Secure Your Future with LIC’s Jeevan Anand Policy

Our Vizag — Sun, 03 Nov 2024 00:50:09 +0000

In today’s fast-paced world, effective financial planning is crucial for elevating your lifestyle and ensuring a worry-free future. One of the fundamental aspects of financial planning is to save a portion of your income for future needs. When these savings are converted into smart investments, you can significantly enhance your returns over time, allowing you to live comfortably in retirement.

The Importance of Retirement Planning

Many people harbor concerns about their financial situation post-retirement and how they will manage expenses without a steady income. However, a well-structured financial plan can mitigate these worries. One excellent option for securing your financial future is the Jeevan Anand policy offered by the Life Insurance Corporation of India (LIC).

Why Choose the Jeevan Anand Policy?

The Jeevan Anand policy is a life endowment plan that provides life insurance coverage even after the premium payment period ends. Here are some key benefits of this policy:

Affordability: With a minimal daily investment of just ₹45, you can accumulate up to ₹25 lakh after 35 years. This makes it accessible for individuals from all walks of life.
Comprehensive Coverage: The policy not only offers a sum assured but also includes additional bonuses, ensuring that policyholders reap all maturity benefits.
Lifetime Protection: The Jeevan Anand policy guarantees lifetime financial security, providing peace of mind to you and your loved ones.
Family Security: In the unfortunate event of the policyholder’s demise, the nominee will receive a sum assured of ₹5 lakh, ensuring financial support for the family.
Accidental Benefits: The policy includes riders for accidental death and disability, providing extra protection and security.
Flexible Premium Payments: The premium can be paid easily, and there is an option to surrender the policy after two years if necessary.

Making the Smart Investment

For those between the ages of 18 and 50, the Jeevan Anand policy presents a viable investment opportunity. By committing to a monthly premium of ₹1,358 (or ₹45 daily), you set yourself on a path to secure ₹25 lakh in 35 years. This financial cushion can greatly alleviate concerns about meeting expenses after retirement.

Conclusion

In conclusion, the Jeevan Anand policy by LIC is not just a life insurance policy but a strategic financial plan that can secure your future. With its combination of affordability, comprehensive coverage, and potential for significant returns, it provides an excellent avenue for those looking to enhance their financial security and enjoy a peaceful retirement. Start planning today to ensure a better tomorrow!

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Transforming Investor Mindsets: The Rise of Tax-saving Mutual Funds in India

Our Vizag — Sat, 24 Aug 2024 00:59:48 +0000

Investors’ mindsets have changed in recent times in India. They are especially keen to invest in schemes like mutual funds with traditional investments that offer tax benefits. Experts say it’s an effective way to reduce your tax burden while leveraging the power of equity markets. In India, tax-saving mutual funds, mainly equity-linked savings schemes, have become increasingly popular in recent times.

These are mutual funds that invest primarily in equity and equity-related instruments, and enjoy tax benefits under Section 80C of the Income Tax Act, 1961. In this background, let us delve deeper into the details of the ELSS scheme.

Benefits of ELSS Scheme:Investments in ELSS under section 80C under the old tax system offer a Rs. 1.5 lakh tax exemption. While this helps save taxes, ELSS has a mandatory lock-in period of 3 years. ELSS funds mainly invest in equities, providing the opportunity for higher returns. However, they also come with high risks due to market volatility.

You can choose between growth and dividend options based on your financial goals. The growth option reinvests profits, while the dividend option provides periodic payments. Long-term capital gains above Rs. 1 lakh are taxable in a financial year.

Investing in ELSS funds can be done through a direct plan or a regular plan. The direct plan involves investing directly through a mutual fund website or app, which typically has lower expense ratios. On the other hand, the regular plan has a higher expense ratio and requires investing through an intermediary like a broker or distributor.

If you invest Rs. 1.5 lakhs, your taxable income under Section 80C would be reduced by the same amount. For those falling under the 30% tax bracket, this could save you around Rs. 46,800 in taxes, including cess. After 3 years, your investment may grow to Rs. 2 lakhs, with Rs. 50,000 taxed at 10% on Long Term Capital Gains.

ELSS presents an excellent investment option for individuals seeking to save taxes while aiming for potential wealth creation. Experts emphasize the importance of understanding the risks and returns associated with these funds. While ELSS offers benefits, it’s crucial to consider the lock-in period and market risks before investing. Consultation with a financial expert is recommended to align ELSS with your financial goals and risk tolerance.