Is LIC New Jeevan Anand Good for Young Age?

LIC New Jeevan Anand Policy launched by LIC Life Corporation of India is a non-linked participating policy that offers profit of savings and protection combined at the same time. This combined profit secures monetary protection of the policy holder family against his demise. In case the policy holder survives till the entire policy tenure, the policy ensures a lump sum payment once the tenure of the policy comes to an end.

The LIC New Jeevan Anand Plan provides financial liquidity as well as loan facility for protection to the insured. LIC Jeevan Anand Policy is most beneficial for youngsters. To validate our point further in this article we have elaborately discussed some of the salient features and benefits offered by the policy.

Key Features   

•    LIC New Jeevan Anand Plan provides guaranteed returns along with the bonus facility.

•    The life cover under the New Jeevan Anand Policy can expand till the death of the policyholder.

•    Benefits of add-on coverage, such as Disability Benefit Rider and Accidental Death Benefits can also be avail by the insured under the plan. 

•    The policy offers a rebate in case if the policy holder opts for a higher sum assured.

Benefits Offered by LIC New Jeevan Anand

•    Death benefit

In case if all the premium of your policy has been duly paid then you can avail the benefits offered by the policy.

During the tenure of the policy if the policy holder dies a sudden death: An assured sum of amount is paid to the beneficiary along with the allotted bonus in a lump sum in case of death of the policy holder during the policy tenure. The Sum Assured in this case, is the higher amongst 125 per cent of the Basic Sum Assured or annualized premium multiplied by 10. However, the death benefit under the LIC New Jeevan Anand Policy shall not be lower than 105% of the sum premiums paid till the date of death.

NOTE: The premiums referred to in the above statement do not include rider premiums (if any), service tax, or extra premium.

In the case of policyholder’s demise after the policy tenure is over: On the maturity of the policy after the completion of the policy term, the Basic Sum Assured is payable to the nominee in such case.

•    Benefits by the end of the Policy

In case the insured survives the entire term of the policy, then with the completion of the policy term, the Basic Sum Assured along with the final additional bonus (if any) and vested simple reversionary bonus is payable in a lump sum. However, the benefit shall be payable only if the all the premiums have been duly paid.

•    Participation in Profits

The New Jeevan Anand Policy by LIC life insurance is a participating plan in which the policyholder participates in the earnings of the LIC and consequently entitled to be given Simple Reversionary Bonus as declared by the Corporation. However, if the policy is in full force the same shall take place only during policy tenure.

When the death claims have been made under the policy or when the survival benefit is due the policy might also result in the final additional bonus in the year. However, the policy should be in full force and should have completed a certain specified minimum term.

Optional Benefit

•    Accidental Disability and Death Benefit Rider

The Accidental Disability and Death Benefit Rider is an add-on cover available as a rider and can be obtained by paying a nominal amount of additional premium. In the event of the insured death due to an accident during the policy term, then the Accident Benefit Sum Assured as a lump sum in addition to the death benefit specified under the LIC’s New Jeevan Anand Plan is paid to the beneficiary. 

In the case of a permanent disability arising out of an accident during the policy term, then the Sum Assured under Accidental Benefit Rider will be payable to the beneficiary in equal monthly installments over a period of 10 years. Also, the future premiums for the basic sum assure as well as the rider will be waived off.

Eligibility Conditions for the LIC’s New Jeevan Anand Policy:

a) Minimum sum assured (basic) under the plan is Rs. 100,000

b) There is no limit to the maximum sum assured under the LIC’s New Jeevan Anand Policy

(Basic Sum Assured is always in a maximum figure of Rs. 5000/-)

c) The minimum entry age for the policy is 18 years.

d) The maximum entry age for the plan is 50 years.

e) The maximum maturity age is 75 years for this policy.

f) The minimum term of the policy is 15 years

g) The maximum policy term is 35 years

LIC New Jeevan Anand is a comprehensive plan that provides various benefits and can be availed online in a simple and hassle freeway.

Aviva Life Insurance Plans Benefits

Aviva Life Insurance Company is one of the well-known names in the Indian life insurance circle. The company has earned its fame and large number of accolades by providing exceptional customer service, ensuring customer focused policies and delivering pocket-friendly life insurance solution to a large fraction of insurance seekers in the country.

