What are the features of LIC Jeevan Anand 149 policy?

LIC is the leading insurance provider in our country and time to time it comes out with newer and newer schemes related to insurance especially the life insurance policies.
Jeevan Anand plan 149 is one such scheme of LIC which provides life insurance to the person subscribing it.
In this scheme the main feature is the insurance for the lifetime which is known as whole life plan. In addition there will be a lump sum amount payable after a pre selected term if the policy holder survives till that time.
This is an interesting plan providing double benefits that is whole life insurance plus some return at the end of stipulated tenure.
The subscriber can pay the premium at his convenience on monthly, quarterly, or yearly basis for the stipulated period. Depending upon the LIC year to year performance some bonus will be added every year to the amount and will be paid at the end of the term. Generally, people make the payment of the premium every month directly by direct deduction from their salaries.
In case of untimely death of the subscriber during the tenure of the policy the insured amount will be payable to the nominee and the policy will come to an end.

Actually, insurance is a very important factor in our lives. We earn and take care of our family. Based on our earning capacity we will provide facilities to our family. In case of any unexpected incident, if we die, the family should not be on the roads. That is why insurance is very important. Term policies are policies that will give insured money to your family on your death. An endowment policy is for a particular period and during that period you will be eligible to get some benefits and in case of death, your family will get the assured lump sum amount. At the end of the period if you survive you will get some assured amount and bonus. LIC is the public sector insurance company and other are many private insurance companies are also there.
Coming to LIC's Jeevan Anand (Plan No. 149), the following are the details,
This plan is a combination of Endowment and Whole Life plans. The following are the features.
1. The insured person will be protected against accidents throughout his/her lifetime.
2. The policyholder has to pay policy for a particular period only. After the stipulated period is completed the policy holder will get the lump sum amount as assured in the policy.
3. In case of death during the tenure of the policy, the nominee will get the assured amount as a death benefit.
4. The premium payment can be yearly, half-yearly, quarterly, monthly or through salary deductions as opted by you.
5. You are eligible for a bonus also. Every year the organisation will declare some bonus per 1000 rupees sum assured based on the profits to the corporation. You will get these amounts along with your final payments and these are over and above the assured amount.
6. LIC premium amounts are IT exempted under 80 CC up to a maximum of Rs.1, 50. 000/ from your earnings.
7. The term can be decided based on your interest. The premium amount will be based on the tenure of the policy, your age and the sum assured.

Insurance is one of the important parts of financial management and when it comes to life insurance it should be the priority because something is required to provide monetary assistance to one's family after his/her death. LIC Jeevan Anand, 149 scheme is very beneficial as it is a combination of both endowment assurance and whole life plans. As part of endowment assurance, one gets financial assistance against death throughout the lifetime and payment of lump-sum after death as part of its whole life plans. Premium can also be paid flexibly, quarterly, annually or even monthly. You can also adopt the process of payment of premium through your salary deduction, it is a way through which the premium gets deducted out of your salary as TDS does. This is a wit profit plan of corporation and policyholder gets chance to participate in the profit of the corporations. Profits are declared in the form of bonuses per thousand sum assured at the end of each financial year. One has to take the plan for a minimum of 5 years and the maximum allowed limit is of 55 years. There is no maximum limit of sum assured but on get minimum of 50,000 subject to terms and conditions.