As we are well aware that life is uncertain and these uncertainties can affect your standard of living too. In this case, we should be prepared in all aspects like mentally and financially, which goes without saying. Life insurance corporation of India (LIC) is a highly reckoned name in insurance industry and mostly appreciated for its unique insurance products. LIC jeevan anuraag is a profit plan that has been specifically designed to take care of the educational requirements of children. This particular life insurance can be taken by a parent on his or her own life. When it comes to the benefits offered under the plan are payable at prespecified durations. These benefits of this life insurance plan are payable irrespective of whether the life assured survives to the end of the policy term or dies during the policy term. In addition to this, the life insurance policy also offers an immediate payment of basic sum assured amount on death of the life assured during the term of the policy. The assured benefit is offered with the specific insurance product. 20% of the basic sum assured at the start of every year during last 3 policy years is payable before maturity. At the time of policy maturity, 40% of the basic sum assured along with reversionary bonuses declared from time to time on full sum assured for the full term and the terminal bonus. Under a death benefit, payment of an amount equal to sum assured under the basic plan immediately on the death of the life assured. A specific grace period of one month but not less than 30 days will be allowed for payment of yearly, half-yearly or quarterly premiums and 15 days for monthly premiums. If you are not satisfied with the terms and conditions of the policy you may return the policy to us within 15 days. Kind of this particular time period is considered to be a free look up period for you.
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