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Maturity Benefit
Death Benefit During Policy Term
For death during the selected term, the brochure states that Sum Assured plus vested bonuses is payable. The exact vested bonus depends on the bonuses actually declared and the year of death.
Whole-Life Benefit After Selected Term
After survival to the selected term, the brochure provides an additional Sum Assured on death thereafter.
LIC Jeevan Anand Plan 149 is a well-known life insurance policy in India that combines savings with life protection. Policyholders and prospective buyers can use an online calculator to estimate the expected maturity amount and death benefits, making it easier to understand the policy’s potential financial value.
Introduction to LIC Jeevan Anand Plan 149
LIC’s Jeevan Anand Plan 149 is a participating, non-linked endowment plan with whole-life coverage. It provides benefits at maturity as well as a death benefit if the policyholder passes away during the policy term.
The plan was introduced by LIC of India on January 17, 2002, and became one of the company’s widely recognized insurance plans. It is structured to provide a maturity benefit to the policyholder while also offering a death benefit to the nominee in the event of death before maturity.
How the LIC Jeevan Anand Plan 149 Calculator Works
The calculator is a useful financial planning tool that helps estimate the amount a policyholder may receive when the policy matures or in the event of death. It makes calculations easier by providing a near-accurate estimate using current bonus rates declared by LIC.
Components Used in the Calculation
The calculation generally considers the following factors:
- Sum Assured (SA): The amount selected by the policyholder when purchasing the policy.
- Bonus Rates: Bonuses declared annually by LIC based on its profits and performance. These bonuses are generally expressed per ₹1,000 of Sum Assured.
- Policy Term: The number of years for which the policy remains active and premiums are paid.
- Final Additional Bonus (FAB): A one-time additional bonus that may be payable at maturity, particularly for policies with longer durations.
Basic Formula
The approximate maturity amount can be estimated using the following formula:
Maturity Amount = Sum Assured + (Bonus Rate × SA/1000 × Policy Term) + FAB
For example, suppose:
- Sum Assured = ₹5,00,000
- Policy Term = 20 years
- Bonus Rate = ₹48 per ₹1,000 SA
- FAB = ₹20,000
Then:
Bonus = (500,000 / 1,000) × 48 × 20 = ₹4,80,000
Therefore:
Total Maturity = ₹5,00,000 + ₹4,80,000 + ₹20,000 = ₹10,00,000
Benefits of Using the Calculator
An LIC Jeevan Anand Plan 149 calculator can be useful in several ways:
- Financial prediction: Helps policyholders estimate future benefits and plan their savings and investment objectives.
- Comparison: Allows users to compare the plan with other insurance policies.
- Decision making: Helps determine whether purchasing or continuing the policy is suitable for their financial plans.
- Transparency: Provides an estimate based on policy details and prevailing bonus rates.
Key Features of LIC Jeevan Anand Plan 149
| Feature | Description |
|---|---|
| Policy Type | Endowment with Whole Life Cover |
| Premium Payment Term | 5 to 35 years (can vary based on policy) |
| Sum Assured | Starting at Rs. 1 lakh, in multiples of Rs. 5000 |
| Maturity Benefit | Sum Assured + Bonuses + FAB |
| Death Benefit | Sum Assured + Bonuses (if death occurs during or after the term) |
| Bonus Type | Reversionary Bonus + Final Additional Bonus |
| Loan & Surrender | Available after 3 years of policy payment |
The plan is stated to cover individuals between 18 and 50 years of age. It also provides a flexible premium-paying period ranging from 5 to 35 years, depending on the policy, with maturity benefits extending up to age 99+.
How to Use the LIC Jeevan Anand 149 Calculator
Follow these steps to calculate the estimated benefits:
- Enter the Sum Assured, such as Rs. 1 lakh.
- Enter the Policy Term, for example, 20 years.
- Enter the current LIC bonus rate, such as Rs. 48 per Rs. 1,000.
- Enter the Final Additional Bonus (FAB), if applicable, such as Rs. 20,000.
After entering the required information, click “Calculate” to obtain the estimated maturity amount. This gives you an idea of how the policy value could grow over the policy period based on declared bonuses.
Benefits of the LIC Jeevan Anand Plan 149 Calculator
Using the calculator can offer several practical benefits:
- Effective financial planning: Provides an estimate of future payouts so you can plan your investments accordingly.
- Informed choices: Helps you assess whether to continue paying premiums or consider withdrawing from the policy.
- Policy comparison: Makes it easier to compare expected returns with other LIC policies or private insurance plans.
- Fast results: Produces an estimate quickly after entering only a few details.
- Enhanced transparency: Shows projected figures based on current bonus rates rather than relying entirely on assumptions.
Frequently Asked Questions
What is LIC Jeevan Anand Plan 149?
LIC Jeevan Anand Plan 149 is a participating, non-linked endowment life insurance plan that combines savings with life protection and provides maturity and death benefits.
When was LIC Jeevan Anand Plan 149 launched?
LIC Jeevan Anand Plan 149 was launched on January 17, 2002.
Is LIC Jeevan Anand Plan 149 still available for purchase?
No. LIC discontinued Plan 149 from new sales effective January 15, 2014.
What is the maturity benefit under this plan?
The maturity benefit consists of the Sum Assured, accumulated bonuses, and Final Additional Bonus (FAB), where applicable.
What happens if the policyholder dies during the policy term?
If the policyholder dies, the nominee receives the Sum Assured along with applicable bonuses, irrespective of whether the policy term has been completed.
How is the premium determined for Jeevan Anand Plan 149?
The premium is determined based on factors such as the Sum Assured, policy term, and the policyholder’s age at entry.
Conclusion
LIC Jeevan Anand Plan 149 continues to be recognized as a popular option for individuals looking for a combination of long-term savings and life insurance protection. The LIC Jeevan Anand Plan 149 calculator can help policyholders estimate potential future benefits and improve transparency while planning their finances.
Understanding how the calculator works and identifying the factors that affect maturity benefits can help policyholders make more informed decisions according to their financial objectives. It is also useful to review bonus rates periodically and update the calculation so that the estimated policy value remains as current as possible.
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