What is plan No 75 in LIC?

deepika_bharanya

Madhura950

LIC Plan No. 75 is a with-profit, non-participating, traditional life insurance plan that offers a combination of protection and savings. The policy provides financial protection against death during the policy term and offers the benefit of a lump sum payment at the end of the policy term if the policyholder survives the policy term. The policy also provides for the payment of a lump sum at maturity in the event of the policyholder's death during the policy term. The policy can be availed by policyholders with a minimum sum assured of Rs.1 lakh and a maximum sum assured of Rs.5 crore. The policy term can be selected from a range of 10-35 years. The policy offers a grace period of 30 days for the payment of premium. The policy comes with a provision for loan against the policy.

Arundhati565

Plan No 75 in LIC (Life Insurance Corporation of India) is popularly known as New Jeevan Anand, which is a participating endowment insurance plan. This plan is a combination of term assurance and endowment in which sum assured and bonus will be paid to the policyholder at maturity apart from regular bonuses that are declared during policy tenure.

Benefits of Plan no 75 (New Jeevan Anand) are:

• Sum Assured: Sum Assured on death plus Bonus is payable during the policy term.

• Bonus: During the policy period, Regular Bonus will be declared and Credited to the policy.

• Maturity Benefit: Sum Assured on Maturity plus Bonus is payable if the policy Holder survives the policy term.

• Tax Benefit: The premiums paid are eligible for tax exemption as per Section 80C of the Income Tax Act.

• Loan: Loan facility is available to the policyholder after the policy has been in-force for a certain period of time.

• Surrender Value: If the policy holder wishes to surrender the policy, LIC will offer some surrender value.

• Paid up Value: If the premium payment is discontinued, the policy acquires Paid up Value after the condition of surrender value is fulfilled.

• Death Benefit: this plan offers Death benefit which is paid in lump sum.

• Profit: Between the policy term, profits are allocated as per the declared bonus.

In addition, New Jeevan Anand offers a wide range of riders like Accidental Death Benefit Rider, Permanent and Total Disability Benefit Rider and many more that can be added to the policy for an extra cost.

So, if you are looking for a plan that provides not only life cover but also financial gain over a long period, then New Jeevan Anand is the one for you!

For more information on Plan No 75, you can visit the following link: https://www.licindia.in/get-a-plan/plans-at-glance/traditional-endowment/new-jeevan-anand.

Hope this helps.

Maanas742

Plan No 75 in LIC is Equity Linked Savings Scheme (ELSS). It is a diversified equity mutual fund which is open-ended and eligible for taxation purposes. It is the only mutual fund which has a lock-in period of 3 years, while all other mutual fund plans have a lock-in of only 1 year.

ELSS is a diversified investment, which means its portfolio comprises of stocks from different sectors and companies. This helps in minimizing the risk of any economic downturn as the risk is spread across different stocks. Also, since ELSS is a mutual fund, it is managed by experienced professionals who continuously monitor the market and make necessary changes to the portfolio for generating better returns.

In addition to these advantages, there are other benefits that ELSS provides. It offers tax deductions of up to ₹1,50,000 in a year under Section 80C of the Income Tax Act. This makes it a popular choice for those who seek to lower their taxable income.

Furthermore, ELSS has the potential to generate higher returns compared to other tax saving instruments like PPF or NSC. On the flip side, its returns are also affected by the markets, which means your investments may also put at risk in case of a market downturn.

If you are looking to invest in ELSS under Plan No 75, please contact your nearest LIC branch or visit the official website of LIC (http://licindia.in/Home).

Deekshitha_rao

Plan No. 75 in LIC is a unit-linked non-participating individual life insurance plan known as LIC New Children's Money Back Plan. This plan offers lump-sum benefits to the policy holder along with a death benefit and regular payments at pre-defined intervals. The main feature of this plan is the payment of survival benefits, which are paid out from the policy holder's accumulated fund value in equal installments on survival at each of the prescribed ages. The policy holder can choose the vesting age for their survival benefit between 10 and 18 years of age, and the number of survival benefits are subject to the vesting age chosen. In addition to the survival benefit, the policy holder can also enjoy a death benefit in case of an unfortunate demise during the policy term. The death benefit is given as an amount equal to the basic sum assured plus the accumulated fund value at the time of the policy holder's demise. This plan also offers a tax-free maturity benefit, which will be the accumulated fund value at the time of the policy's maturity. For added protection, the policy holder can also opt to include an optional Accident Benefit Rider.