With a huge pool of innovative life insurance plans to suit every budget and need, Aviva Life Insurance Company sells plans that have carefully conceptualized and thoughtfully designed to ensure utmost safety for you and your dependents. If a financially secure future is what you are looking for your loved ones, then Aviva Life insurance products are the best bet for you. In this article, we will look at the different Aviva Life Insurance plans and their umpteen benefits.

So, let’s get started! Shall we?

Aviva Life Insurance- Different Types & Benefits

·       Aviva iLife: An innovative product offered by Aviva Life Insurance Company is available online for insurance seekers looking for comprehensive protection and financial security, without having to run from pillar to post. Filled with a wide range of features and loaded a lot of benefits, iLife provides a generous death benefit to its policy holders. Upon the death of the insured, the nominee is paid out the entire Sum Assured as the death benefit. 

In addition, the company rewards its customers by offering hefty discounts on choosing higher Sum Assured and amazing discounts on the premium payments. Furthermore, the company offers a rebate of 5% to women customers. But what makes this Aviva life insurance plan so sought after is the fact that all the claims received by the nominees and premiums made by policy holders are tax free.

·    Aviva i-Shield: 

It is a brilliant term plan that is available for purchase online at utterly affordable premium amount. The plan has been made available online to save applicants from the unnecessary hassles of complex paperwork and running around. The death benefit under this plan stipulated that 110% of the total premium paid by the policy holder will returned to him upon the maturity of the plan. In the event of the demise of the policy holder within the stipulated term of the policy, the nominee will be eligible to get the entire Sum Assured. The death benefit payouts could be as much as 120% of the total Sum Assured depending upon when the insured has died.

·   Aviva Life Shield Advantage Plan: 

Yet another brilliant plan offered by Aviva Life Insurance Company, Life Shield Advantage Plan is available for purchase in two different variants with two distinct death benefit options. The death benefits and host of rewards available under this plan make it one of the bestselling life insurance products in the market. In addition, the tax benefits offered by the plan on the premium payments, under section 80C of the Indian income tax act, make it a great choice for anyone seeking comprehensive insurance with good returns and comprehensive benefits.

·     Aviva Life Insurance 

Term Plan- Ranking alongside the best term insurance plans available in the Indian insurance sector, today. Aviva Life Insurance Term Plans make it easy for the policy holders to enjoy umpteen benefits and comprehensive life cover. With entry age stipulated to be 18 years to 55 years, this plan is available for anyone, starting from part-time earners to fulltime breadwinners. With a range of benefits and a lot of loyalty benefits, this plan remains one of the bestselling plans in the life insurance sector in India.

·         Aviva Life Insurance 

Child Plan- Rated as one of the best child plans available in the market, Aviva life insurance child plan has been designed in such a way that it provides ultimate support to the educational and other related needs of growing children. The company provides monthly, half-yearly, and yearly mode of payments to make it easy for parents of the children. In addition, the premium amounts stipulated for this plan is easily affordable and the application process is fairly easy and convenient making it one of the best choices for all the parents.

You just saw 5 of the best Aviva Life Insurance plans and their benefits. You can surely take your pick from one of these plans and ensure comprehensive protection for self and family in the long term. 

Why do We Need to take HDFC Life Pro-Growth?

HDFC Life Pro-Growth Plus Plan is a (ULIP) plan. As a non-traditional insurance plan HDFC Life Pro Growth Plus does not provide any bonus facility. As an ULIP plan, HDFC Life Pro-Growth Plus review provides the dual benefit of investment cum insurance protection at the same time.

According to one’s own choice the insured can invest in 5 fund option available under the plan. The plan provides the option of regular premium payment under which the insured pay premium till the end of the policy tenure. One can also check HDFC Life Pro Growth Plus review online and seek information about the plan.

2 types of variant offered by the plan:

• Life Option- Life option is the basic option of the policy without any additional features.
• Extra Life Option- This variant of the policy, offers an inbuilt Accidental Death Benefit rider. 

With the help of accidental death benefit rider the beneficiary of the policy receives the additional sum assured amount along with the death benefit in case of demise of the life insured due to accident. In case of demise of the policy holder during the tenure of the policy, higher of the sum assured or fund value is paid to the nominee.

