STUDY ON NEW JEEVAN ANAND POLICY UNDER LIC

A project Submitted to
University of Mumbai for partial completion of the degree of
Bachelor of Management Studies

Under the Faculty of Commerce

By

DIPTI AJAY SINGH

Under the guidance of

PROF. AEMAN KHATRI

SANPADA COLLEGE OF COMMERCE & TECHNOLOGY

SANPADA, NAVI MUMBAI - 400 705
APRIL-2024

I
 Declaration by learner

I the undersigned MS. DIPTI AJAY SINGH hereby, declare that the work embodied in the
project work titled “STUDY ON NEW JEEVAN ANAND POLICY UNDER LIC”, forms my
own contribution to the research work carried out under the guidance of Prof. AEMAN
KHATRI is a result of my own research work and has not been previously submitted to any
other University for any other Degree/Diploma to this or any other University.

Wherever reference has been made to previous works of others, it has been clearly indicated
as such and included in the bibliography.

I, hereby further declare that all information of this document has obtained and presented in
accordance with academic rules and ethical conduct.

Dipti Ajay Singh.

Certified by

Prof. AEMAN KHATRI.

2
 Acknowledgment

To list who all have helped me is difficult because they are so numerous and the depth is so
enormous.

I would like to acknowledge the following as being idealistic channels and fresh dimensions
in the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me chance to do this
project.

I would like to thank my Principal, Dr. Suryakant Lasune for providing the necessary
facilities required for completion of this project.

I take this opportunity to thank our Head of Department Prof. BUSHRA ANSARI, for his
moral support and guidance.

I would also like to express my sincere gratitude towards my project guide Prof. AEMAN
KHATRI whose guidance and care made the project successful.

I would like to thank my COLLEGE LIBRARY, for having provided various reference books
and magazines related to my project.

Lastly, I would like to thank each and every person who directly or indirectly helped me in the
completion of the project especially MY PARENTS AND PEERS who supported me
throughout my project.

3
 ORIENTAL EDUCATION SOCIETY ’S
SANPADA COLLEGE OF COMMERCE & TECHNOLOGY
PLOT NO. 3,4,5, SECTOR 2, SANPADA, NAVI MUMBAI 4007053

C E R TI FI CATE
This is to certify that Ms. Dipti Ajay Singh has worked and duly completed her / his Project work for
the degree of bachelor of management studied under the faculty of commerce in the subject of Finance
and her/ his project is entitled, “STUDY ON NEW JEEVAN ANAND POLICY UNDER LIC” under
my supervision.

I further certify that the entire work has been done by learner under my guidance and that no part of
it has been submitted previously for any Degree or Diploma of any University.

It is her/ his own work and facts reported by her / his personal findings and investigations.

Date of Submission:

Project Guide Head of the Department

Prof. Aeman Khatri Prof. Bushra Ansari

External Examiner Principal

Dr. Suryakant Lasune

4
 EXECUTIVE SUMMARY
The New Jeevan Anand policy offered by LIC (Life Insurance Corporation of India) is a popular life
insurance plan that combines savings and protection. It provides coverage for the entire lifetime of the
insured person, along with bonuses accrued during the policy term. The policy offers financial security to
the policyholder's family in case of their demise, along with maturity benefits if the insured survives the
policy term. Additionally, the policy offers loan facilities against the accrued value and bonuses, providing
liquidity in times of need. Overall, it's a comprehensive life insurance plan with both protection and savings
features. The policy provides both death benefit and maturity benefit, ensuring financial security for the
policyholder and their family. Policyholders have the flexibility to choose between regular premium
payment or single premium payment options based on their financial preferences. The policy accrues
bonuses throughout the policy term, which are paid out upon maturity or in the event of the policyholder's
demise. Policyholders can avail of loan facilities against the accrued surrender value of the policy, providing
liquidity during emergencies or financial needs. Premiums paid towards the policy are eligible for tax
deductions under Section 80C of the Income Tax Act, and the maturity amount is also tax-free under Section
10(10D), subject to current tax laws. The policy provides coverage for the entire lifetime of the insured
individual, ensuring long-term financial protection. Policyholders have the option to enhance their coverage
with additional riders such as accidental death benefit rider, critical illness rider, etc., for an extra premium
The policy acquires a surrender value after the completion of a certain number of years, allowing
policyholders to surrender the policy and receive a lump sum amount if needed

5
 INDEX

CHAPTER TITLES PAGE NO.

NO.

1 INTRODUCTION 8-34

 Characteristic
 Importance
 Role of LIC
 Goal of LIC
 Mission
 Vision
 Awards and Recognition
 History of LIC
 Types of insurance
 New jeevan anand policy under LIC
 Key feature of LIC new jeevan anand policy
 Tax Exemption

2 RESEARCH METHODOLOGY 35-42

 Title of the project

 Duration of the project
 Objective
 Research design
 Sources of data
 Method of data collection
 Limitation of project

3 LITRERATURE REVIEW 43-48

4 DATA ANAYSIS & INTERPRETATION 47-62

6
5 CONCLUSION AND SUGGECTION 63-65

6 FINDING 66-67

7 BIBLIOGRAPHY / WEBLIOGRAPHY 68-69

8 APPENDIX 70-72

7
Chapter No 1:
Introduction

8
  Introduction on LIC:

LIC stands for Life Insurance Corporation of India. It started its operations as a corporate firm in September
1956 after the Life Insurance of India Act was passed by India’s Parliament in June 1956. The LIC Act came
into effect from July 1956. It helped in the nationalization of the private insurance industry in India. LIC of
India was formed by merging 154 life insurance companies, 16 foreign companies and 75 provident
companies.

The Life Insurance Corporation of India (LIC) was not "invented" by a single individual. It was established
by the Parliament of India in 1956 through the Life Insurance Corporation Act passed in the same year. The
corporation was created by amalgamating around 245 insurance companies and provident societies. While it
doesn't have a single inventor, its establishment was a result of government policy aimed at nationalizing the
life insurance industry in India to provide insurance coverage to a wider segment of the population.

It is one of the largest financial institutions in India. It has an asset value of over 2,529,390 crores. The
headquarters of LIC is in Mumbai, Maharashtra. The main slogan of LIC is- “Yogakshemam Vahamyaham”
meaning “Your welfare is our responsibility”. It is in Sanskrit and is obtained from the 22nd verse of the
Bhagavad Gita’s 9th chapter. The chairman of Life Insurance of India is Mr M.R Kumar.

LIC is known as India's largest government-owned life insurance and investment corporation. The main role
of LIC is to invest in global financial markets and different government securities after gathering funds
from people through their various life insurance policies. At least 75% of these gathered funds are to be
invested in Central and State Government securities, as stated by one of the LIC rules.

The Life Insurance Corporation of India (LIC) stands as one of the most prominent and trusted insurance
providers in India, with a rich legacy spanning over six decades. Established in 1956, LIC was created by the
Government of India to provide life insurance services to the Indian populace and foster financial security
and stability among its citizens.

Since its inception, LIC has been a cornerstone of the Indian insurance industry, playing a pivotal role in the
economic development of the nation. With its extensive network of branches and agents across the length
9
and breadth of the country, LIC has reached millions of households, offering a wide range of insurance
products tailored to meet the diverse needs of individuals and families.

LIC's commitment to excellence and customer-centric approach has earned it the trust and confidence of
millions of policyholders. The company's core values of integrity, transparency, and reliability serve as the
guiding principles in all its operations, ensuring the highest standards of service and ethics.

Over the years, LIC has diversified its portfolio to include various types of insurance products such as term
plans, endowment plans, pension plans, ULIPs (Unit Linked Insurance Plans), and health insurance, among
others. This diverse range of offerings enables LIC to cater to the evolving needs of its customers at different
stages of their lives.

Furthermore, LIC's contribution to the socio-economic development of India extends beyond insurance. The
corporation actively participates in various social welfare initiatives, promoting financial literacy, education,
healthcare, and community development programs across the country.

As a pioneer in the insurance sector, LIC continues to innovate and adapt to changing market dynamics
while upholding its commitment to serving the best interests of its policyholders and stakeholders. With its
strong financial fundamentals, robust infrastructure, and unwavering dedication to customer satisfaction,
LIC remains a symbol of trust and reliability in the Indian insurance landscape.

Life Insurance Corporation of India (LIC) is an Indian multinational public sector life insurance company
headquartered in Mumbai. It is India's largest insurance company as well as the largest institutional
investor with total assets under management worth ₹49.24 trillion (US$620 billion) as of March 2023. It is
under the ownership of Government of India and administrative control of the Ministry of Finance.

The Life Insurance Corporation of India was established on 1 September 1956, when the Parliament of
India passed the Life Insurance of India Act, nationalizing the insurance industry in India. Over 245
insurance companies and provident societies were merged.

LIC reported 290 million policyholders as of 2019, a total life fund of ₹28.3 trillion, and a total value of sold
policies in the year 2018–19 of ₹21.4 million. The company also reported having settled 26 million claims
in 2018–19. It ranked 98th on the 2022 Fortune Global 500 list with a revenue
of ₹775,283 crore (equivalent to ₹8.2 trillion or US$100 billion in 2023) and a profit
of ₹4,415 crore (equivalent to ₹47 billion or US$590 million in 2023).

The Life Insurance Corporation of India (LIC) stands as a cornerstone in India's financial landscape, serving
as the country's largest and most trusted life insurance provider. Established in 1956, LIC has been
instrumental in safeguarding the financial futures of millions of individuals and families across the nation.
With a wide array of insurance products tailored to diverse needs, LIC offers comprehensive coverage
against life's uncertainties, including death, disability, and critical illnesses. Beyond insurance, LIC plays a
pivotal role in fostering financial inclusion, mobilizing savings, supporting infrastructure development, and
contributing to social welfare initiatives. Through its commitment to excellence, integrity, and customer-
centric service, LIC continues to be a beacon of stability and reliability, empowering individuals to secure
their dreams and aspirations for generations to come.

