Question -3: (5 Marks) Ms Asha has taken a LIC Jeevan Anand insurance policy for 16 years term with a sum assured of Rs 200000. She pays Rs7500 insurance premium beginning of every half year till the end of her policy term. As per the policy rules, the insurance policy holder will get the maturity amount at the end of his/her policy term plus the sum assured amount at the time of his/her death. An astrologer has predicted that Ms Asha will be alive till 90 years of age. If Ms Asha is 47 years when her insurance policy term completes 16 years, what will be the total amount (both maturity amount & sum assured) she will be receiving from LIC, provided the expected interest rate per annum is 8 percent and she does not want to wait to receive the sum assured till her death. Question -3: (5 Marks) Ms Asha has taken a LIC Jeevan Anand insurance policy for 16 years term with a sum assured of Rs 200000. She pays Rs7500 insurance premium beginning of every half year till the end of her policy term. As per the policy rules, the insurance policy holder will get the maturity amount at the end of his/her policy term plus the sum assured amount at the time of his/her death. An astrologer has predicted that Ms Asha will be alive till 90 years of age. If Ms Asha is 47 years when her insurance policy term completes 16 years, what will be the total amount (both maturity amount & sum assured) she will be receiving from LIC, provided the expected interest rate per annum is 8 percent and she does not want to wait to receive the sum assured till her death