LIC is an Indian renowned insurance company. It was incorporated in the year 1956. Since its launch, it has been offering several insurance policies to its clients. LIC Jeevan Saral plan and LIC New Jeevan Anand are two of them. These are the two famous plans, which are designed to provide financial protection to a nominee against the death of the policyholder and efficient plans for saving. In an event of policyholder death, both plans give maturity sum assured to the nominee. Both plans have equal benefits and coverage, yet people experience trouble while choosing either of them. In order to make their process hassle free, we have mentioned their comparison below.
Difference between LIC Jeevan Saral and LIC Jeevan Anand
LIC Jeevan Saral and LIC Jeevan Anand are the endowment policies that come with much flexibility. The main purpose of these policies gives financial protection to the nominee after the death of the insurer. Additionally, by paying extra premium insurer can avail other benefits. Below is the detailed comparison of LIC Jeevan Saral and LIC Jeevan Anand.
LIC Jeevan Saral
LIC Jeevan Saral plan is a typical endowment plan that comes with a lot of flexibility. That’s the reason it comes under a special insurance plan. This plan offers double death benefits of sum assured along with the return of premium. Now, if the policyholder dies due to any reason then his/her beneficiary will receive the sum assured + return of premium effortlessly. One of the best things about this plan is that policyholder have access to choose a flexible term of premium payment.
Key Features of LIC Jeevan Saral Plan
This plan allows the policyholder to choose the flexible term for premium payment.
This plan offers double maturity benefit that is sum assured + returns of premium.
This plan gives access to the policyholder to choose a maximum term, but he/she has a liability to surrender at any time without facing any loss after 5 years and the partial surrender is after 3 years.
Loyalty addition if any.
Additional Benefits of LIC Jeevan Saral Plan
Death Benefits: In case of death of the policyholder, the nominee receives the sum assured (which is 250 times the monthly premium) + returns of premium.
Maturity Benefits: At maturity of the policyholder, he/she receives the sum assured + loyalty addition if any. Income tax benefits: Policyholder who pays premium payment can save income tax under section 80C.
LIC Jeevan Anand Plan
LIC Jeevan Anand is a conventional saving plan or we can also say that “whole life endowment plan”. This plan has come with many benefits and flexibilities. This scheme doesn’t only provide death coverage but also offers additional facilities after the completion of a maturity period. Its unique features and flexibility make it preferable as compared to other Life insurance plans.
Key Features of LIC Jeevan Anand Plan
This plan gives privilege to the insured individual to choose regular premium payment.
If an insured individual survives till the end of maturity period he/she will get the sum assured with the special bonus.
In case of death of the policyholder, then-nominee receives agreed sum assured and bonus and then plan would be terminated.
The insurer can avail the request of loans if a plan acquires a surrender value.
This scheme also provides additional accidental benefits.
If an insurer wants, he/she can surrender his policy and claim the amount.
If an insurer is feeling worth after buying this policy he/she has access to cancel it after 15 years.
The minimum age of entry is 18 years old and maximum age is 50 years.
The maximum age of maturity is 75 years.
Additional Benefits you get from LIC Jeevan Anand Plan
Death Benefits: This plan offers death benefits on the basis of the period when death occurs. Like, if a death occurs during the tenure period, then-nominee will get the sum assured + vested bonus + final bonus by LIC India. Whereas, if a death occurs after the maturity period, the basic sum assured paid along with maturity benefits.
Bonus: Bonus completely depends on the performance of the company. Vested bonuses are mentioned under the plan, while a final bonus is declared after the maturity period or death.