10
  Introduction on new jeevan anand policy:
The New Jeevan Anand policy, offered by the Life Insurance Corporation of India (LIC), is a unique blend
of insurance and investment, designed to provide comprehensive financial protection and savings benefits to
policyholders. Launched to meet the evolving needs of individuals and families, this policy has gained
popularity for its dual benefits and flexible features.

At its core, the New Jeevan Anand policy serves as a lifelong companion, offering coverage for the entirety
of the policyholder's life. This means that regardless of when the insured passes away, their loved ones will
receive a lump sum payout, ensuring financial stability and security for the family's future.

One of the distinguishing features of this policy is its dual benefit structure. In addition to the death benefit,
which provides a sum assured to the nominee in the event of the policyholder's demise, the policy also
offers a maturity benefit. If the insured survives the policy term, they receive the sum assured along with
bonuses accrued over the years, serving as a valuable financial asset for various life milestones such as
education, marriage, or retirement.

Furthermore, the New Jeevan Anand policy provides flexibility to policyholders in terms of premium
payment options, coverage amounts, and additional riders for enhanced protection. With the option to
customize the policy according to individual needs and preferences, policyholders can tailor their coverage
to suit their financial goals and risk appetite.

Another notable aspect of this policy is its tax benefits, wherein premiums paid are eligible for tax
deductions under Section 80C of the Income Tax Act, 1961, and the maturity proceeds are tax-free under
Section 10(10D), subject to conditions.

In summary, the New Jeevan Anand policy stands as a reliable financial tool that not only safeguards against
life's uncertainties but also fosters long-term savings and wealth accumulation. With its comprehensive
coverage, investment opportunities, and flexible features, it continues to be a preferred choice for individuals
seeking financial security and peace of mind
11
  Characteristic on new jeevan anand policy

The New Jeevan Anand policy is a type of life insurance plan offered by the Life Insurance Corporation of
India (LIC). Some of its characteristics typically include:

Dual Benefits: It offers both death and maturity benefits.

Lifetime Coverage: Provides coverage for the entire lifetime of the insured, even after the maturity of the
policy.

Death Benefit: In case of the insured's death during the policy term, the nominee receives the sum assured
along with bonuses, if any.

Maturity Benefit: If the insured survives till the end of the policy term, they receive the sum assured along
with bonuses, if any.

Bonuses: Policyholders may receive bonuses declared by LIC during the policy term.

Surrender Value: The policy can be surrendered after a certain period, subject to terms and conditions, and
the insured can receive a surrender value.

Loan Facility: It often offers a loan facility against the policy, providing liquidity in times of need.

These characteristics may vary based on the specific terms and conditions of the policy and any revisions
made by LIC. It's essential to thoroughly understand the policy document and consult with LIC
representatives for accurate information’

 Importance on new jeevan anand policy

The New Jeevan Anand policy can be important for individuals seeking both life insurance coverage and
investment benefits. Here are some reasons why it may be important:

Financial Protection: It provides financial protection to your family in case of your unfortunate demise
during the policy term, ensuring they receive a lump sum amount to cover their financial needs.

Lifetime Coverage: Offers coverage for your entire lifetime, providing peace of mind knowing that your
loved ones will receive financial support whenever you pass away, regardless of your age.

Savings and Investment: It combines insurance coverage with savings and investment opportunities. The
premiums paid accumulate over time, along with bonuses, providing a corpus that can be useful for future
financial needs such as education expenses, marriage, or retirement.

12
Tax Benefits: Policyholders may be eligible for tax benefits under the Income Tax Act, 1961. Premiums paid
towards the policy are eligible for tax deductions under Section 80C, and the maturity proceeds are tax-free
under Section 10(10D), subject to conditions.

Flexibility: The policy often offers flexibility in terms of premium payment options, coverage amount, and
additional riders that can be added for enhanced protection.

Loan Facility: It provides the option to avail loans against the policy's surrender value, offering liquidity
during emergencies.

Bonuses: Policyholders may receive bonuses declared by LIC, which can enhance the policy's overall
returns.

Overall, the New Jeevan Anand policy can be important for individuals looking for a comprehensive life
insurance solution that offers financial protection, savings, and investment benefits over the long term.
However, it's crucial to carefully assess your financial goals and needs before investing in any insurance
policy.

 Roles of LIC

 LIC is known as India’s largest national life insurance and investment company. LIC’s
main mission is to raise funds from people through various life insurance policies and then
invest in the global financial markets and various government securities. At least 75% of
these proceeds must be invested in central and state government securities under one of the
LIC regulations.

 To make investments in the finances of the Corporation in such way because the
Corporation might imagine in shape and to take all such steps as can be important or
expedient for the safety or realization of any funding; along with the taking up of and
administering any belongings supplied as protection for the funding till an appropriate
possibility arises for its disposal.

 To acquire, preserve and put off any belongings for the motive of its commercial
enterprise.

 To switch the entire or any a part of the lifestyles coverage commercial enterprise carried
on out of doors India to every other individual or persons, if with inside the hobby of the
Corporation it’s far expedient so that you could do.

 To increase or lend cash upon the safety of any movable or immovable belongings or
otherwise.

 To keep on both through itself or via any subsidiary every other commercial enterprise
anyhow in which such different commercial enterprise changed into being carried on
through a subsidiary of an insurer whose managed commercial enterprise has been
transferred to and vested within side the Corporation through this act.

 To do all things can be incidental or conducive to the right workout of any of the powers of
the Corporation
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 The Life Insurance Corporation of India (LIC) plays a significant role in the insurance sector
and the broader financial landscape of India. Some of the key roles and responsibilities of
LIC include.

 Providing Life Insurance Coverage: LIC offers a wide range of life insurance products
tailored to meet the diverse needs of individuals and families. These products provide
financial protection to policyholders and their dependents against the uncertainties of life,
including death, disability, and critical illnesses.

 Promoting Financial Inclusion: LIC plays a crucial role in promoting financial inclusion by
providing insurance products to individuals across various socio-economic segments,
including those in rural and remote areas. This helps in spreading awareness about the
importance of insurance and ensuring that a larger population has access to financial security.
 Mobilizing Savings: LIC mobilizes savings from individuals by offering insurance-cum-
investment products that provide long-term wealth creation opportunities. These products
encourage individuals to save and invest for their future financial goals while also providing
life insurance coverage.

 Supporting Infrastructure Development: LIC invests a significant portion of its funds in

infrastructure projects, government securities, and other strategic sectors of the economy.
This helps in financing key infrastructure projects and contributes to the overall economic
development of the country.

 Stimulating Capital Markets: LIC's investments in capital markets play a vital role in
providing liquidity and stability to the financial markets. It is one of the largest institutional
investors in the Indian stock market, which helps in stimulating economic growth and
development.

 Contributing to Social Welfare: LIC undertakes various social welfare initiatives and
corporate social responsibility (CSR) activities to give back to society. These initiatives
include healthcare programs, educational initiatives, and community development projects
aimed at improving the quality of life for the underprivileged.

Overall, LIC serves as a pillar of stability in India's financial sector, providing insurance
protection, promoting savings and investments, supporting economic growth, and
contributing to the well-being of society at large.

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  Goals of LIC

 LIC aims to promote the importance of life insurance to people living in rural areas and those who
are socially and economically disadvantaged.

 It aims to meet the diverse life insurance needs of residents who face changes in the social and
economic environment.

 It aims to operate economically while considering that the money belongs to the policyholder.

 It aims to maximize the liquidity of people’s savings through attractive insurance-linked savings.

 Its purpose is to provide the highest level of job satisfaction to all company representatives and
employees and to promote the establishment of a supportive working environment to the best
interest of investors and the community.

 Mission: Ensure and enhance the quality of life of people through financial security by
providing products and services of aspired attributes with competitive returns, and by
rendering resources for economic development.

 Vision: A trans-nationally competitive financial conglomerate of significance to societies

and Pride of India

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  Awards & Recognitions

 LIC was rated as the No. 6 Most Trusted Service Brand of India by the Economic Times Brand
Equity Survey of 2012.
 Since 2006, the LIC of India has been regularly winning the “Reader’s Digest Award”
 According to the Brand Trust Report, the LIC of India was reported to be India’s most trusted brand
in the BFSI category for 4 consecutive .

16
  History of LIC.

The Oriental Life Insurance Company, the first company in India to offer life insurance coverage, was
established in Kolkata in 1818 by Bipin Das Gupta. Its primary target market was India

Surendranath Tagore had founded Hindustan Insurance Society in the same time period, which later became
the Life Insurance Corporation.

The Bombay Mutual Life Assurance Society was formed in 1870, almost half a century later. It was the first
native insurance provider of Western India. Other insurance companies established in the pre-independence
era include:

 Postal Life Insurance (PLI) was introduced on 1 February 1884

 Bharat Insurance Company (1896)
 United India (1906)
 National Indian (1906)
 National Insurance (1906)
 Co-operative Assurance (1906)
 Hindustan Co-operatives (1907)
 The New India Assurance Co Ltd (1919)
 Indian Mercantile
 General Assurance
 Swadeshi Life (later Bombay Life)
 Sahyadri Insurance (Merged into LIC, 1986)

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The New Jeevan Anand policy is a life insurance plan offered by the Life Insurance Corporation of India
(LIC). It provides both insurance coverage and savings. The policyholder pays premiums for a specified
period, and upon maturity, receives a lump sum amount along with bonuses. Additionally, in the event of the
policyholder's death during the policy term, the nominee receives the sum assured along with bonuses. The
policy has gained popularity due to its dual benefit of insurance and investment.

These companies were established when India was marked mostly by turbulent economic and political
conditions including the Indian rebellion of 1857, World War I and World War II. The effect of these events
led to a high liquidation rate of life insurance companies in India and adversely affected the faith of the
general public in the value of obtaining life insurance.

