Term Insurance Policy or Jeevan Anand ?

POSTED BY Dev ON April 29, 2014 8:55 am COMMENTS (12)

Hi,

I am taking both, Jeevan anand and a term policy. My agent is providing a total sum assured of Rs. 15 lac. As per the plan i am supposed to pay  a premium of Rs 27000/- per year in which I will be paying Rs. 25000/- under Jeevan Anand and Rs. 2000/- for term insurance.

The agent told me that some medicals reports are required if the sum assured is more than 15 lacs. I felt cheated here. Also, as per the new LIC Term Insurance, for sum assured of Rs 50 lacs the premium is Rs. 9800.

I asked him to put my request on hold as of now. I feel I am investing more and getting nothing as compared to the investment. Please suggest.

Thanks,

Dev

12 replies on this article “Term Insurance Policy or Jeevan Anand ?”

  1. ashalanshu says:

    Dear Dev, Nike………………… Just do it.

    Regarding choice of insurer – please opt the one where you are comfortable.

    Thanks

    Ashal

  2. Dev says:

    Hi Ashal,

    Sorry! I meant expense only 🙂
    Considering my situation I now feel that I will purchase Term Plan (30 years policy term) next month.

    Please let me know if you have any suggestions for me.

    Thanks,
    Dev

  3. ashalanshu says:

    Dear Dev, paying prem. in a term plan is an expense, not an investment. I’m not saying you should not purchase. all I’m saying is make an infomred choice. Now coming to your situation, what do you purchase now or after few months? Jeevan Anand or Term Plan?

    Thanks

    Ashal

  4. ashalanshu says:

    Dear Dev, A blunt question, as you are unmarried and no dependent is there on you, what ‘ll be financial loss to your family if you die tomorrow? Please think on it and answer.

    Thanks

    Ashal

    1. Dev says:

      Hi Ashal,

      I got your point but its a matter of hardly 2 or 3 years. There will be dependents on me 3 years down the line. Also, the sooner I invest in the term plan the better it is, right? If I invest in the current FY instead of 2017 I will be able to save 3 years from the 30 years of policy term.

      Please let me know if you think otherwise.

      Thanks,
      Dev

  5. Dev44 says:

    Hi Ashal,

    Below are the details:

    1. Monthly Income: Rs. 46000/-
    2. Age: 23 years
    3. Loan Liabilities: Education Loan (Outstanding amount: Rs 62000/-)
    4. Family Size: 4 ( Father, Mother, Younger Brother) i.e. I am unmarried
    5. No dependents
    6. Monthly Expenses: Rs. 16000/-

    Thanks,
    Dev

  6. ashalanshu says:

    Dear Dev, may I know your mly income, loan liabilities, family size, no. of dependents, mly expenses etc?

    Thanks

    Ashal

  7. Dev44 says:

    Thank you Sambaran and Raja, I called the agent and asked him to cancel my application.

  8. Raja says:

    Agent is misleading you. Simply buy Term insurance and that too consider the premium difference between LIC and other private players.

    ULIP/Endowment policies are a waste of money. Dont buy only to regret later

  9. Dev44 says:

    as much as i can..

    1. Sambaran Mitra says:

      @Dev44, in that case ditch Jeevan Anand. Take a term-life policy.

  10. Sambaran Mitra says:

    If you die, how much do you want to leave behind for your family?

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