Let's say I'm 30 years old and taking the LIC plan under New Jeevan Anand Scheme. Sum assured for 24 Lakhs for 24 Years. In this case my Maturity amount will be 58,89,600.00, where i will be paying Rs. 27,30,221.00 for 24 years. In the above case, my premium payment half yearly will come to Rs. 58,000 approximately (including GST)
My Benefits:
1. I'm insured for Lifetime and i get the maturity amount after 24 years
2. For the Premium amount paid, i have the TAX exemption under Section 80C
3. I can apply for Loan on the premium amount paid. Lets say i applied for loan on January 2021, Loan eligibility is as below mentioned in the last column
4. The interest paid for this loan taken will be very less around 8%, and is processed immediately. There are no processing fees and other charges for this loan
5. The premium paid for this is not on month on month basis, the interest can be paid once every 6 months without any extra charge
6. Incase if the interest is not paid, the amount will be deducted while the policy is matured and the difference will be paid of
7. The policy will be covered even after the Maturity time till the death of the insurer without paying any extra premium after the initial maturity is completed
Best Regards
B G Nareshkumar
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