Nationalization in 1956edit =In 1956, parliamentarian Frozen Gandhi raised the matter of insurance fraud
via owners of private insurance agencies. In the ensuing investigations, one of India's wealthiest
businessmen, Times of India owner Sachin Devkekar, was sent to prison for two years.

Initial public offeringedit =Finance Minister Nirmala sitaraman announced a proposal to conduct an initial
public offering for LIC in the 2021 Union Budget. The IPO is expected to occur in 2022, and the
Government of India will remain the majority shareholder after the public listing. Ten percent of shares are
proposed to be allotted to existing LIC policyholders. In year 2021, the government of India had proposed to
enhance the authorized capital of the LIC of India, to ₹250 billion (US$3.1 billion) to facilitate its public
listing scheduled for the next fiscal year which will begin on 1 April.

Due to the scale of the offering and the LIC's ownership structure, the deal has been referred to as "India's
Aramco moment" in reference to the comparable 2019 IPO of Saudi Aramco.

The LIC announced it would open its IPO to the public on 4 May 2022, and the process would be concluded
on May 9. Through this IPO, the Government of India is now aiming to raise ₹21,000 crore, as opposed to
raising between ₹65,000 crore to ₹70,000 crore by diluting the 5% equity earlier. As per the IPO price band
for 3.5% stakes for ₹21,000 crore, the valuation comes to around ₹6 lakh crore.

18
 Types of life insurance corporation.

 Term Life Insurance or Term Plan= Term life insurance is the most popular type of life insurance.
It is widely considered to be the simplest and purest form of life insurance. It offers a death benefit to
the beneficiaries of the policy if the policyholder passes away during the policy term. Terms
insurance is the most affordable types of life insurance. The most distinctive feature of this plan is
the high amount of coverage offered at extremely nominal premium rates. It is thus cheaper than
other types of life insurance policies. In general, term life insurance does not offer maturity benefits.
But certain types of term plans also offer maturity benefits, i.e., term plan with return of premiums
(TROP) if the policyholder outlives the policy term. One can also increase the amount of coverage
offered by a term plan by opting for additional riders, such as Accidental Death Benefit or Child
Support riders.

Term life insurance is a straightforward and cost-effective way to provide financial protection for
your loved ones. Unlike traditional life insurance policies, term life insurance offers coverage for a
specific period, typically ranging from 5 to 30 years, at a fixed premium rate. In the event of the
insured's death during the policy term, the policy pays out a death benefit to the beneficiaries,
providing them with financial security and peace of mind. Term life insurance is popular for its
simplicity and affordability, making it an ideal choice for individuals seeking to protect their family's
financial future without committing to a lifelong policy. It's a valuable tool for covering expenses
such as mortgage payments, education costs, and daily living expenses, ensuring that your loved ones
are well taken care of even in your absence.

 Whole Life Insurance Plan= Whole life insurance is a type of life insurance that offers coverage
right until the death of the policyholder. In this policy, you can opt for either a participating or non-
participating policy, as per your financial needs and risk appetite. Though the premiums for
participating whole life insurance are higher in comparison, dividends are paid out at regular

19
 intervals to the policyholders. The premium rates for a non-participating policy are lower, but the
policyholder generally cannot avail the benefits of regular dividends.

Whole life insurance is a foundational component of financial planning, offering lifelong protection and
financial security for individuals and their families. Unlike term life insurance, which covers a specific
period, whole life insurance provides coverage for the entirety of the insured's life, as long as premiums
are paid.

At its core, whole life insurance combines a death benefit with a cash value component, providing a
unique blend of protection and investment. The premiums paid into the policy accumulate cash value
over time, which grows on a tax-deferred basis. This cash value can be accessed by the policyholder
through loans or withdrawals, offering a source of liquidity for various financial needs.

One of the distinguishing features of whole life insurance is its stability and predictability. Premiums are
typically fixed and guaranteed for the life of the policy, providing policyholders with peace of mind and
allowing for easier financial planning.

Whole life insurance serves multiple purposes, including providing financial protection for loved ones in
the event of the insured's death, building cash value for future needs, and serving as a tool for estate
planning. It offers a versatile solution for individuals seeking long-term financial security and legacy
preservation.

Overall, whole life insurance stands as a pillar of financial stability, offering a reliable foundation upon
which individuals can build their financial futures and protect their loved ones for generations to come.

 Unit Linked Insurance Plan (ULIP)=Unit Linked Insurance Plan or ULIP is a type of life
insurance product that offers dual benefits of investment and life insurance. Among the different
types of life insurance policies available, ULIPs enjoy a high amount of popularity owing to their
versatile nature. A portion of the premiums paid is directed towards ensuring insurance coverage,
while the rest of the premium is invested into a bouquet of investment instruments, which can include
market-backed equity funds, debt funds and other securities. ULIPs are extremely flexible
instruments since investors can easily switch or redirect their premiums between the different funds
available. They are also touted as having an edge over other market instruments in terms of tax-
saving benefits, since their proceeds are exempted from LTCG (Long Term Capital Gains).

Unit Linked Insurance Plans (ULIPs) represent a dynamic fusion of insurance and investment,
offering policyholders the dual benefits of life insurance coverage and investment opportunities.
Introduced as a versatile financial instrument, ULIPs have gained popularity for their flexibility and
potential for wealth accumulation.

 Endowment Policy= Endowment Policy is a type of life insurance policy which acts as, both, an
instrument for insurance and saving. These plans aim to provide maturity benefits to the life
insured, in the form of a lump sum payment at the end of the policy tenure, even if a claim hasn’t
been made. It is the most suitable types of life insurance for people looking to get maximum
coverage alongside having a sizable savings component. They help the policyholder inculcate the
habit of savings, even while providing financial security to their family. Endowment plans can
broadly be classified into two types: with profit and without profit. Policyholders can choose from
these two types based on their risk appetite.

20
 An endowment plan is a type of life insurance policy that offers both insurance coverage and savings
or investment benefits. It provides financial protection to the policyholder's beneficiaries in case of
the insured's death and a lump sum payout upon maturity if the insured survives the policy term.
With fixed premiums and a fixed term, endowment plans serve as a dual-purpose financial tool,
combining insurance protection with long-term savings or investment opportunities.

 Money Back Policy= Being one of the best types of life insurance policies, a money-back policy
offers policyholders a percentage of the total sum assured at periodic intervals in the form of
Survival Benefits. Once the policy reaches maturity, the remaining amount of the Sum Assured is
handed over to the policyholder. However, if the policyholder dies while the term is ongoing, their
dependents are given the entire Sum Assured without any deductions.

A money-back policy is a type of life insurance plan that provides periodic payouts to the
policyholder during the policy term, in addition to life insurance coverage. These payouts, known as
survival benefits, offer a source of liquidity at regular intervals and can be used to meet various
financial needs or goals. In the event of the insured's death during the policy term, a death benefit is
paid out to the beneficiaries, providing financial protection. At the end of the policy term, if the
insured survives, a maturity benefit is paid out, typically including the sum assured along with any
bonuses or guaranteed additions. Money-back policies offer a unique combination of insurance
coverage and savings, making them a popular choice for individuals seeking regular returns and
financial security.

 Retirement Plan= Retirement plan is also known as pension plan. A retirement plan is a type of
life insurance that focuses on providing you financial stability and security post your retirement.
After you retire, you lose your regular income from employment. Investing in retirement plans can
help you create a stable regular income stream. If you continue to invest until retirement, the plan
will help you take care of your expenses after retirement. It requires you to invest a certain part of
your income regularly during your working life. At the time you retire, the amount that you create
over the years will be converted into a regular income stream. Retirement plans also involve death
benefits. Thus, if the policyholder passes away during the course of the policy, their beneficiaries
will be provided with an assured sum.

A retirement plan is a financial strategy designed to help individuals build savings and investments to
secure their financial future after they stop working. These plans are essential for ensuring a
comfortable and financially stable retirement. Retirement plans come in various forms, including
employer-sponsored plans like 401(k)s and pensions, as well as individual retirement accounts
(IRAs) and annuities. These plans often offer tax advantages, such as tax-deferred growth or tax-free
withdrawals in retirement, making them valuable tools for long-term financial planning. Overall,
retirement plans play a critical role in helping individuals save and invest for retirement, providing
peace of mind and financial security during their golden years.

 Study on new jeevan anand policy under life insurance corporation.

Jeevan Anand policy= Jeevan Anand is a life endowment plan that comes with a multitude of benefits for
the policyholders throughout the term period. As per the plan, the insurance cover continues even after
completion of the premium payment term. In the event of death of an individual due to an accident, the
plan offers an additional cover sum which is capped at Rs.5 lakhs. But in case the accident leaves a
policyholder with permanent disability, the plan takes care of the regular financial needs by paying the

21
sum assured in installments. These additional benefits offered under LIC Jeevan Anand do not impose
extra charges on the premium amount.

 Prime features of LIC Jeevan Anand Plan:

 It's a traditional endowment policy which offers sum assured and additional bonuses
 On survival, the maturity benefits are paid to the policyholder and the plan continues to be in force
 In the event of policyholder's death, the sum assured is paid to the nominee
 Additional top-up covers are available on payment of a nominal sum along with premium
 This Life Insurance Policy Provides financial protection throughout the lifetime of the person insured
 Offers a lump sum at the end of the chosen term period
 The policy participates in the profits of the corporation’

 Documents Required for Jeevan Anand Policy:

 A duly filled form along with the following documents are to be submitted at the time of application;
 Proof of residence.
 Age proof.
 KYC documents such as copy of Aadhaar card, PAN card, etc.
 Medical test reports.
 Other necessary documents specified by LIC.

 Documents Required for Making Death Claims;

 To make a death claim, the nominee shall have to produce the following documents along with the
claim form:
 Original policy documents.
 Documents pertaining to riders.
 Bank account details.
 Death certificate.
 Treatment records of the policyholder (if any)

 Eligibility criteria of jeevan anand policy.

