Life Insurance Corporation of India (LIC) is considered one of the most trusted insurance companies in the country. Investing in this company’s policy gives customers financial strength for the present as well as the future. LIC also has a similar policy ‘New Jeevan Anand’. By investing in this policy, policyholders can get great returns in the long term.
This is a long term plan in which policyholders can choose 15 to 35 year term plans. Individuals between 18 and 50 years old are eligible to invest in it. At the same time, this policy can be purchased with a minimum sum assured of Rs 1 lakh, while there is no limit on the maximum sum assured. It is counted among LIC’s best policy in terms of bonus facility, liquidity and investment.
Death Sum Assured: 2500000
Basic Sum Assured: 2000000
First Year Premium with 4.5% Tax
Annual: 70784 (67736 + 3048)
Half Yearly: 35775 (34234 + 1541)
Quarterly: 18079 (17300 + 779)
Monthly: 6027 (5767 + 260)
YLV Mode Average Premium / Daily: 193
Annual with First Year Premium after 2.25% Tax : 69260 (67736 + 1524)
Half Yearly: 35004 (34234 + 770)
Quarterly: 17689 (17300 + 389)
Monthly: 5897 (5767 + 130)
YLV Mode Average Premium / Daily: 189
Total Estimated Premium Payable: 2079324
Estimated Return on Maturity:
Sum Assured: 2000000
Final Additional Bonus: 2200000
Total Estimated Return at Maturity: 6960000+ Life Time Risk Cover of Rs.2000000
Suppose if a person starts investing in a 30-year term plan at the age of 24, then he has to pay the first year premium with 4.5% tax. This will be Rs 70784 annually. Accordingly, the customer has to pay Rs 193 daily. However after the first year premium it will be Rs 189 with 2.25% tax. According to the above calculation, you will get 6960000 rupees at maturity. Along with this, a life time risk cover of Rs 2000000 will be available separately.
(With inputs from jansatta.com)