The maturity benefit as fund value is paid to the insured in case the insured survives the whole tenure of policy.

Salient Features of HDFC Life Pro Growth Plus Insurance Plans                                                                                            

• It is a simple ULIP plan without any bonus facility.
• There are 2 variants of this plan
• Life Option- Only Death Benefit
• Extra Life Option- Death Benefit + Accidental Death Benefit
• Death Benefit=Higher of Sum Assured or Fund Value. The death benefit is paid to the beneficiary of the policy in case of demise if the policyholder.
• If the insured person had opted for extra life option then the beneficiary of the policy will get an additional sum assured as accidental death benefit in case of  accidental death .
• The plan provides 5 fund options for investment.
• The Fund Value is paid as Maturity Benefit.
• The plan also provides the option to switch funds.

Death Benefit – In case of demise of the Insured within the term of policy, the beneficiary receives higher of Sum Assured or Fund Value as Death Benefit and the policy terminates.

Maturity Benefit – The Fund Value is paid as Maturity Benefit on the policy maturity

Income Tax Benefit -  Under section 80C and 10(10)D of Income Tax Act the premium paid up to Rs. 1,00,000 and the maturity proceeds are allowed as a deduction from the taxable income each year.

Riders – the plan provides an inbuilt accidental death benefit rider as extra life option.

Investment Fund Options

There are 5 Investment Funds available in this plan:

1. Short Term Fund
2. Income Fund
3. Balanced Fund
4. Blue Chip Fund
5. Opportunities Fund

Partial Withdrawal – After completion of 5 policy years the insured is allowed to make partial withdrawals up to 300%. The minimum limit of partial withdrawal Rs10,000. 

You want to surrender the policy– In case, the insured person wants to surrender the policy before completion 5 years, then the policy will cease and the fund value net of any discontinuance charge will be transferred to the discontinued policy fund.

In case, the insured surrenders the policy after completion of 5 policy years, then the insurance cover will cease and your fund value shall be paid immediately and the policy would be terminated.

You want a loan against your policy - There is loan available under this plan up to 40% of the Surrender Value provided the policyholder is at least 18 years old.

HDFC Life Pro Growth Plus offers an absolute return of 35.18%. One can go online and check HDFC Life Pro Growth review before buying the plan. 

Affordable Life Insurance Plans by Reliance

Reliance Life Insurance is an integral part of Reliance Capital and Reliance Group. The company offers life insurance products targeted at groups, individuals as well as corporate entities. The Reliance Life Insurance Company currently provides products across five key segments namely- protection, investment, child, health, retirement and ULIP Plans. The company works with a customer centric approach and offers a wide variety of comprehensive insurance policies to the customers.

The plans offered by Reliance life Insurance are highly customized in order to fulfill the requirements of the customers. The insurance seekers can also check the reliance life insurance review before zeroing in on a plan. To help you know more about Reliance Term Insurance, here we have briefly discussed about the top plans offered by Reliance Life Insurance.

·        Reliance Term Insurance Plan-

 This is an economical term insurance plan that provides coverage in case of unfortunate or untimely death of the insured. In order to enhance the protection, the insured can also buy rider under this plan. Reliance Term Insurance Plan can be customized and bought according to the requirement of the policy holder.

·        Reliance Online Income Protector-

This is a comprehensive insurance plan which offers a fixed sum assured to the beneficiary of the policy in case of uncertain death of the policy holder along with a fixed monthly income. With simple hassle free online process the plan offers adequate coverage at low rate.  Moreover, the buyer can also check reliance life insurance review online and choose the most beneficial plan according to their own choice.

·        Reliance Immediate Retirement Plan-

This is a single premium paying plan, under which the buyers have to make one time premium payment as lump-sum amount in order to get a regular income as per their selected payout option. This plan basically provides security to the life insured and their family after the retirement. The plan is offered in three different payout options life annuity, life annuity guaranteed with 5,10 or 15 years and life annuity with return of purchase price.

·        Reliance Smart Pension Plan-

This is a Unit linked non-participating insurance plan that offers guaranteed regular income post retirement. The term of the policy ranges from 10-30 years. A guaranteed monthly income is paid along with flexibility and loyalty addition to increase the retirement funds in ways of top ups. This plan also provides tax benefit under the section of income tax act.