Minimum entry age 18 years

Maximum entry age 50 years

Premium payment models Yearly, Half-Yearly,

Quarterly, Monthly (only
through ECS)
Policy term 15 to 35 years

22
Basic sum assured Rs.1,00,000

Revival Within 2 years

Rebate  2% for yearly.

 1% for half-yearly
 None for quarterly

Loan eligibility After 3 years of entry

Surrender Eligible only after 3 years of
full premium payments
Bonuses Simple reversionary bonuses
plus additional bonuses
Death benefit Sum assured and accrued
bonuses are paid to the
nominee. The plan continues
to be in force

Maturity benefits Payable to policyholder after

the maturity period. Includes
basic sum assured and
bonuses accrued from time to
time

Sum assured on death 125% of the basic sum

assured. 10 times the
annualized premium subject
to a minimum of 105% of the
total premiums paid

Riders LIC's Accidental Death

Benefit Rider. Disability
Benefit Rider

Premium discounts Available on higher sum

assured and yearly and half-
yearly premiums
Tax benefits Available under Section 80C
and Section 10 (10 D) of the
Income Tax Act
Switching of policy Not allowed

23
  Free Look Period:

The look in period is a provision whereby customers can cancel the policy within a specific time after
its purchase. Jeevan Anand policy provides a free look period of 15 days, provided no claims have
been made by the policyholder.

 Surrender Benefits;

The policy attains its surrender value only after completion of 3 full premium years. The amount paid
to the policyholder while surrendering the policy will be a percentage of the total premiums paid, and
it will be exclusive of the premiums for riders. However, the guaranteed surrender value will be
inclusive of simple reversionary bonuses.

 Grace Period:

The policy allows a grace period of 30 days for payment of outstanding premium amount, after
which the policy will lapse. But it can be revived within
2 years from the date of last unpaid premium by clearing all dues and applicable penalty charges.

 Exclusion:

If the policyholder commits suicide within 12 months of commencement of the plan, then LIC is not
liable to pay any of the assured benefits. But the nominees will be paid a sum equal to 80% of the
premiums paid. In case policyholder commits suicide after completion of 1 year from the date of
policy inception, then the beneficiary will receive a sum higher than 80% of the premiums paid. GST
of 18% is applicable on life insurance effective from the 1st of July, 2017.

 How To Apply for LIC New Jeevan Anand Plan?

If you are looking to buy LIC New Jeevan Anand Plan, make sure you visit your nearest LIC branch. But it
doesn’t mean you may just go to the corporation and buy it. Instead, you must bring all your relevant
documents to the branch to make the whole process convenient and hassle-free. To know more about the
policy and any associated queries, make sure you contact the company at +91-022 6827 6827 today!

On the other hand, if you continue to have issues purchasing the New LIC Jeevan Anand, you can contact
Promus Insurance to get the best assistance right away.

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 Types of plans under jeevan anand policy.

 LIC New Jeevan Anand (Plan No. 915, UIN No. 512N279V02) is an endowment plan that offers
maximum protection and savings to the policyholder. The major highlight of the plan is that it
offers twin benefits of full payout on maturity and continuous lifelong cover. LIC New Jeevan
Anand is equipped with extensive features, making it a popular policy in its segment. The plan,
furthermore, offers a loan facility to the user. The premiums paid under the plan are even eligible
for tax rebate under “Section 80C” of the income tax act. This would ultimately allow the insured
to save tax while receiving comprehensive financial protection from the corporation.

 To apply for a LIC (Life Insurance Corporation of India) plan, you can follow these general
steps:

 Research and Choose a Plan: Research and select the LIC plan that best suits your needs and
financial goals. LIC offers various types of insurance plans, including term insurance,
endowment plans, whole life insurance, and unit-linked insurance plans (ULIPs).

 Contact LIC Agent or Branch: Reach out to a LIC agent or visit the nearest LIC branch office.
LIC agents are trained professionals who can guide you through the process of selecting the
right plan and completing the application.

 Consultation and Documentation: Meet with the LIC agent to discuss your insurance needs,
financial situation, and other relevant details. Provide necessary documents such as identity
proof, address proof, income proof, and
age proof as required by LIC.

 Fill Out Application Form: Complete the application form for the selected LIC plan. Ensure
that you provide accurate and complete information to avoid any discrepancies or delays in
the application process.

 Medical Examination (if required): Depending on the plan chosen and your age, LIC may
require you to undergo a medical examination. This is to assess your health condition and
determine the risk associated with insuring you.

 Premium Payment: Pay the initial premium amount as specified by LIC. You can choose from
various premium payment options, including annual, semi-annual, quarterly, or monthly
payments, depending on the plan.

 Submission and Approval: Submit the completed application form along with the required
documents and premium payment to the LIC agent or branch office. The application will be
reviewed by LIC, and upon approval, you will receive the policy document.

25
  Policy Issuance: Once the application is processed and approved, LIC will issue the policy
document. Review the policy document carefully to ensure that all details are accurate and
meet your expectations.

 Policy Servicing: After the policy is issued, ensure to keep the policy document safe and
accessible. You can also register for LIC's online portal or app for convenient access to policy
details, premium payments, and other services.

It's important to note that specific requirements and procedures may vary depending on the LIC plan chosen
and individual circumstances. Therefore, it's advisable to consult with a LIC agent or visit the nearest LIC
branch office for personalized assistance and guidance throughout the application process.

 Eligibility Criteria
Here’s the eligibility criteria for the LIC Jeevan Anand Policy.

Minimum Entry Age 18 years (completed)

Maximum Age at entry 50 years (nearer birthday)

Maximum Maturity Age 75year
(nearer birthday)
Minimum Sum Assured Rs . 100000
Maximum Sum Assured No limit
Minimum Policy Term 15 years

Maximum Policy Term 35 Ears

 The Key Features of LIC New Jeevan Anand Plan?

LIC’s New Jeevan Anand offers a wide gamut of features, making it one of the lucrative policy
options under the hood. Let’s take a quick glance!
 Grace Period: A grace period of 30 days is offered on annual, half-yearly, or quarterly basis.
For monthly payers, it is a 15 days period.
 Revival: A policyholder can easily revive the lapsed policy if it is purchased within 5 years
after the date of the First Unpaid Premium but before the maturity date.
 Policy Surrender: The insured can easily surrender the policy only if he/she had already made
the premium payment for 2 full policy years.
 Free Look Period: This exclusive feature of LIC’s New Jeevan Anand allows the newly opted
policyholder to return the policy within 15 days.
 Loan Against Policy: A policyholder can easily avail loan against the policy only if at least
two full policy years of premium payments have been made.
 Premium Payment: Policyholders can make the premium payment on either yearly, half-
yearly, quarterly or monthly intervals at their convenience.

 Benefits of LIC New jeevan Anand Plan

Listed below are the top benefits of this plan offered by LIC.
26
 1. Death Benefit:
If the policyholder, however, dies during the period of the policy, then he/she will likely receive the
final additional bonus and simple reversionary bonuses along with the sum assured on death.
For those who don’t know, the amount of sum assured on death is either;125% of basic sum assured
or 7X annualized premium. The maximum of the above will be considered. On the other hand, if the
policyholder dies after the end of the period of the policy, the family shall receive the basic sum
assured.
 Let’s consider an example to properly understand it.
A software engineer, Ajay who is 29 years old purchased “LIC Jeevan Anand” with a policy term of
15 years while the basic sum assured (BSA) is 1000000. In addition, he even included other options
like Accidental rider, Term Rider, and Maturity Settlement .But if he unfortunately dies, then Basic
Sum Assured:1000000Death Sum Assured:1250000Accidental SA:1000000Term SA1000000

2. Maturity Benefit:
A policyholder is likely to get a maturity benefit which is given to him/her at the end/maturity of the
policy only if they had paid all premiums on time. The major highlight of the policy is that it allows
you to receive the so-called “Maturity Benefit” in installments for 5, 10, or 15 years.

Maturity Benefit = Basic Sum Assured + Final additional & simple reversionary bonuses. The
policyholder, alongside, will likely receive a final additional bonus and a simple reversionary bonus that
would be an additional bonus.

 LIC Jeevan Anand – 149 – Premium, Benefit and Maturity Calculator

Premium, Benefit and Maturity calculator for LIC Jeevan Anand (Plan 149) is an online calculator to
understand all the benefits of the plan in an easy manner. This calculator can provide you all details on what
you are paying, the pattern of insurance coverage, maturity benefits, etc. Jeevan Anand (Plan 149) is by far
one of the most popular insurance plan from the one and only public sector insurer – Life Insurance
Corporation of India. This plan has already been withdrawn from sales and is not available for new sales.
LIC has introduced another similar plan as the successor of Jeevan Anand (149) plan with the name New
Jeevan Anand and bears the plan number 815.
The New Jeevan Anand Policy 149 is a life insurance plan offered by the Life Insurance Corporation of India
(LIC). It combines the benefits of both endowment and whole life insurance, providing financial protection
to the insured throughout their lifetime. With this policy, individuals can secure their family's future while
also building a corpus for themselves. It offers a combination of death benefit, maturity benefit, and bonuses,
making it a comprehensive solution for long-term financial planning and protection.

 Benefit of lic jeevan anand policy- plan 149

The LIC New Jeevan Anand Plan (Plan 149) offers a range of benefits to policyholders, making it a
popular choice for long-term financial planning and protection. Some of the key benefits include:

27
 Death Benefit: In the unfortunate event of the policyholder's demise during the policy term, the plan
provides a death benefit to the nominee. This benefit includes the sum assured on death along with
accrued bonuses, if any, providing financial security to the policyholder's family.

Maturity Benefit: If the insured survives the policy term, a maturity benefit is paid out, which
includes the sum assured along with bonuses declared by LIC.

