Understanding LIC Jeevan Amar and Jeevan Anand Plans: A Comprehensive Guide
Introduction to LIC Jeevan Amar Plan
The LIC Jeevan Amar Plan is a non-linked individual life insurance plan offered by the Life Insurance Corporation of India (LIC). This plan is designed to offer financial protection to the policyholder's family in the event of their untimely death. Here’s a detailed look into its key features and benefits.
Key Features of the Jeevan Amar Plan
1. Type of Plan
The Jeevan Amar Plan is a pure term insurance policy. It provides coverage for a specific period without any cash value, making it a straightforward solution for those seeking life coverage without additional complexities.
2. Policy Term
This plan can be taken for a term ranging from 10 to 40 years, offering flexibility based on the policyholder's needs. This allows individuals to choose a coverage period that aligns with their life goals and financial plans.
3. Sum Assured
The amount assured can vary widely, allowing policyholders to select an appropriate amount that suits their financial goals and needs. This feature makes the Jeevan Amar Plan suitable for individuals across different income levels and financial objectives.
4. Premium Payment Options
Policyholders can choose from various premium payment options, including regular, limited, or single premium payment modes. This flexibility caters to different payment capacities and financial planning preferences.
5. Death Benefit
In the event of the policyholder's untimely death, the nominee receives the sum assured. This ensures financial security for the family, providing peace of mind during a difficult time.
6. No Maturity Benefit
Since it is a term plan, there is no maturity benefit if the policyholder survives the policy term. This feature ensures that the coverage remains focused on providing financial protection rather than investment returns.
7. Additional Benefits
The plan offers additional riders such as accidental death benefit or critical illness cover, enhancing the overall protection offered. These riders provide supplementary coverage for specific risks, ensuring comprehensive protection.
8. Tax Benefits
Premiums paid under this plan may qualify for tax deductions under Section 80C of the Income Tax Act. Additionally, the death benefit may be entirely tax-free under Section 1010D, making it a financially favorable option for policyholders.
Understanding the LIC Jeevan Anand Plan
1. Type of Plan
The Jeevan Anand Plan is an endowment plan offered by LIC. Unlike the Jeevan Amar Plan, this plan provides financial benefits at two specific points: the end of the premium payment term and at the age of 100 (or upon the policyholder's death before age 100).
2. Features of the Jeevan Anand Plan
2.1 Age Group Eligibility
The plan is eligible for individuals aged between 18 and 65 years, providing a wide coverage range for the general population.
2.2 Minimum and Maximum Premium Term
The minimum premium term for this plan is 15 years, with a maximum of 35 years. This allows policyholders to choose a duration that aligns with their financial planning and life goals.
2.3 Sum Assured
The minimum sum assured is 1 lac, with no upper limit. This ensures that individuals with different financial requirements can opt for the plan that suits them.
2.4 Maturity Benefits
The plan provides two maturities: one at the end of the premium term and the other at the age of 100 (or to the nominee in case of the policyholder's death before age 100). This dual benefit structure makes the Jeevan Anand Plan appealing for those seeking long-term financial assurance.
2.5 Free Cover Until Age 100
This plan offers free cover until age 100 or until the death of the policyholder, whichever is earlier. This continuous coverage creates a sense of security and ensures financial protection throughout the policyholder's lifespan.
Conclusion
The LIC Jeevan Amar and Jeevan Anand Plans cater to different needs and financial goals of individuals. While the Jeevan Amar Plan focuses on providing essential life insurance, the Jeevan Anand Plan offers additional financial benefits through maturities and free cover until age 100. Both plans are designed to ensure financial security for the policyholder's family and offer a range of features that can be chosen to suit individual requirements.
For the most accurate and updated information, including premium rates and specific terms, it is advisable to consult the official LIC website or contact an LIC agent. By choosing these plans, individuals can secure their financial futures and provide peace of mind to their loved ones.