Introduction

LIC’s Anmol Jeevan II Plan is a pure risk cover Term plan of Sum Assured up to Rs.24 Lakhs, which can be opted primarily for protection. In this plan, the nominee will get the entire Sum Assured if the Life insured dies during the policy term. There are no Maturity or Survival benefits. LIC”s Anmol Jeevan II Plan is a pure term plan with no bonus facility. 

Table No.

822

Plan Type

Traditional, Non Participating Plan Term Plan

Plan Basis

Individual

Eligiblity Criteria

Entry Age

Minimum :

18 Years

Maximum :

55 Years

Cover Ceasing Age

Minimum

Write down here

Maximum

65 years (Nearest Birthday)

Basic Sum Assured

Maximum

Rs. 6,00,000

Minimum

Rs. 24,00,000

Multiple of Rs. 5000

Policy Term

5 Years To 25 Years

Premium Paying Term

Equal to Policy Tenure

Premium Payment Frequency

Yearly and 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

  • Pure term plan with only death benefit
  • Sum Assured of Rs.6 to Rs.24 Lakhs can be opted
  • There is no maturity benefit in this plan
  • Tax benefits available on Premium paid.
  • Death Benefit is Tax Free income for the Nominee
  • The plans are to be brought upon on a direct basis without the involvement of intermediaries

  • It is a wholesome life cover plan.

  • Premiums are in two categories of yearly and half-yearly

  • The premium payments that get accepted are the annual ones.

  • There isn’t any type of provision drawn in maturity other than that of death

  • No involvement of paid-up value

  • Does not have surrender value

  • Deaths covered are of all types including accidental

  • No application or raising of loans against the LIC Anmol Jeevan II policy

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 years5%
2.15 years or more10%

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

The Policy will become void if the life assured commits suicide within one year from the date of commencement of risk or from the date of revival. An amount equal to 80% of the premiums paid till the date of death shall be paid.

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.

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