Bonus Additions: The policy may accumulate bonuses over time, enhancing the overall returns.
These bonuses are declared by LIC and are based on the performance of the company.

Loan Facility: Policyholders can avail of loans against the policy's surrender value, providing
liquidity in times of need.

Tax Benefits: Premiums paid towards the policy are eligible for tax benefits under Section 80C of the
Income Tax Act. Additionally, the maturity proceeds and death benefits are also tax-free under
Section 10(10D), subject to conditions.

Dual Benefits: The plan combines the benefits of both endowment and whole life insurance,
providing financial protection throughout the insured's lifetime while also offering savings and
investment opportunities.

These benefits make LIC's New Jeevan Anand Plan a comprehensive solution for individuals looking to
protect their family's future and build wealth over the long term. However, it's essential to review the
policy document and consult with LIC representatives for detailed information specific to individual
circumstances.

 Key Features of LIC Jeevan Anand – Plan 149

Plan is a combination of an Endowment Assurance plan and a Whole Life plan.

 Maturity benefit includes Sum Assured + Accrued (Simple reversionary) Bonus + Final addition
bonus (If any) and shall be available after the completion of the term.
 Death coverage during the term of the policy shall include Sum assured + Accrued bonus
 Insurance Coverage equal to the Sum Assured shall continue even after the maturity and shall be
available for life time or 100 years of age which ever is earlier.
 Double accident benefit and extended permanent disability is available as an inbuilt benefit under
this plan and shall be available during the term of the plan and also till age up to 70 years. Maximum
DAB & EPDB cover will be Rs. 5 lakhs.
 Critical Illness Rider provides coverage for specified critical illnesses and shall be available as an
optional rider.

28
  Riders Available in LIC’s Jeevan Anand Plan 149

DAB and EPDP Cover:

Double Accident Benefit (DAB) and Extended Permanent Disability Benefit (EPDB) is available under
Jeevan Anand Plan as inbuilt benefit. The maximum DAB and EPDB cover will be Sum Assured or 5 Lakh
which ever is less. Further an additional sum assured is paid up to age 70 if death of life assured occurs due
to accident.

 About LIC Plan No. 815 - New Jeevan Anand

LIC 815 New Jeevan Anand is non-linked, participating in nature that offers financial protection to the
policyholder against their death throughout their lifetime. On the policyholder's death within the policy term,
the nominees shall receive the death benefit to finance their future needs without an earning member.
Furthermore, they receive a lump sum payout on surviving till the end of the policy term as part of the
maturity benefit.

LIC Plan No. 815 refers to the LIC's New Endowment Plan. It's a traditional savings-cum-protection plan
offered by the Life Insurance Corporation of India. This plan provides both savings and protection features,
making it suitable for individuals looking to secure their family's financial future while also accumulating
savings over time. The plan offers a lump sum payment on the death of the policyholder during the policy
term and a maturity benefit if the insured survives the policy term. Additionally, the plan may also provide
bonuses, enhancing the overall returns

 LIC Jeevan Anand 815- Policy Details

 Grace Period:
The grace period is the additional time granted to policyholders to pay their premiums after
the due date without the risk of policy lapse. The grace period for LIC New Jeevan Anand is
30 days, wherein the policyholder can pay their premiums and continue their coverage.
 Free-Look Period:
The free-look period is when the policyholder can review the terms and conditions. If the
policyholder is dissatisfied with any aspect of the policy, they can return the policy within the
free-look period for a refund. The free-look period is 15 to 30 days from receiving the policy
document.
 Loan Facility:
LIC Jeevan Anand 815 offers a loan facility. Once the policy has acquired the surrender
value, one can avail of the policy loan against their LIC Jeevan Anand Policy.

29
  Benefits Of LIC Plan No. 815

LIC New Jeevan Anand was formerly distributed as plan no. 815. The policy offered the following benefits
while it was active.

 Death Benefit
 Death within the policy term - The assigned nominee receives the sum assured on death. This
sum is equal to 125% of the BSA or 10 times the annual premium, whichever amount is
higher at the time of death. The nominee is also entitled to a percentage of the profits made
by LIC in the form of vested Simple Reversionary Bonuses and Final Additional bonus.
 Death after the policy term - Nominees can claim the basic sum assured if the life assured
dies after the policy term, provided that the maturity benefit has not yet been paid out.

 Maturity Benefit
At the end of the policy term, policyholders receive the basic sum assured on the maturity date. The
amount is payable in lump sum along with vested Simple Reversionary Bonuses and Final Additional
bonus.

 Optional Rider Benefit

The LIC plan no. 815 comes with the LIC's Accidental Death and Disability Benefit Rider that
policyholders may choose to add if they wish to. This can be done by paying an additional premium
against the assured accident benefit sum. This extra benefit is paid out to the nominees if the life
assured dies due to an accident within the policy term, along with the assured death benefit.

A notable feature of the rider is that if the policyholder has a disability because of an accident, future
premiums are waived, but the benefits continue through the policy term. Further, the accident benefit sum
assured is paid out in equal monthly installments for 10 years.

 Surrender & Loan Benefit

If you need urgent liquidity, you can surrender the policy to get the surrender benefit amount. This is
applicable if 3 full years’ premiums have been paid. Loans can also be availed against the acquired surrender
value.

Under LIC Policy No. 815, the New Endowment Plan, policyholders have the option to avail surrender value
and loan benefits, subject to certain conditions.

 Surrender Value: If the policy has acquired a surrender value, policyholders can surrender their
policy and receive a lump sum amount. However, the surrender value depends on the number of
premiums paid and the duration of the policy. Surrendering a policy before the completion of a
certain period may result in lower surrender value.
 Loan Benefit: Policyholders can avail loans against their LIC Policy No. 815, provided the policy has
acquired a surrender value. The loan amount is usually a percentage of the surrender value. The
interest rates on these loans are typically lower than those offered by traditional financial institutions.

30
It's important to review the policy document or contact LIC directly for specific details regarding surrender
value and loan benefits, as they may vary depending on the policy's terms and conditions and the duration
for which the policy has been in force.

 Eligibility Criteria Of LIC New Jeevan Anand

To purchase LIC plan no. 815, the following criteria must be met.
Criteria Minimum Maximum
Entry age 18 years 50 years
Minimum maturity age 75 years
Policy term 15 years 35 years
Basic sum assured Rs. 1lakh No limit
Premium payment Yearly, half-yearly, quarterly,
or monthly

 Tax on LIC

Tax is a compulsory financial charge imposed by the government on individuals, businesses, or other entities
to fund public expenditures and government activities. It serves as a primary source of revenue for
governments to finance various public services, infrastructure projects, and social welfare programs. Taxes
31
are levied on income, profits, property, goods and services, and transactions, among other things. The tax
system is governed by laws and regulations that determine the rates, exemptions, deductions, and procedures
for tax collection and enforcement. Understanding tax obligations and managing tax affairs is essential for
individuals and businesses to ensure compliance with the law and optimize their financial position.

 All tax exemption for payment of LIC premiums are offered as per section 80C of
the Income Tax Act, 1961

 Tax benefits on Life Insurance policies from LIC (under section 80C) :Let us look into the tax
benefits that are received by customers under section 80C if they purchase a life insurance
policy from LIC.

 Premium paid towards life insurance policy (availed on or before 31st March 2012) in the name of
self/spouse/child is eligible for deduction up to 20% of the actual capital sum assured
 Premium paid towards life insurance policy (availed after 1st April 2012) in the name of
self/spouse/child is eligible for deduction up to 10% of the actual capital sum assured.
 Contribution towards deferred annuity plans to keep a deferred annuity plan for self/spouse/child is
eligible for deduction but only if the contract does not offer cash payment to customer in lieu of
annuity payment made by him or her.

 Tax benefits on LIC insurance policies under section 80CCC: Section 80CCC comes under the
umbrella of section 80C and offers tax exemption to customers who are paying insurance premium
from their taxable income towards any annuity plan that promises them payment of pension in the
later year. For deduction purposes, the mode of payment for health insurance plays an important
role. The mode of payment can be cash or any other mode for preventive health check-up while for
any other medical issue listed above the payments needs to be made in any mode other than cash.
 Tax benefits under section 80D which are applicable to LIC insurance policies
 Almost all health insurance related tax benefits come under the purview of section 80D of the
Income Tax Act. Let us look into each of these deductions in detail.
 Up to Rs.25000 is allowed as deduction for customers who have paid money towards
government health insurance scheme or health insurance for self or family or on account of
health check-up of either the policyholder or his/her family
 Additional Rs.25000 worth of deduction is allowed in case you have paid premium towards
keeping up the health insurance or health check-up of parents whether dependent or not
 In case, for the above two points of exemption, any of the members is above 60 years of age
then the deduction will go up by Rs.5000 and the allowed limit changes to Rs.30,000
 In case any of the health check-ups made above are preventive in nature then the maximum
limit allowed is Rs.5000
 For HUFs, deduction allowed is up to Rs.25,000 if the amount is paid towards availing health
insurance for any member of the HUF

32
 Tax benefits on LIC insurance policies under section 80DD: Section 80DD of the Income Tax Act
comes under section 80D and deals with tax exemption for any person who is depositing a certain
amount with LIC for maintenance of a handicapped person. The limit for this deduction is Rs.50,000.
In case, the disability suffered by the handicapped person is severe, then the limit is increased to
Rs.1,00,000. Jeevan Aadhar plan from LIC is aimed towards meeting this particular insurance need
of customers.

 Tax benefits on LIC insurance policies under section 10 (10D): Any death claims or maturity
benefits received by a policyholder are eligible for tax exemption under section 10 (10D) of the
Income Tax Act. Here are a few possibilities that are included under this. Listed above are the various
tax exemptions that are applicable to insurance policies offered by LIC to customers in India.
However there is a very important point that needs to be kept in mind while availing insurance and
looking for tax benefits to be reaped out of it. That point is - Maximum deduction allowed as tax
benefit is Rs.1,50,000 and includes all other tax exempted financial products too which fall under
section 80C of the Income Tax Act. Also, the combined maximum limit for deduction under section
80C, 80CCC and 80CCD is Rs.1.5 lakh, currently.

