LIC’s Jeevan ANURAG is a with-profits plan purposely intended to cover the educational requirements of children. It is not mandatory to take the policy for the child it can be taken by a parent. Reimbursement under the policy are payable at particular durations as introduced in the policy neglecting whether the assured person stays alive to the end of the maturity or expires in the tenure of the plan. In fact, this plan also provides for an additional instantaneous imbursement known as Basic amount, if the assured person expires before the maturity of the policy.
The eligibility for the basic plan of LIC’s Jeevan ANURAG is that the applying person has to have an age ranging from 20 to 60 years. The insurance plan will go till 70years, which is the maximum age limit for the term of the policy. The minimum assured sum is INR 50,000 and maximum assured sum has no limit and is in the multiples of INR 5000. The premium mode is yearly, half-yearly, quarterly, and monthly. The Jeevan anurag term assurance rider has the maximum age eligibility of 50 years, and maturity is 60 years in respect to the age of the insured person. The minimum sum assured here is 1lakh and has a maximum limit of 25 lakhs taking everything. There is no specific premium mode of LIC’s Jeevan ANURAG. The third type of plan is the Critical Illness rider. It also has the same age eligibility and maturity age to the term assurance rider. It has no specific term but the maturity in respect to the age limit of the life assured is 60 years.
A person will receives assured benefit around 20% of the Basic Sum Assured at the initiation of every term during last 3 policy years before tenure expires. At maturity, 40% of the Basic Sum Assured along with waning additional benefits that are issued every time on complete Sum Assured for the full tenure and a closing bonus, will be given if any. For example, if tenure of the plan is 30 years, 20% of the assured sum will be payable at the end of the 27th, 28th, 29th year and 40% of the Sum Assured along with the waning additional benefits and the closing bonus, if any, at the completion of the 30th year. Along with this the Jeevan anurag policy boast other benefits grace period, fifteen days cooling off period, paid up value and loan and revival of the bonuses.
All in all Jeevan Anurag is a very healthy policy which takes care of life till departed stays.