·        Reliance Education Plan-

This plan secures the insured child’s education and allows the insured to invest in multiple funds. The plan also offers the policy holder a flexibility to switch between various funds depending upon the market conditions. The plan provides guaranteed maturity benefit along with additional benefit in case of uncertain death of the policy holder. The plan has a flexible premium payment option and offers tax benefit under section 80D of income tax act.

Saving and Investment Plans-

These policies are designed to fulfill the dual purpose of providing life insurance coverage to the insured and saving avenues to the customer at the same time. With minimum premium rates these plans offers goods return at the end of the policy tenure.

The Reliance life insurance plan offers a wide variety of saving and investment plans

·        Reliance Super money back plan

·        Reliance Guaranteed Money back plan

·        Reliance Fixed saving

·        Reliance Blue Chip Saving Insurance Plan

·        Reliance Increasing Income Insurance Plan

·        Reliance Fixed Money Back Plan

·        Reliance Life Long saving

·        Reliance Future Income

·        Reliance smart Cash Plan

·        Reliance Money Multiplier Plan

·        Reliance Endowment plan

·        Reliance super Endowment plan

Reliance Child Plan-

Under this plan a guaranteed sun assured along with life coverage for the entire term of the policy is available for the insured. The plan also provides tax benefit under the income tax law.

So, this is the list of some affordable plan offered by Reliance Life Insurance. According to your own requirement and affordability he/she can compare the quotes and check reliance life insurance reviews online before zeroing in on a plan. 

LIC Jeevan Anand Policy Online Review

LIC’s Jeevan Anand policy offers an appealing combination of savings and protection. It is a policy which includes whole life endowment, and it comes with a wide range of advantages. The prime one being the fact, that, this whole life endorsement plan continues to provide coverage for the insured until his death, even if that event is beyond the maturity of the plan. This makes this policy a great mix of both a whole life plan and an endowment plan.

In this review, we will look at the features and benefits that make this policy so popular amongst the Indian population.

Features - LIC Jeevan Anand Policy

Now, we look at a few key features of Jeevan Anand Policy:

·         This plan is a whole life cum endowment plan.

·         Has the regular premium payment option?

·         The maturity benefit is sum assured, and the life cover continues on till death, irrespective of maturity period.

·         In case of death, the promised amount is paid to his/her entitled nominee.

·         Clauses of “accidental death” and “disability benefit” are built into the plan.

·         Large sum assured rebate is also available

Benefits

Listed below are a few advantages of LIC Jeevan Anand Policy:

·         The policy offers two-fold benefits- financial protection in the scenario of the death of the policyholder, and, savings.

·         The policy offers both accrued simple revisionary bonus and absolute additional bonus.

·         Death Benefits- The sum assured of death along with the two bonuses (accrued simple revisionary bonus and final additional bonus) will be paid as a death benefit in the event of the policy holder’s death. This payment will be made to a pre-specified nominee.

·         Maturity Benefits- Given that all the premiums have been fully paid, the policyholder is granted a maturity benefit. This maturity benefit covers both the assured sum and a few final additional bonuses.

·         LIC Jeevan Anand is a flexible policy. You may pay your premiums annually, monthly, quarterly, or bi-laterally, it is totally up to you. Although, yearly and half yearly premium payments have the additional advantage of being discounted.

·         This plan also has rider benefits- additional- LIC’s Disability Benefit and Accidental Death rider.

·         The plan can be purchased online conveniently, with no hassles.

·         The premiums paid towards LIC Jeevan Anand policy also qualify for tax benefits. Tax benefits can be claimed under Section 80C of the Income Tax Act. The exemption limit is set at 1.5 lakhs.

·         The maturity and death claims are also tax free, under Section 80D of the Income Tax act. There is no limit on this, and the entire claim is tax free.

Policy Details

Listed below are a few LIC Jeevan Anand policy details which one should keep in mind while considering this policy-

·         Grace Period- Premiums must be paid regularly on every due date. However, if the premium is not paid by the due date, this policy allows a grace period within which one can pay the premium. This grace period is 30 days for policies in which premiums are paid quarterly, half-yearly, or annually. And for policies where premiums are paid monthly, the grace period is 15 days.

