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 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
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.