Major changes are going to happen in Indian life insurance industry from October 1, 2013, especially in traditional policies like Endowment Plans, money-back plans and even ULIP’s (unit Liked Insurance Plans).
You will surely have a Life Insurance Corporation (LIC) policy or / any other private sector traditional plans or / might buy them in coming times.
If the policy holder is more than 45 years of age, then the Sum Assured has to be more than 10 (Ten) times the annual premium, and for those who are less than 45 years old, it can be minimum seven (7) times the premiums.
Note that for claiming the tax exemptions, sum assured has to be 10 (Ten) times the base yearly premium. So, when you buy the policy in-case, need to keep it in mind.
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