·         Free look period- A policyholder is allowed a period of 15 days to cancel this policy, given that he has not made any claims on the policy yet.

·         Paid-up value- If the premiums are still not paid beyond the grace period, the policy lapses. Now, if the policyholder has paid premiums amounting to at least 3 years’ worth, the policy is liable to acquire a paid-up value which is equal to the Sum Assured reduced in proportion of the total premiums paid against the actual number of premiums payable.

·         Surrender benefit/policy termination benefit- This can be availed only if the policyholder has paid at least 3 years’ worth of premiums. He can then surrender his policy, and then he can take a surrender value.

·         Revival- If the LIC Jeevan Anand policy has been lapsed, the policyholder can choose to revive it. However, he must do so within 2 years the first instance in which he failed to pay the premium within the grace period.

What Are Your Investment Objectives?

In today’s world, financial security is supreme. The dynamic economy of India requires people to curtail their expenses in order to secure their future. This means that, if you don’t start saving from an early age, you can face difficulty during your retirement age. Moreover, most of us are interested in increasing our bank balance whilst storing money in our accounts.

Hence, this article provides you with some of the best policies to place your money on. Tax saving investments are abundantly present and you can easily spend some money on these schemes to have a better retired life.

·         Life Insurance

Life insurance isn’t a typical form of investment, but because of its lucrative offers, it can be counted as a tax saving investment.

Here are some of the features and benefits of Life Insurance policy:

1.    The premium paid on the life insurance policy is deductible from your wages, thus lowering the income tax factor.

2.    The premium paid for Unit Linked Insurance Plans are completed exempted from taxes, thus making life insurance a devoured tax saving investment.

3.    Life insurance policies provide one with backup money to the nominees in case of the investor’s demise.

4.    The total amount paid to the benefactor is not taxable in case of contingency.

·         Health Insurance

Unlike life insurance, health insurance might not be a conventional form of tax saving investments because it does not offer any cash return. However, the amount received by the health insurance coverage makes this a coveted investment platform.

·         Here are some of the features and benefits offered by the Health Insurance policy:

1.    The money paid to the insured is not taxable, in case of disability.

2.    This scheme allows tax deduction on the premium amount paid.

3.    Senior citizens get the benefit of increased tax deduction on the premium, that is, up to Rs. 20,000.

·         Public Provident Fund

The Public Provident Fund accounts are extremely flexible, convenient and efficient. You can receive maximum tax savings with relative ease therefore, making PPF one of the best tax saving investments. Many major banks offer this facility to its customers so you don’t have to look very far to invest in this scheme.

·         Here are some of the features and benefits offered by the Public Provident Fund:

1.    Partial withdrawal is available after completion of 5 years of policy term.

2.    Loan can be extracted against this policy upon completion of 5 years of policy term.

3.    The interest paid on PPF accounts is tax liberated.

4.    It has a guaranteed return policy of up to 8%.

5.    The amount contributed to the PPF account is tax deductible.

·         Senior Citizens’ Saving Scheme

You can never be too old to invest in tax saving investments. The government enabled, Senior Citizen’s Saving Scheme allows retired citizens of India to spend some money on authorized cash back policies.

Here are some of the features and benefits offered by the Senior Citizen’s Saving Scheme:

1.    Interest is provided in the form of interest, regularly.

2.    Although, the interest on this scheme is taxable, most senior citizens earn their income in the form of pension, which is lesser than the taxable limit, thus the taxability of the interest is rendered null and void.

3.    The policy term is of 5 years but withdrawal can be consented subject to certain terms and conditions.

4.    The compound interest provided is about 9.2% and compounded on a quarterly basis.

5.    The lower limit of payment is Rs 1000, whereas the upper limit is a whopping Rs. 15 lakhs.

6.    The interest is deposited to the linked accounts of investors on March 31^st, December 31^st, June 30^th and September 30^th, irrespective of when the investor makes the deposit.

Other tax saving investments include tax free infrastructure bonds, mutual funds, pension schemes, etc. But some can prove to be a very high risk investment from which people that are uncomfortable in donating a lump sum amount on a high risk, high return policy should stir clear.

The above-mentioned schemes are most trustworthy and efficient. You can apply to these policies whenever mentioned by your banks, because most of these schemes are enabled by the banks.