Insurance Blog

When is the right time to take LIC New Jeevan Anand and LIC Term Insurance?

LIC New Jeevan Anand is one of the utmost sold endowment plans of LIC, which offers Risk Cover even after the maturity up to 100 years of age. But, is it really nice because your insurance agent tried to sell it for you, or your co-worker suggested you to go for it, or just because you want to take an insurance policy? Whom is this policy actually for? When is the right time to purchase it?

Insurance is for everyone who earns. But, it is not something which is to be purchased thoughtlessly without any preceding research. People always get mixed up with which insurance they must  go for when they compare between Term Insurance & other insurance products. It is at all times suggested to go for Term Insurance as it is the “real form” of insurance.

People buy Money Back plans and other savings plans to multiply their money with the time. But, in case the bread winner of the family expires, there would be a huge financial burden on the family. So a term insurance is the only insurance which is intended to give that vital “emergency fund” to that family.

In case you already hold a term insurance plan, and planning to take another insurance plan, then you can go for Money Back plans.

In majority of the cases, policy holders do have those policies which are intended for investment purposes like LIC New Money Back Policy, LIC New Jeevan Anand Policy, etc. If you are one of those who already hold policies taken for savings and investment purposes, now is the time for you take a Term Insurance too. How much cover should I take when planning to take a term insurance? The estimated life cover can be calculated by multiplying your annual salary with 15 times.

After having such a “well planned” term insurance, you can take LIC Jeevan Anand plan now. The main advantage of taking LIC New Jeevan Anand policy is that it is a with-profits plan and it provides life insurance cover till you become 100 years old. When LIC makes profits, it announces bonuses for certain policies and LIC Jeevan Anand policy is one of those policies on which LIC declares the bonuses. LIC Jeevan Anand is a good returns policy.