Introduction
Amulya Jeevan II, is a pure term insurance policy of LIC, which provides high life cover in case of unfortunate death of policy holder during policy term. This plan does not provide any maturity value. Amulya Jeevan II plan provides high life cover in case of death on very low premium, so it can be a must have insurance plan for adequate financial security of family and loved ones.
Table No.
823
Plan Type
Traditional, Non Participating Plan Term Plan
Plan Basis
Individual
Eligiblity Criteria
Entry Age
Minimum :
18 Years
Maximum :
60 Years
Cover Ceasing Age
Minimum
Write down here
Maximum
70 years (Nearest Birthday)
Basic Sum Assured
Maximum
Rs.25,00,000
Minimum
No Limit
Multiple of Rs. 5000
Policy Term
5 Years To 35 Years
Premium
Minimum
Maximum
Premium Payment Frequency
Yearly
Half Yearly
Change of Premium for LIC Anmol Jeevan II Plan
The base premiums for LIC Anmol Jeevan II Plan do not undergo changes. Only the taxes applicable might change due to the change in taxation rates by the government.
Coverage
Death Benefit
- Death Benefit
Key Features
- Cover – Individuals have an option to choose a high insurance cover, ensuring they protect their interests according to their capabilities.
- Simplicity – The entire process is simple and hassle free.
- Pure insurance plan – This implies that Amulya Jeevan-II Plan offers Death benefit only and nothing is paid on surviving the policy term under Maturity Benefit.
- LIC network – LIC has a vast network in the country, ensuring all your problems are taken care of.
- Rebates – Policyholders can earn rebates when they opt for high sum assured.
- High sum assured – The sum assured that policyholders can opt for starts from a minimum of Rs.25 lakh, offering them the flexibility to increase the cover as per their financial objective.
- History – LIC has a good history of clearing dues on time, ensuring that your family does not suffer later.
Policy Benefits
Death Benefit
LIC Plan 822 provides the facility of a one-time death benefit of up to INR 24 Lakh to the nominee of the life assured. It comprises of one huge amount based on the opted premium value. This Death Benefit is valid only during the tenure of the plan and fails once the plan reaches its maturity. So there will be no compensation for death of the insured after completion of the policy term. The Death benefit of Jeevan Anmol II is tax-free.
Maturity Benefit
As LIC Anmol Jeevan II is a term plan nothing will be paid to the insured if he/she survives the term of the policy.
Ideal Plan
This Plan is ideal toevery earning member that is concerned about his or her family should opt for a term insurance plan.
Tax Benefits
Under Section 80C of Income Tax Act, 1961 India, every year Rs. 1,00,000 INR was allowed as a deduction from the taxable income.
Loans
No Loan will be granted for this Lic New Anmol Jeevan Plan.
Riders
No riders are available for this Term Plan no 822.
Surrender Value
The LIC Term plan 822 doesn’t acquire any Surrender values.
Paid Up Value
No Paid up value will be available under this plan.
Back Dating Interest
The policies can be dated back to the same financial year. No dating back interest shall be charged.
Policy Stamping
20 paise per thousand of Sum assured will be the Charges for policy stamping under this plan.
Rebates
Policy completed under Corporation’s Employee Insurance Scheme (CEIS) will be eligible for the CEIS rebate as a percentage of the tabular annual premium. Plan No. 822 should not be taken through any Agent/ Broker/ Corporate Agent/ Direct Sales Executive, etc.
| S.no. | Policy Term | % of Tabular Annual Premium |
| 1. | 5 to 14 years | 5% |
| 2. | 15 years or more | 10% |
Other Details
Revival Period
Within two years
Free Look Period
15 days
Grace Period
Within 30 days
Nomination & Assignments
Assignments or Nominations for Plan 822 should be made at the proposal stage as per Section 39 of Insurance Act, 1938.
Exclusions
Suicide
No benefits can be availed if the life assured commits suicide with 1 year of the policy being active.
Claim Process
Death Claim
Write down here
Maturity Claim
Write down here
Surrender Claim
Write down here
Examples
Write down here
FAQs
1. What happens if a policyholder stops paying the premium?
A. If the policyholder stops paying the premium, the policy will lapse and the policy will be no more in force. No life insurance coverage will exist on the policyholder with a lapsed policy.
2. Can I get any Maturity benefit in the LIC Anmol Jeevan II plan?
A. No benefits shall be payable on Survival to the end of the policy term.