The LIC plan you're likely referring to is the LIC New Jeevan Anand Policy, which allows for a minimum daily premium of Rs 45, translating to around Rs 1358 per month. This plan combines both life insurance and savings, making it a popular choice for affordability and long-term wealth accumulation.

Here are some key features of the LIC New Jeevan Anand Policy:

  • Minimum sum assured: Rs 5 lakh, although you can choose higher amounts.
  • Policy term: 35 years.
  • Maturity benefits: You receive a lump sum amount on maturity, including the sum assured, bonuses, and loyalty additions (subject to company performance).
  • Death benefits: Your beneficiary receives the sum assured and bonuses in case of your unfortunate demise during the policy term.
  • Tax benefits: Premiums paid qualify for tax deductions under Section 80C of the Income Tax Act, 1961.

Remember, this plan might not be the best fit for everyone. Here are some additional factors to consider:

  • Investment horizon: 10 years might be a slightly shorter period for maximizing potential returns compared to the 35-year policy term.
  • Risk tolerance: This plan offers guaranteed benefits along with bonuses, but potential market-linked plans might offer higher returns with inherent risk.
  • Financial goals: Align the policy with your specific goals, like child education, retirement income, or wealth creation.

It's always best to consult a financial advisor or LIC agent to understand your options and choose the plan that best fits your individual needs and risk tolerance. They can guide you through various LIC policies, including the New Jeevan Anand, and tailor a solution based on your unique circumstances.

I hope this information helps!