LIC scheme: Save Rs 45 a day, get Rs 25 lakh and lifetime insurance

The Life Insurance Corporation of India's New Jeevan Anand (Plan 915) is a policy that offers the perfect combination of savings and insurance. This plan is specifically designed for those who want a large corpus and lifelong protection over a long period of time at a low premium.

Small daily savings, big benefits on maturity

A modest investment in this plan can create a substantial corpus. For example, if a 35-year-old takes out a 35-year policy with a sum assured of ₹5 lakh, 

they would pay an annual premium of approximately ₹16,300. This translates to a savings of approximately ₹1,359 per month, or approximately ₹45 per day.

The total investment over the entire tenure is approximately Rs 5.70 lakh, but the maturity amount can reach up to Rs 25 lakh based on the prevailing bonuses. This includes the sum assured plus revisionary and final bonuses.

Insurance will continue even after maturity

The most important feature of this policy is that the insurance cover does not expire even after maturity. Even after receiving the benefit, the life cover of Rs 5 lakh continues for life, providing additional security to the family.

Tax exemption and loan facility

Investments in this plan are eligible for deductions under Section 80C of the Income Tax Act, while maturity and death benefits are tax-free under Section 10(10D). 

Furthermore, policyholders can also take out a loan after two years if needed, and there's a grace period of 15 to 30 days for premium payments.

For whom is it beneficial?

Individuals between the ages of 18 and 50 can invest in this plan for a period of 15 to 35 years. 

Protection can be enhanced by adding riders such as accidental death or critical illness, as needed. This LIC plan can prove to be a reliable option for those seeking a large corpus with a low investment and lifelong protection.