LIC Jeevan Anurag
What is the nature of this policy? LIC Jeevan Anurag is a profit plan that is particularly designed in order to take care of the children educational needs. This plan shall be taken by a parent either on his or her own life. This plan has a benefit which are payable at the pre-specified durations independent of whether the assured life survives till the end of policy term or dies during the term of policy.
On the death of the assured life during the term of the policy, this LIC Jeevan Anurag plan provides for the immediate payment of the basic sum assured amount.
The Premium Options in this policy: The following options are available for payment of premium amount.
- Single one year premium,
- Regular premium is payable during the (n-3) years, in which 'n' denotes policy term.
- Regular premium is payable through out the policy term period.
What is the benefit of this policy?
The assured benefit under this LIC Jeevan Anurag plan is as follows. Before maturity, 20% of the basic sum assured is paid at the start of every year. At the time of maturity, about 40% of the basic sum assured is paid along with the reversionary bonus and the terminal bonus. This reversionary bonus is declared on the full sum assured for the entire term of policy period, from time to time.
The death benefit of this LIC Jeevan Anurag plan includes the payment of the amount which is equal to the sum assured. This is paid immediately under the basic plan on the death of the assured life. The other benefits under this plan or the policy are listed below.
- Grace period,
- 15-days cooling off period,
- Paid up value,
- Guaranteed Surrender value and
LIC Jeevan Anurag
LIC Jeevan Anurag is an insurance policy that has been designed specifically designed for taking care of the children’s educational needs. This insurance plan is generally taken up the parents of a child. According to this plan, benefits would be payable at period that is proscribed under the plan. Apart from this Jeevan Anurag Insurance policy also provides for an immediate payment of a basic amount of money even after the death of the Life Assured during the term of the policy. Assured Benefit
According to this insurance policy, twenty percent of the basic assured amount would be paid at the commencement of each year, during the last three policy year before maturity. At the maturity period, forty percent of the Basic Sum Assured along with reversionary bonuses as well as terminal bonus, if any should also be paid to the policy holder. For instance, if a person opts for a twenty year term policy then as per the plan 20% of the Sum assured would be paid to the insured at the end of 17th, 18th and 19th year. After that, 40% of the sum assured along with the reversionary and terminal bonus, if any, would be paid at the end of the term, which is the 20th year.
If the assured died at the term of the policy then according to this Jeevan Anurag Insurance plan, the family of the assured would get certain sum of money that is equal to the sum that has been insured in this plan.
Importance of Jeevan Anurag
Jeevan Anurag Insurance policy from Life Insurance Corporation of India (LIC) is a unique policy. To get the policy one can consult with their respective LIC agent or they can visit their nearby office for more information about this policy. Furthermore one can also log on to the official website of LIC to known more about it. The policy can also be obtained online.