 First and foremost point about application of this tax benefit is that the main insurance policy
should not have been issued under section 80DD or as a keyman policy.
 Up to 20% of the actual sum assured is exempt from tax for policies issued on or after
1st April 2013
 Up to 10% of the actual sum assured is exempt from tax for policies issued on or after
1st April 2012
 These insurance policies should be issued for life protection of a person suffering from severe
disability as referred in section 80U or suffering from an ailment listed in section 80DDB

 FAQs on Income Tax Exemption on LIC Premium

1. What is the limit of LIC exemption in income tax?

The maximum limit of LIC exemption is Rs.1.5 lakh under Section 80C, 80CC and 80CCE and for
the premium up to 20% of the sum assured the deduction is allowed only if the premium paid for a
specific year is more than 20% of the actual sum assured.

2. Is LIC premium exempt from income tax?

Yes, Premium paid for LIC policies are exempted from income tax and can be claimed under Section
80C. The deduction is only available if an individual takes the policy for self, spouse, or for children.

3. How much of the LIC policy is taxable?

33
 Life insurance policies except the Unit Linked Insurance Policies, issued after 1 April 2023 will now
be taxable if the annual premium amount is more than Rs.5 lakh.

4. What is the additional tax exemption for 50000?

The additional tax exemption of Rs.50,000 is only available for those individuals who contributed to
NPS (National Pension Scheme) Tier 1 account. The deduction is applicable for salaried and self-
employed individuals under Section 80 CCD(1B). Under Section 80CCD(1B), deductions claim is
not applicable if contribution made to the Tier 2 account.

5. Is LIC exempted under Section 10?

Under Section 10D, the proceeds received from the life insurance policy from the nominee or legal
heir are exempted from tax deductions. If the premium paid on the policy does not exceed 10% of the
sum assured, then the maturity benefit earned by the policyholder on the policy is also exempted
from tax deduction.

6. Can 80C be deducted on LIC premium with or without GST?

Yes, 80C can be ducted on LIC premium with or without GST, which can be claimed against the
GST paid on the premium, provided the overall limit available under Section 80C is Rs.1.5 lakh.

7. Can I claim LIC for parents in 80C?

No, the premiums paid for parents or in-laws cannot be claimed under Section 80C. While premium
paid for self, spouse, and children towards life insurance can be claimed under Section 80 deduction.

8. What is Section 80DD of LIC policy?

Section 80DD comes under Section 80D under which a certain amount deposited with LIC for
maintenance of handicapped person is exempted from tax deduction. The deduction limit under
Section 80DD is Rs.50,000.

34
 Chapter No 2:
Research Methodology

35
RESEARCH METHOLOGY is the process, which guide the researcher during the whole course of

research. It works as a device without which an effective research cannot be done. Hence it is, very much
necessary for the researcher that he / she have to adopt the design best suited to them.

If the due importance is not given to the research design it would create impurities in the research process,
thus the work would lose the reliability. This is the reason that it is not desirable but also important to construct
a good research methodology.

2.1 Title of the Project

The Title of the project is “(Study of New Jeevn Anand Policy Under LIC)”

2.2 Duration of the Project

The Duration of the Project this 30 Days

2.3 Objective of Research

 The primary objective of the LIC of India is to spread the importance of life insurance among the rural
areas and to the people belonging to the socially and economically backward classes. The company

36
 functions with a view to provide such individuals with financial assistance against death at a
reasonable cost.
 The company aims to cater to the diverse life insurance needs of the community depending on the
changing social and economic environment.
 The main objective of the LIC of India is to safeguard the interests of the life insurers as well as act
as a trustee in their individual and collective capacities.
 To maximize the ability of savings by providing a wide variety of life insurance products to choose
from.
 The Life Insurance Corporation of India fully encourages the participation and involvement of its
employees and LIC agents so that they work towards attaining the objectives of the company.

2.4 Research Design

Research Design is the overall description of all the steps though which the projects have preceded from the
setting of objectives to the writing of the project report. The success of the project depends on the soundness
of the research design, which includes problem definition, specific method of data collection and analysis and
time required for the project. Actually, it is the blue print of research project.

While doing the research, questionnaire was prepared for collecting the primary data. Questionnaire contained
13 questions. They were multiple choice questions.

2.5 Sources of Data

The Primary Sources:

 First hand collection of data with the help of questionnaire

 Direct personal contact.

The Secondary Sources:

Secondary data refers to data that is collected by someone other than the primary user. Common sources of
secondary data for social science include censuses, information collected by government departments,
organizational records and data that was originally collected for other research purposes. Primary data, by
contrast, are collected by the investigator conducting the research.

Secondary data analysis can save time that would otherwise be spent collecting data and, particularly in the
case of quantitative data, can provide larger and higher-quality databases that would be unfeasible for any

37
individual researcher to collect on their own. In addition, analysts of social and economic change consider
secondary data essential, since it is impossible to conduct a new survey that can adequately capture past change
and/or developments. However, secondary data analysis can be less useful in marketing research, as data may
be outdated or inaccurate.

 Secondary data can be obtained from many sources:

 censuses and government departments like housing, social security, electoral statistics, tax records
 internet searches and libraries
 GPS and remote sensing
 km progress reports[clarification needed]
 journals, newspapers and magazines.

2.6 Method of Data Collection

Questionnaire: -

A questionnaire consists of a number of questions printed or typed in a definite order on a form or set of forms.

For collecting Primary Data, I have prepared a structured questionnaire for the respondent. After meeting them
I filled the questionnaire and got the data. I prepared my questionnaire having the objective of the study in my
mind. My questionnaire has closed ended questions.

Sample Size and Method of Data Collection: -

Sample Size: --- 83

All respondents were of employable age group.

Sample instrument: --- Questionnaire

Sample technique: --- Convenient sampling.

Sample Area: Adults

38
2.7 Limitation of Project: -

 Advantages of New Jeevan Anand under LIC

 LIC New Jeevan Anand is an endowment plus whole life insurance plan.
 It is a participating plan. You get regular bonuses if declared by the insurance company. Do note
bonuses accrue and get paid only at the time of maturity or death.
 In the event of the death of the policyholder during the policy term, the beneficiary gets the 125% of
Basic Sum Assured plus any accrued bonuses. Bonuses are NOT GUARANTEED. Therefore, the
return is not guaranteed either.
 In the event of the death of policyholder after the policy term expires, the beneficiary gets the basic
Sum Assured. You will find this feature in whole life policies. This is something you won’t find in term
life insurance policies. We will see later if this feature is beneficial.
 On Maturity, you get the Basic Sum Assured plus the accrued bonuses.
 Income Tax Benefits: The premium paid qualifies for deduction under Section 80C of the Income Tax
Act. You must pay the premium for at least two years otherwise the tax benefits under Section 80C will
be reversed.
 Maturity amount is exempt from tax if the annual premium is less than 10% of basic Sum Assured.
With LIC New Jeevan Anand, this won’t be a problem.
 There is a rider for Accidental Death and Permanent Disability that you can purchase for payment of
additional premium. However, most term life insurance plans offer these riders.
 If you want to surrender the plan for any reason, there is a heavy penalty involved. You won’t get
anything back if you have paid the premium for only two years. In the third year, you will get only
30% of premium paid and accrued bonuses. You can make the policy paid up after you have paid the
premium for three years.

 Disadvantages of New Jeevan Anand Policy under LIC

#1 Inadequate Insurance

Any insurance product must first provide adequate insurance. For a 30-year old, the annual premium for Rs
50 lacs cover comes out to Rs 2.21 lacs. You can check out LIC Premium calculator on your own. There are
two questions that you need to answer. Is Rs 50 lacs enough? Can you afford Rs 2.21 lacs per annum? Whether

39
Rs 50 lacs is enough to take care of your family is something you need to decide. Try out life insurance
calculator if you have any doubts.

Moreover, you need to see if you can afford such high premium. Your premium affordability does not
determine your life insurance requirement. Ideally, you must determine the life insurance cover you need and
subsequently purchase a plan that you can afford. Unfortunately, most of us take the opposite route. We pick
up a plan first and choose the premium that we can afford and are content with whatever life cover that comes
with that premium. Hence, your premium affordability ends up determining your life cover. Sounds stupid,
doesn’t it? In fact, that’s how a number of agents start their pitch. “How much do you want to invest?”

If you have only Rs 1 lac to invest per annum, you will settle for a lower Sum Assured (life cover) of say Rs
20 lacs. On the other hand, if you had opted for a term cover, a 30-year-old male could have purchased life
cover of Rs 1 crore for an annual premium of Rs 7,000-10,000 per annum. The remaining amount can be used
for investments.

#2 Low Returns

LIC New Jeevan Anand is a participating plan. You will be fortunate to get returns in the range of 4-6% per
annum. Please note the returns are not guaranteed. LIC declares different kind of bonuses every year and these
keep getting added to the maturity value. I wouldn’t go deep into mathematical analysis. For the same, you
can go through this post. Say No to Traditional Life Insurance Plans. PPF currently offers 8% per annum. A
mix of term insurance and PPF investments will give better insurance coverage and returns.

The cost structure of traditional plans is opaque. These are like a black box. Difficult to assess the methodology
used to declare bonuses. I used the benefit illustration on the LIC website to get an idea of returns for New
Jeevan Anand. On the website, if a 30 year purchases a cover of Rs 1 lacs for 35 years, the maturity value shall
be Rs 2.81 lacs. Annual premium before service tax is Rs 3,165. The Assumed gross investment return is 8%
p.a. If you calculate the internal rate of return, the return comes out to 4.61% p.a. You can see the return of 8%
on invested funds gives you a return of only 4.61%. I hope you get the idea about the heavy cost structure. If
you had opted for Sum Assured of Rs 10 lacs, the return would have been slightly higher at 5.07% p.a.

