LIC has recently launched a new version of its immensely popular Jeevan Anand plan known as New Jeevan Anand plan which is a combination of both living and death benefits.
New Jeevan Anand offers the policyholder an insurance cover for upto age of 100 years and, on his death, cash value to the nominees.
A 25 year old person who purchases New Jeevan Anand plan for a 30-year term with a sum assured of Rs 20 lakh, will get a life cover up to 100 and his premium payment term would end at the age of 55.
In certain situations, New Jeevan Anand plan can be more suitable for a customer than a term plan especially when a person is buying it early in life. Term plans provide substantial cover to a policyholder for a fixed tenure without the element of savings at a cheaper rate.
Let us understand this with the help of an example
A 25-year-old who has bought a term plan for 25 years will lose his risk cover at the age of 50. Buying a term plan at the age of 50 can be costlier and would also require a medical examination. At the same time there would be new financial goals such as retirement planning, education expenses for children etc.
In such a situation a New Jeevan Anand plan bought earlier would have met his needs at that stage. New Jeevan Anand plan is also an ideal plan for estate planning as it helps in the creation of wealth.
In short, New Jeevan Anand plan offers life cover for the whole life as well as a corpus which can be used for taking care of various financial goals.
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