LIC Scheme: Save just ₹45 and receive a total of ₹25 Lakhs—plus free lifetime insurance..
The Life Insurance Corporation of India (LIC) has remained the most trusted name for security and reliability for millions of Indians for decades. In today's era—where countless investment options are available in the market—the average investor seeks to place their money in a venue where their capital remains secure while simultaneously building a substantial corpus over time. LIC’s ‘New Jeevan Anand’ (Plan No. 915) is one such scheme; it serves not only as a vehicle for savings but also provides a robust foundation for a family's financial security. This policy is specifically designed for individuals seeking significant long-term returns and lifelong insurance coverage at an affordable premium.
Building a ₹25 Lakh Corpus Through Modest Savings
People often assume that investing thousands of rupees every month is a prerequisite for building a substantial financial corpus; however, the Jeevan Anand policy challenges this notion. If we examine the mechanics of this scheme in detail, a 35-year-old individual who opts for this policy with a Sum Assured (insurance coverage) of ₹5 lakh over a term of 35 years would be required to pay an annual premium of approximately ₹16,300.
When broken down every month, this amounts to roughly ₹1,359 per month—or, calculated daily, a mere ₹45. Over the entire policy term, the investor contributes a total of approximately ₹5.70 lakh. However, the payout received at the time of maturity is truly remarkable. Based on current bonus rates, the policyholder receives a lump sum of nearly ₹25 lakh after 35 years. This payout comprises the basic Sum Assured of ₹5 lakh, a Reversionary Bonus of ₹8.60 lakh, and a Final Additional Bonus of ₹11.50 lakh.
Coverage Continues Even After Maturity
The most significant and unique feature of this policy is its ‘Whole Life Risk Cover.’ In standard insurance policies, the insurance coverage typically ceases the moment the maturity period concludes, and the payout is received. However, this is not the case with *Jeevan Anand*. Even after 35 years—and following the receipt of a maturity amount of ₹25 lakhs—the policyholder's life insurance coverage of ₹5 lakhs continues free of cost for their entire lifetime. This implies that whenever the policyholder passes away in the future, their family or nominee will receive an additional payout of ₹5 lakhs, regardless of the individual's age at the time.
Tax Benefits and Loan Facility in Times of Need
In addition to financial benefits and security, this scheme is also highly instrumental in saving income tax. The premiums paid by the policyholder are eligible for deductions under Section 80C of the Income Tax Act. Furthermore, the entire maturity proceeds and death benefits fall under the purview of Section 10(10D), rendering this investment completely tax-free.
With emergencies in mind, LIC has also incorporated a loan facility within this scheme. Upon the successful completion of two years of the policy, the investor can avail of a loan against their own accumulated funds. Additionally, to offer flexibility in premium payments, a grace period of 15 to 30 days is provided. Any Indian citizen aged between 18 and 50 years can avail the benefits of this scheme by selecting a policy term ranging from 15 to 35 years, in accordance with their financial capacity. The scope of protection can be further broadened by adding riders—such as those covering accidental death or critical illness—tailored to one's specific needs.
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