Jeevan Anand is an endowment assurance cum whole-life insurance plan that offer survival benefits in the form of a lump sum at the end of the policy term and also pays in addition sum assured to the nominee on the demise of policyholder till the end of life.

On maturity in addition to sum assured, it pays simple reversionary bonuses as declared by LIC and terminal bonus, if any.
An extra accidental cover (up to Rupees 5 lakh) is paid as a lump sum on death due to an accident, up to the age of seventy. This DAB double accident benefit rider is free, no additional premium required.

Also there is an option to take additional protection at a very minimal cost.
Assured surrender value up to 30 per cent of the entire premium paid, excluding first-year premium and other riders’ premium after 3 policy years.
Policy offered to people in the age group of 18-65 years. Premium paying term is 5-57 years.

LIC Jeevan Anand offers the double benefit of endowment and whole life insurance plans, for a small additional premium. A 30 years old person will have to give an yearly premium of Rupees 20,978 for Rs. 5 lakh cover for a policy term of 25 years.

Tax benefits
Premium paid up to Rs. 1 lakh is tax ree under Section 80C income tax act.
Maturity or death benefits are tax free under Section 10(10D) of income tac act.

Common Queries :

I have already taken an LIC’s Jeevan Anand Policy for a period of 30 years with an yearly premium of around Rupees 16,500 and a sum assured of Rupees 5 lakh. Is this policy a beneficial investment? Please propose some other insurance plans with smaller term and good returns.- Kartik

LIC Jeevan Anand is a mixture of an endowment and whole life plan. It is one of the top policies in its own class but all such plans do make the opportunity to make good returns in the long term only.

I wish to save for my daughters future and was thinking to take Jeevan Anand insurance policy for 16 years. Though, I am not actually sure and think that other investment products can produce better profits. Please suggest. Dipti

A life insurance policy is in use to deal with your insurance requirements for protection and not for investment. Jeevan Anand is a blend of endowment assurance and whole life insurance plan. It gives financial safety against demise throughout the life span of the life assured with the provision of payment of a lump sum at the end of the chosen policy term in case of his survival.

I am an NRI and a greencard holder and will turn into a US citizen with PIO status six months. I plan to buy LIC’s Jeevan Anand policy during my next visit to India. I will pay the premium for the policy from my NRI bank account in India. I like to know if I will be able to repatriate maturity amount? — Archana

If the premiums are paid by you from your NRE account, the sum received on maturity shall be repatriable. But if you pay it from your NRO account, the maturity benefits of the life insurance plan will not be repatriable.