to turn small daily investments into significant financial gains over time. By saving ₹45 daily (equivalent to ₹1,358 monthly or ₹16,300 annually), you can accumulate a corpus of ₹25 lakh after 35 years. Here’s a breakdown of how this works:
1. Total Contribution Over 35 Years
- Daily Investment: ₹45
- Monthly Investment: ₹1,358
- Annual Investment: ₹16,300
- Total Investment Over 35 Years: ₹16,300 × 35 = ₹5,70,500
2. Maturity Benefits Breakdown
- Basic Sum Assured: ₹5 lakh
- Revisionary Bonus: ₹8.60 lakh
- Final Bonus: ₹11.50 lakh
- Total Maturity Amount: ₹25.10 lakh
This calculation illustrates the power of compounding and the added benefit of LIC’s bonuses, which significantly enhance the overall returns.
Benefits of LIC Jeevan Anand Policy
The Jeevan Anand Policy offers several advantages that make it a preferred choice for investors:
1. Low Premium, High Returns
By requiring a modest daily investment of ₹45, the policy ensures affordability without compromising on the eventual payout. This feature makes it an ideal choice for middle-income families and individuals with limited disposable income.
2. Dual Coverage
Unlike traditional term insurance, which ceases to provide benefits after the policy matures, Jeevan Anand continues to offer life insurance coverage even after the maturity benefits are paid. This unique feature ensures lifelong protection for the policyholder’s family.
3. Guaranteed Bonuses
The revisionary and final bonuses significantly enhance the maturity amount. These bonuses are declared annually by LIC based on the performance of its funds, ensuring consistent growth of the policyholder’s investment.
4. Rider Benefits
Policyholders can opt for additional riders to enhance their coverage. For instance:
- Accidental Death and Disability Rider provides additional benefits in case of accidental death or disability.
- Critical Illness Rider offers financial support for medical expenses related to critical illnesses.
- Accident Benefit Rider ensures that the nominee receives an additional sum in case of accidental death.
5. Death Benefit
In the unfortunate event of the policyholder’s demise during the policy term, the nominee receives 125% of the basic sum assured along with accrued bonuses. This ensures financial security for the family.
6. Flexibility
The policy term and premium payment options can be customized to suit individual needs. This flexibility makes it easier for policyholders to align their savings plan with their long-term financial goals.
Tax Implications
While the Jeevan Anand Policy does not offer tax exemptions under Section 80C or 10(10D) of the Income Tax Act, its benefits outweigh this limitation. The policy provides substantial financial security, making it a worthwhile investment even without the tax breaks. Additionally, the payouts (maturity and death benefits) are typically tax-free, ensuring maximum returns for the policyholder or their nominee.
A Practical Example: Realizing Financial Goals with Jeevan Anand
Let’s consider an example to understand how the policy helps achieve financial goals:
- Investor: A 30-year-old individual.
- Investment Amount: ₹16,300 annually.
- Policy Term: 35 years.
By consistently investing ₹16,300 every year, the individual accumulates ₹5,70,500 over 35 years. Upon maturity, the policyholder receives ₹25.10 lakh, which includes the basic sum assured and bonuses. Additionally, the individual continues to enjoy life insurance coverage, providing lifelong peace of mind.
Additional Benefits of Jeevan Anand Policy
- Risk-Free Investment: As a government-backed institution, LIC ensures that all its policies are free from market risks, making Jeevan Anand a safe investment choice.
- Legacy Planning: The policy allows individuals to leave a substantial financial legacy for their families.
- Financial Discipline: The fixed premium payment schedule inculcates the habit of regular savings, which is crucial for long-term wealth creation.
How to Apply for LIC Jeevan Anand Policy?
Investing in the Jeevan Anand Policy is a straightforward process. Interested individuals can apply through LIC’s official website, branch offices, or authorized agents. Here are the steps:
- Eligibility Check: Ensure you meet the age and income criteria for the policy.
- Premium Calculation: Use LIC’s online premium calculator to estimate your premium based on the chosen sum assured and policy term.
- Documentation: Submit necessary documents, including ID proof, address proof, and income proof.
- Medical Examination: Undergo a medical check-up if required.
- Policy Issuance: Once the application is approved, the policy document is issued.
LIC Best Scheme – Conclusion :
LIC’s Jeevan Anand Policy is a testament to the power of disciplined savings and strategic investments. By setting aside just ₹45 daily, individuals can accumulate a corpus of ₹25 lakh over 35 years while enjoying lifelong insurance coverage. This policy not only addresses immediate financial needs but also ensures long-term security for the policyholder and their family.
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In a world where financial stability is paramount, the Jeevan Anand Policy offers a practical, low-risk solution for wealth creation. Whether you are a young professional starting your career or a family-oriented individual planning for the future, this policy provides a comprehensive framework for achieving your financial goals. With its dual benefits, attractive bonuses, and unparalleled security, the Jeevan Anand Policy truly stands out as one of LIC’s best schemes.
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