Jeevan Anand 149 Plan

Life Insurance Corporation of India (LIC) has long been a trusted name in the insurance industry, offering a range of policies tailored to meet the diverse needs of individuals. One such policy that has gained significant popularity is the Jeevan Anand 149 Plan. Launched by LIC, this insurance plan is revered for its unique features and benefits, making it a sought-after choice among individuals seeking financial security and protection for their loved ones.

Overview of Jeevan Anand 149 Plan

The Jeevan Anand 149 Plan is a participating non-linked life insurance policy that combines the benefits of both savings and protection. It offers a comprehensive cover, combining the elements of a Whole Life and an Endowment Plan. This means that the policy provides life cover throughout the policyholder’s lifetime and assures a maturity benefit upon the policy’s completion or the insured’s survival at the end of the policy term.

Key Features of Jeevan Anand 149 Plan

1. Dual Benefits:
   • The plan provides a lump sum payment to the nominee in case of the policyholder’s demise during the policy term.
   • On survival till the end of the policy term, the insured receives the maturity amount along with bonuses (if any), ensuring financial stability.
2. Lifetime Coverage:
   • Unlike many other term insurance plans that expire after a specific period, the Jeevan Anand 149 Plan offers coverage for the entire lifetime of the policyholder.
3. Bonuses and Additions:
   • Policyholders may be entitled to receive bonuses declared by LIC based on the corporation’s performance.
   • Additional bonuses like Final Additional Bonus (FAB) may also be applicable at the policy’s maturity or in case of death.
4. Flexibility in Premium Payment:
   • Premiums can be paid regularly throughout the policy term or for a limited duration, depending on the choice made by the policyholder.
5. Loan Facility:
   • Policyholders can avail of loans against the surrender value of the policy after it has acquired a certain surrender value.
6. Death Benefit:
   • In the event of the policyholder’s demise during the policy term, the nominee receives the sum assured along with accrued bonuses, providing financial security to the family.

Benefits and Advantages

• Death Benefit: The plan offers a substantial sum assured to the nominee in the unfortunate event of the policyholder’s death.
• Maturity Benefit: On survival till the end of the policy term, the policyholder receives the maturity amount, which includes the sum assured and accumulated bonuses, ensuring a financial cushion in retirement years.
• Tax Benefits: Premiums paid towards the policy and proceeds received are eligible for tax benefits under the Income Tax Act, providing added financial relief.
• Lifetime Coverage: With coverage for the entire lifespan, this plan ensures continued financial protection for the policyholder’s family.

Eligibility Criteria

The eligibility criteria for the Jeevan Anand 149 Plan typically involve the minimum and maximum age at entry, minimum and maximum sum assured, and the policy term. Individuals interested in purchasing this policy should carefully review and fulfill these criteria.

Conclusion

LIC’s Jeevan Anand 149 Plan stands out as a comprehensive life insurance option that blends protection and savings, catering to the long-term financial security needs of policyholders. With its flexible premium payment options, dual benefits, and tax advantages, it has garnered the trust of many individuals seeking a reliable insurance plan.