#3 Exit is difficult

If you want to exit the plan for any reason, you will have to pay a heavy penalty, at least in the initial years. In
fact, if you surrender after paying the premium for two years, you won’t get anything back. In the third year,
you would get only 30% of the premiums paid and accrued bonuses back. If you have paid premium for at

40
least 3 years, you can make the policy paid up. If you have a traditional life insurance plan and are not sure
what to do, go through this post. Life Insurance: Continue or Surrender or Paid-up

#4 Marketing Gimmicks

Offering 125% of Basic Sum Assured is a pure marketing gimmick. So, if the Basic Sum Assured is Rs 50
lacs, LIC will pay the beneficiary at least Rs 62.5 lacs in the event of death during the policy term. Bonuses
will be extra. Please note payment of bonuses will be linked to Basic Sum Assured only. After the expiry of
the policy term, the beneficiary gets only Basic Sum Assured in the event of the death of the policyholder.
Such small things make for an excellent sales pitch. You are paying a premium for Rs 50 lacs and getting cover
for Rs 62.5 lacs. Risk underwriting teams are smart enough to price the product accordingly.

#5 Coverage after the Policy Term

I agree that the feature of life cover even after the expiry of the policy term is good. However, if you have
planned your investments well, there is no need for life cover after term expiry.

 Hypotheses

Here are a few hypotheses regarding the New Jeevan Anand policy under LIC (Life Insurance
Corporation of India):

Increased Coverage: The New Jeevan Anand policy may offer higher coverage amounts compared to the
previous version, providing policyholders with greater financial protection.

 Flexible Premium Payment: There might be more flexible premium payment options available,
allowing policyholders to choose payment schedules that suit their financial situations better.
 Enhanced Maturity Benefits: The policy may offer enhanced maturity benefits, such as increased
bonuses or guaranteed returns upon maturity, providing policyholders with better financial outcomes.
 Additional Riders: There could be new riders or add-on benefits available with the New Jeevan Anand
policy, offering policyholders the option to customize their coverage according to their specific needs.
 Improved Surrender Value: The policy might offer improved surrender value options, allowing
policyholders to terminate their policies and receive a higher portion of their premiums back in case of
emergencies or changing financial circumstances.

41
  Digital Services: LIC may introduce new digital services and features for managing the New Jeevan
Anand policy, such as online premium payment, policy updates, and claims processing, to enhance
customer convenience and experience.

These hypotheses are speculative and would need verification through official announcements or policy
documents from LIC.

42
 Chapter No 3:
Literature Review

43
In order to find out the gaps in research, the literature already available pertaining to the problem is to be
reviewed. The literature on life insurance industry in india includes book, compendia, theses, dissertations,
study reports and articles published by academicians and researchers in different periodicals. The review of
this literatures gives an idea to concentrate on the unexplored area and to make the present study more
distinct from other studies. The literature is available is presented below:

 Mishra, K.C. and simita mishra (2001)in their article on "Insurance industry : Recipe for the learning
organization " say that like any other industry, insurance industry in India suffers from one challenge
repeatable a hundred time , that is the constraints of infrastructure.

 Balasubhramanian, T.S. and Gupta, S.P. (2000)2 in their book on "Insurance Business Environment"
explains at length the global and indian pictures of Insurance systems. The impact of globalization and
also liberalization on Insurance business environment is also discussed analytically to have a clear
understanding of the challenges faced by the insurance industry.

 Mitra Debabrata (2000)3 in the thesis entitled "Employees and the PSU: A Study of their relationship
with special references to jalpaiguri division of the life insurance corporation of india" opines that the
state owned undertaking provides all the sorts of facilities and amenities to employees along with the
usual employment. But their productive rate is low when compared it with the private sector
undertakings. In the jalpaiguri division, the employee relationship
with the LIC is clearly discussed and some suggestions are also given in the basis.
44
 Wadikar Ashok Laxaman (2001)4 in his thesis on " innovativeness in the Insurance industries",
confirms a general opinion that innovativeness in every activity alone rules and dominates the industry.
But, at the same time , the practicality and economic justification of that innovativeness are also to be
considered. With the introductions of the latest technology into the industry, innovativeness in the
Insurance industry is the order of the day.

 Balachandran, S.( 2001)5 in the book on "Customer Driven Services Management" concludes that
the insurance industry is the fast growing and mostly becoming a customer driven and customer centric
one. He also advocated that when the insurance product are attractive to the customers, then only the
Insurance industry flourishes in the market and serves its purpose of the profit earning and also income
generation.

 Balachandran, S.(2001)5 in his book on "Customer Driven Services Management" concludes that the
insurance industry is fast growing and mostly becoming a customer-driven and customer-centric one.
He also advocates that when the insurance products are attractive to the customer, then only the
insurance industry flourishes in the market and service it's purpose of profit earning and also income
generation.

 Srivastava, D.C. and Srivatsan, S. (2001)6 in their book on "Indian insurance industry-Transition and
prospects" discuss analytically the financial significance of insurance industry, it's contribution to
Indian economy and also the transitory
prospects and challenges of insurance industry due liberalization and the opening up of the sector to
private players.

 Mark S. Dorfman (2002)7 In his book on "introduction to Risk management and insurance "reviews
the salient features of the insurance industry and also the role played by the private enterprise.

45
Life Insurance Corporation of India LIC is infusing Rs 200.04 crore into Chennai based Indian overseas
bank by increasing its stake to 14.50% from 10.21% said he loss making public bank sector in filing with the
BSE.

The bank, which saw its Q3 losses widen to Rs 1,425 crore as it set aside more money to cover bad loans,
has called for the shareholder's meeting to get their approval for the preferential issue to LIC at Rs 23.18 a
share. In a note to shareholder's, the bank said that there s a pressing need to increase its capital to meet
regulatory norms. At the request of IOB, LIC will buy about 8.62 crore equity shares of the troubled bank on
a preferential basis for Rs 200.04 crore, bringing down the Indian government's stake to 77.32% from
81.19% and the stake of public shareholders' marginally to 8.18% from 8.60%.

46
47
 The above literature review I have copied from MEENAKSHI MAM, of the year 2016 from black
book project.

48
 Chapter No 4:
Data Analysis,
Interpretation And
Presentation

49
Q1) Gender
Male

Female

 INTERPRETATION,

 In the above figure the graph shows the no of gender, where the Female genders are of Blue color
and the male genders are of Red colors.
 The total number of genders responses are 83 out of 100

Where 54.2% male genders response and 45.8% from female genders

50
Q2) Age
18-20

21-30

30-40

40 Above

 INTERPRETATTION,

 The above graph shows the number of Ages.

 The age from 18-20 are of color Blue,21-30 are of Red color, 30-40 are of Yellow color and above
40 are of green color.

 There are 83 responses in the graph, where 18-20 shows 36.1% ,21-30 shows 47%, 30-40 shows
7.2% and above 40 shows 9.6%.

51
Q3) Occupation
Student

Business

LIC Agent

Working persons

Other

 INTERPRETATTION,
 The graph shows the number of Occupation.

 The Students are of blue color, Business are of Red color, LIC Agents are of Yellow color, Working
person are of green color and the others are of purple color.

 There are 83 responses in the graph, where the maturity of students are 55.4% and the working
persons are 33.7% .
52
Q4) Are You Aware Of Insurance Plan In LIC ?

Yes

No

 INTERPRETATTION,

 The above graph shows the Awareness of LIC Insurance plans .

 There are 83 responses in the graph.

 where the YES Option is in blue color and the responses are 90.4%.

 And the NO Option shows red color and the responses are 9.6%.

53
Q5) Do you Save Money For Insurance In LIC ?

Yes

No

Other

 INTERPRETATTION,

 The above graph shows the Saving of Insurance in LIC .

 There are 83 responses in the graph, Where the YES Option is in blue color and the responses are
74.7%.

 The NO Options is in red and the responses are 22.9%.

 The Others Options is in Orange color were minimum responses are there.

54
Q6) In which Type Will You Prefer To Pay The Amount ?

Monthly

Yearly

Quarterly

 INTERPRETATTION,

 The graph shows the Types of payment of Amounts.

 There are 83 responses in the graph, where the Monthly Option is in blue color and the responses are
60.2%.

 The Yearly Option shows red color and the responses are 24.1%.

 Quarterly Options shows in Orange color and the responses are15.7%.

55
Q7) How Many Years Will you Prefer To Save Insurance Money In LIC ?

1-5

5-10

11-16

16-21

 INTERPRETATTION,
 The above graph shows the numbers of year to save the insurance money in LIC.

 The number of years from 1-5 are of color Blue and the responses are 30.1%.

 The number of year from 5-10 are of Red color and the responses are 39.8%.

 The number of year 11-16 are of Orange color and the responses are 18.1%.

 The number of year from 16-21 are of green color and the responses are 12%.

 There are total 83 responses in the graph.

56
Q8) In Which Mode Will You Prefer To Pay The Amount ?

Online Mode

Bank Account

Cash in hand

Other

 INTERPRETATTION,

 The graph shows the Modes of payments .

 Online Mode is in Blue color and the responses are 47%.

 The Bank Account is in Red color and the responses are 28.9%.

 The Cash in Hand is in Orange color and the responses are 20.5%.

 And the Other mode of option is in green color and the responses are less.

 There are total 83 responses in the graph.

57
Q9) In Which Plan Will You Prefer To Save Insurance Money In LIC ?

Endowment policy

ULIP's

Money Back Policy

Whole Life Policy

Annuity / Pension Plans

Terms Insurance Plans

 INTERPRETATTION,

 The above graph shows in which plan to save the insurance money in LIC.

