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Term vs Jeevan Anand / umang

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31 Mar, 2021 by  Vishal Modi

I'm 45 yrs and wanted to decide between a term insurance and a Jeevan Anand/umang endowment policy. Would you point out the benefits and issues with both please?


I have 2 kids around 13 and 17yrs.


Also, whether the above mentioned policies can be taken as tax planning for employer employee insurance?


Thanks

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Term Life Insurance
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01 Apr, 2021

Dear Mr Modi

You are making a wrong comparison , both have different objective .

Term insurance is for high risk cover on low price .

At your age , you should take a sum assured of Rs 1 crore for next 20 years by paying an annual premium of Rs 20000 . In case of your death , your family will get Rs 1 crore . You can also add accident cover and critical illness cover by adding approx Rs 6000 . Please note there is no survival benefit in Term Insurance .

Whereas jeevan Anand and jeevan umang should be taken for retirement planning .

Jeevan Anand would offer you a lum sum amount on maturity and whole life cover

Jeevan umang

Offer regular income till you live alongwith lifecover .

Term is a absolutely must and rest of the money can be used for jeevan Anand.

Best wishes




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04 Jul, 2021
Vimal Krishnan R
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