LIC’s new plans 2014-New Jeevan Anand (No.815)

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• dear Raj,
  good morning ., my LIC policy of Jeevan Anand (policy no 705334336) has caught my neck with additional tax burden, as the maturity amount of Rs 5.91 Lakhs added and TDS deducted Rs11,830/00, as 10(10D) added as LIC maturity also to my earnings in Form 26AS, where as i am an employee of a pvt company, and paid the Premum thru my nose each year, and now my age is 60 years, retired, how come i have to pay IT for LIC policy , i never dreamt, please help me.

  however i have taken LIC policy ( jeevan anand in Sept'2010 and matured in 2016.

  As per my agent / auditor, understanding my Premium paid [ Rs. 37600*4 quarters*5 years] Rs. 7,52,000 Premium paid on yearly basis Rs. 1,50,400.

  Sum Assured [ Rs 5,00,000 + Another Sum Assured Min Rs 2,55,000 being Jeevan Anand takes care till life ] = Rs 7,55,000
  % of Premium Paid to Sum Assured 19.92%

  So this ratio is less than 20% then, am not exempted from tax under Section 10(10D).

  please clarify asap., and bachav please !!

  Regards,
  V.Ravi sarma

  • RAvi-Please refer my earlier post "Tax Benefits of Life Insurance".

• Dear Sir,
  I am 24 years old and i plan to take New Jeevan Anand 815 for a Amount of 12500000. The yearly premium would be close to 3.5 lacs. Term would be for 35 years.
  Presently i dont have any life insurance. Also looking forward to this as long term investment plus life insurance.
  Is this the right choice or should i invest or buy some other policy.
  Thanks in advance.

  • Sir for this coverage you can buy term insurance for a premium of 40k/yr if u go through agent and 25k/yr in online mode. If u invest of the amount in PDF n equity mf u would end up with tons of money. If u continue this policy max u get is 2.5cr. if u take term +ppf+equity mf den u would make up more than 10cr

  • Raj-Check for how many years your family survive with Rs.1.25 Cr. If you feel this insurance is suffice, then go ahead. Also, check yourself whether the 5% to 6% return is BEST, then defenitely go ahead. Otherwise, serious think of what you are doing. In my view it is WRONG.

• The best part of new jivan an and is, as per my knowledge is the sum assured given to the nominee after death, even after its maturity.

  Is their such plan with Indian post.??

  • John-What is it's value after 20-30 years?

• I heard so much about jeevan anand, that its very nice to invest here, but was not aware what exactly it is, how much beneficial it to me.. thanks to you that u gave such a detailed post.

  • Mamatabalani-Don't spam in the name of investor. You are agent and act like agent. Where I said it is good??

• Hello Sir,

  I am 26yr old working in IT, my CTC is 5.5 LPA (in hand 42k)
  i need a suggestion for Tax Saving and where to invest for better and short returns.
  i have a personal loan and land loan where i am giving around 21k per month.
  so kindly suggest a better option for me where i can invest yearly/quarterly and save tax and also do some investment.
  i am thinking about LIC e-term for life insurance.

  Regards

  • Ashish-May I know what do you mean by BETTER AND SHORT RETURNS? When you say LIC eTerm, it is not an investment but term insurance (which one must have). So go ahead and first buy term insurance.

    • Which plan get good return pli or jivan anand?

      • Jignesh-I feel PLI have an edge over Jeevan Anand. Because of it's low premium and high bonus rate.

• yogesh
  sir my age is 20 year. I take policy new jeevan anand plan no. 815 in year june 2015 for 21 years. my sum assured is 100000 and my premium for 3 months Rs1379 ,my agent said that maturity amount is appr. 3 lacs it is true and wrong . please help

  • Yogesh-First share your agent's calculation. Then we discuss to make you understand in a better way.

• Hi Friends,
  I have a small doubt, need your advice for the same, kindly help,
  I have purchased following LIC Policy,
  “PLAN:0815 New Jeevan Anand TERM:26 AGE:31 SumAssured:500000, Monthly (Rs): 1773” – details as per online LIC website Premium calculator, excluding service tax.
  Where as Monthly Premium : 1815 is what I pay for the same policy as I have taken the policy from a Agent.
  Is this possible, that the premium is different for the same policy if you buy on-line or if you buy from an agent.
  As what I had assumed is that premium must be same irrespective of whether you buy on-line or from an agent. instead LIC would be paying to the agent from his profits and not by increasing our premium and paying to the agent.
  So my doubt here is can there be a difference in premium for the same policy, if you buy on-line vs agent?

  Also as per the agent the premium will reduce from next year onwards due to decrease in service tax which is currently 3.5% for the 1st year and from the next year onwards it will become 1.75%. then what about the ECS instruction given to the bank will it automatically adjust as per the decreased premium rate or the premium rate remain constant even if the premium decreases ?

  Thanks,
  SG

  • S G-You can't buy this product ONLINE. Hence, no way to pay the commission to agent.

• hi sir,
  Recently i have taken new jevan anand policy sum assured as 5 lakhs opted for 20 yesars
  i want to know how much i will get after completion of 2o years

  • Mahesh-what your agent told while buying or what was the result of your homework while buying?

• hello sir..
  i was planning for new jeevan anand policy for 21 yrs with sa 50 lacs . but then i realized after reading your article n doing my homework that i can get 1.5 cr in fd at 8% if i deposit the premium in my account as fd every year n forget about it .(premium 2.8 lacs pa).kindly advice me weather i m correct with this move????thanks in advance

  • Sahil-Correct, but at the same time don't underestimate the importance of insurance. Hence, buy a term insurance to protect your life.

    • thanks sir n yes i ll definetly buy n equal amount of tern insurance to cover me lifetime.

• I Have a LIC Jeevan Anand 10,00,000 policy for 21yrs term started in year 2007, do i get any benefit by changing premium from quarterly to yearly now.

  • Satya-There is no additional benefit you get by changing the premium mode.

    • Thank You, Can you please Explain what does "Rebate of 3% for tabular premium " mentioned in above image mean and why I will not get that now.

      • Satya-Who said you not get it now?