 The Endowment policy is in color Blue and the responses are 20.5%.

 The ULIP’S is in Red color and the responses are less then every plans.

 The Money Back Policy is in Orange color and the responses are 34.9%.

 The Whole Life Policy is in green color and the responses are 15.7%

 The Annuity\ Pension plans is in purple color and the responses 6%.

 And the Terms Insurance Plans is in light blue color and the responses are 20.5%.

 There are total 83 responses in the graph.

58
Q10) By What Age Are You Planning To Invest In Insurance ?

18 to 20

20 to 30

30 to 40

40 Above

 INTERPRETATTION,

 The above graph shows the numbers of Ages planning to invest in insurance.

 The number of Ages from 18-20 is in Blue color and the responses are 51.8%.

 The number of ages from 20-30 is in Red color and the responses are 39.8%.

 The number of ages from 30-40 is in Orange color and the responses are 6%.

 And the number of Ages above 40 is in green color and the responses are less then all the number of
ages.

 There are total 83 responses in the graph.

59
Q12) Do You Prefer Insurance For Tax Benefit ?
YES

NO

 INTERPRETATTION

 In the above graph shows the preference of Insurance for Tax Benefits.

 Where the YES Option is in Blue color and the responses are 79.5%.

 And the NO Option is in Red colors and the responses are 20.5%.

 The total number of responses are 83 out of 100.

60
Q13) Form Which Corporation / Bank Are you Insured ?

LIC

HDFC

ICICI

Kotak Mahindra

Aditya Birla Sun Life

Other

 INTERPRETATTION,

 The above graph shows in which corporation or bank are insured.

 The LIC is in color Blue and the responses are 50.6%.

 The HDFC is in Red color and the responses are 8.4%.

 The ICICI is in Orange color and the responses are 9.6%.

 The Kotak Mahindra is in green color and the responses are less then other banks.

 The Aditya Birla Sun Life is in purple color and the responses are less.

 And the Others is in light blue color and the responses are 24.1%.

 There are total 83 responses in the graph.

61
Q14) Do You Know That LIC Gives You Bonus / Savings Amount After The

end Of Maturity Date ?

YES

NO

 INTERPRETATION.

 In the above the graph shows that bonus at the end of the maturity date of saved amount in the LIC.
 The maturity of YES Option is in Blue color and the responses are 91.6%.
 And there is minimum NO Option is in Red colors and the responses are 8.4% out of total 83
responses in the graph.

62
Chapter No 5:
Conclusion And
Suggestion

63
  Conclusion:

Insurance is a mechanism that provides financial protection to individuals, businesses, and other entities
against the risk of loss, damage, or liability. The importance of insurance cannot be overstated in today’s
world. It provides peace of mind to individuals by helping them manage the risks and uncertainties of
everyday life. insurance helps to mitigate financial risks associated with everyday life.

Insurance plays a crucial role in mitigating risks associated with business operations. For instance, business
liability insurance covers legal costs and damages in case of accidents, injuries, or property damage caused
by the business. This protection helps businesses to manage the risks associated with their operations and
continue to operate even in case of adverse events. insurance helps to promote economic growth by
providing a stable and secure environment for individuals to operate in.

Insurance provides a social safety net that helps to reduce the burden on the government and taxpayers. For
example, health insurance reduces the burden on public health systems by providing access to private
healthcare facilities. This allows the government to focus on providing basic healthcare services to those
who cannot afford private healthcare.

Insurance is an essential part of modern life. It provides financial protection to individuals and promotes
economic growth, and reduces the burden on the government and taxpayers. It is essential for individuals to
assess their risks and purchase the appropriate insurance policies to ensure that they are adequately protected
in case of unforeseen events.

Insurance provides protection against unexpected events that can have significant financial consequences.
For example, health insurance covers medical expenses, life insurance provides financial support to the
family in case of the policyholder’s death, and property insurance covers damage or loss to property. This
protection helps individuals and families to maintain their standard of living during difficult times

Insurance provides a safety net for businesses. Business operations are subject to a range of risks and
uncertainties, such as accidents, lawsuits, and natural disasters. Business insurance policies provide
protection against these risks and help businesses to manage the financial consequences of adverse events.
This protection enables businesses to continue operating even in the face of unforeseen events.

Taking insurance is an essential part of managing one’s financial risks. It provides protection against
unexpected events, promotes economic growth, and provides peace of mind to individuals and businesses. It
is important to assess one’s risks and purchase the appropriate insurance policies to ensure that one is
adequately protected in case of unforeseen events.

64
  Suggestion:

If you're considering the New Jeevan Anand policy for investment purposes, it's essential to evaluate
whether it aligns with your financial goals and risk tolerance. Here are some tailored suggestions:

1. Long-Term Commitment: Since the New Jeevan Anand policy is a life insurance plan with savings
features, it's best suited for individuals looking for long-term financial protection alongside savings
accumulation. Ensure you're comfortable with the long-term commitment required by the policy.

2. Understand Returns: While the policy offers bonuses and maturity benefits, the returns may not be
as high as those from pure investment products. Evaluate the projected returns and compare them
with other investment options to ensure they meet your expectations.

3. Diversify Investments: Consider diversifying your investments by combining the New Jeevan
Anand policy with other investment instruments such as mutual funds, stocks, or real estate to spread
risk and potentially enhance returns.

4. Review Flexibility: Assess the flexibility offered by the policy in terms of premium payment
options, loan facilities, and surrender values to ensure it aligns with your financial flexibility needs

5. Tax Planning: Utilize the tax benefits offered by the policy to optimize your tax planning strategy.
Understand the tax implications on premiums paid, bonuses accrued, and maturity proceeds to
maximize tax savings.

6. Review Riders: Evaluate the optional riders available with the policy to enhance coverage based on
your specific needs, such as critical illness rider or accidental death benefit rider.

7. Professional Advice :Consider consulting with a financial advisor or insurance expert who can
provide personalized advice tailored to your financial situation and investment objectives.

Ultimately, the suitability of the new jeevan anand policy for the investment purposes depend on yours
individual goals, risk tolerance, and investment horizon. Take the time to thoroughly evaluate the policy and
consider seeking professional advice to make an informed decision.

65
Chapter No:6
Finding

66
FINDING

1. There are total 83 responses in the gender of male and female, where the number \percentages of
male (54.2%) are more then the female (45.8%)responses.

2. The number of ages are from 18 to above 40,where the number of 21-30 (47%) is more then the age
from 18 to above 40.

3. The occupations responses are total 83 in that maturity of student(55.4%) are more then the
business, LIC Agent, working persons and other.

4. The awareness about insurance plan in LIC maturity of option are YES (90.4%) then the option of
NO (9.6%) out of total 83 responses.

5. Saving money for Insurance in LIC there is maximum number of options YESS (74.7%)then the
option NO (22.9%)and OTHER.

6. The maturity of amount payment are taken for monthly basis (60.2%), rather then yearly (24.1%) and
Quarterly (15.7%).

7. To save Insurance money in the LIC for the year, the maximum year are taken from 5-10(39.8%),
rather then the year 1-5(30.1%), 11-16(18.1%),and 16-21(12%).

8. Many of the responses are of online mode (47%). Rather then the Bank Account (28.9%), Cash
Account(20.5%) and others.

9. The preference to save insurance money in LIC plans, there is more responses to the Money Back
Policy(34.9%),then the other plans Endowment Plan(20.5%), Whole Life policy (15.7%),Terms
Insurance plan(20.5%),ULIPS and Annuity\pension plan.

10. The Age for planning to invest in insurance, the maturity of age18 to 20(51.8%) is more then the age
from 20 to 30 (39.8%),30 to 40(65) and 40 above from the responses.

11. Maximum of responses respond YESS option(79.5%) for insurance for tax benefit and less for
option NO(20.5%).

12. The maximum responses prefer to insured in LIC (50.6%), rather then the option
HDFC(8.4%),ICICI(9.6%),Kotak Mahindra, Aditya Birla Sun life and Other(24.1%)

13. Maturity of the responses respond for the YESS(91.6%) option, rather then NO option(8.4%) for the
question that lic give Bonus for the saving in the insurance at the end of the maturity date.

67
Chapter No:7
Webliography

68
Reference

bankbazar.com

canarashbclife.com

https//testbook.com

https//www.personalfinanceplan.in
https//www.policybazar.com
https//licindia.in

https//en.m.wikipedia.org

69
Chapter No:7
Appendix

70
1. Email I'd

2. Name

3. Gender

o Female
o Male

4 .Age

o 18-20
o 21-30
o 30-40
o 40 Above

5. Occupation

o Student
o Business
o LIC Agent
o Working persons
o Other

6. Are You Aware Of Insurance Plan In LIC?

o Yes
o No

7. Do you Save Money For Insurance In LIC?

o Yes
o No
o Other

8. In which Type Will You Prefer To Pay The Amount?

o Monthly
o Yearly
o Quarterly

71
9. How Many Years Will You Prefer To Save Insurance Money In LIC?

o 1-5
o 5-10
o 11-16
o 16-21

10. In Which Mode Will You Prefer To Pay The Amount?

o Online Mode
o Bank Account
o Cash in hand
o Other

11. In Which Plan Will You Prefer To Save Insurance Money In LIC?

o Endowment policy
o ULIP's
o Money Back Policy
o Whole Life Policy
o Annuity / Pension Plans
o Terms Insurance Plans

12. By What Age Are You Planning To Invest In Insurance?

o 18 to 20
o 20 to 30
o 30 to 40
o 40 Above

13.Do You Prefer Insurance For Tax Benefit ?

o YES
o NO

14.Form Which Corporation / Bank Are you Insured ?

o LIC
o HDFC
o ICICI
o Kotak Mahindra
o Aditya Birla Sun Life
o Other

15.Do You Know That LIC Gives You Bonus / Savings Amount After The end Of Maturity Date ?
o YES
o NO
72