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.