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.