With a number of insurance plans provided by the insurance companies, it becomes difficult to keep track of all of them. A friend or family member can hekp you out if they know about a particular policy in detail. This is a sample letter to a friend advising on the LIC New Jeevan Anand Policy. The article addresses the question of properly presenting the request to the concerned person. The sample letter may be modified according to need and situation.
To
ABC
C/0 XYZ
Address of ABC
Dear ABC,
Accept my heartfelt congratulations on getting a new job. You are entering a new phase of your life and along with it; you will have to deal with newer responsibilities and pressures. Once you get married, the responsibilities will keep on increasing. Hence, it becomes imperative that you insure yourself against the uncertainties of life.
I would like to take the opportunity to introduce to you the new LIC Jeevan Anand policy. LIC is a dependable, household name as far as life insurance is concerned. The new Jeevan Anand plan is a traditional savings cum insurance protection plan. Apart from the fact that the plan is eligible for bonus, the main benefit from the plan is that even if the insured dies after the completion of the policy term, the nominee gets paid the death benefit.
The premium to be paid throughout the duration of policy depends on the age of insured, sum assured and the duration of policy term.
A) If the policy holder survives till the end of policy term
Maturity benefit= Sum Assured + Bonus + Any final Additional Bonus, if declared
And on death of the policy holder after end of policy term, the nominee will additionally be entitled to get Sum Assured amount as Death benefit.
B) If the policy holder dies during the policy term
Death benefit= Sum Assured +Vested bonus till date of death +any final additional bonus
Some of the benefits from the plan are guaranteed while some are variable with return depending on the future performance of the Insurance Company. The table will help you understand the working of the plan.
Let the particulars of the hypothetical situation be:
Age at entry : 30
Policy Term : 35 years
Mode of Premium payment : Yearly
Basic Sum Assured : 1,00,000
Annual Premium : 3165
|
Year |
Total Premium |
Benefit on death during policy term |
||||
|
Guaranteed |
Variable |
Total |
||||
|
Scenario 1 |
Scenario 2 |
Scenario 1 |
Scenario 2 |
|||
|
1 |
3,165 |
1,25,000 |
400 |
3,200 |
1,25,400 |
1,28,200 |
|
10 |
31,650 |
1,25,000 |
4,000 |
32,000 |
1,29,000 |
1,57,000 |
|
20 |
63,300 |
1,25,000 |
8,000 |
66,500 |
1,33,000 |
1,91,500 |
|
30 |
94,950 |
1,25,000 |
12,000 |
1,20,000 |
1,37,000 |
2,45,000 |
|
35 |
1,10,775 |
1,25,000 |
14,000 |
1,56,000 |
1,39,000 |
2,81,000 |
Variable Scenario 1 = 4% Gross Investment Return
Variable Scenario 2 = 8% Gross Investment Return
The assumed rates of return of 4% and 8% are not guaranteed and neither do they represent the upper and lower limits. They depend on the performance of the insurance company.
I would advise against surrendering the plan before maturity as you would incur loss if you surrender early and the return would be marginal if you surrender late. I hope I was able to explain the basics of the policy clearly. If you have question, you can ask me anytime. Stay healthy and happy.
Yours truly,
Your Name
Your address
Date:
Place:
You may also like:
0 Comments