LIC Amulya Jeevan-i Plan
- Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
- Claim up to Rs. 1,50,000 deduction under section 80C**
- Choose between annual and monthly premium payment options
The Amulya Jeevan I Plan from Life Insurance Corporation of India (LIC) is an insurance policy that offers a high sum assured to policy buyers, at an affordable rate. The policy offers a risk cover against death on the life of the policyholder, thereby providing financial security to one’s dependents. The premium payable towards this policy will vary based on several factors, such as the age of the policyholder, the base sum assured opted for, rebates received, policy term, and other factors. When you purchase this policy, you can also avail tax benefits as per the Income Tax Act, 1961.
Eligibility - Who is the LIC Amulya Jeevan I Plan for?
Before this plan was withdrawn by LIC, any individual between the ages of 18 years and 60 years could purchase this plan. The maximum maturity age for this policy is 70 years.
Sum Assured and Premium Range - What you get and what it costs?
Sum Assured
The sum assured is the minimum amount of money that the nominee is eligible to receive, in the event of the policyholder’s untimely death.
| Minimum Sum Assured | Rs.25 lakh |
| Maximum Sum Assured | No upper limit |
Premiums*
The premium is a small fee that the policyholder pays to the insurer in exchange for the risk cover provided by the policy.
| Minimum term of the policy | 5 years |
| Maximum term of the policy | 35 years |
| Premium Payment Mode |
|
*Premiums vary based on age, location, plan term, and other factors.
Plan Coverage - What the LIC Amulya Jeevan I Plan covers?
| Death Benefit | In case the policyholder passes away during the policy tenure, the sum assured will be paid to the nominee. |
| Maturity Benefit | There is no maturity benefit payable under this policy. |
Exclusions - What the LIC Amulya Jeevan I Plan doesn’t cover?
If the policyholder commits suicide within a year of purchasing the policy, whether in a sane or insane state of mind, the insurer will not be held liable to provide a payout to the nominee. However, the third-party bonafide beneficial interest may be offered to the nominee.
Other Key Features – Free-Look Period, Surrender Value, Grace Period, etc.
| Grace Period | For the annual and bi-annual modes of premium payment, a 15-day grace period will be provided to policyholders. If the premium is not paid within the grace period, the policy will lapse. |
| Paid-Up Value | This policy will not acquire a paid-up value under any circumstance. |
| Revival | If your policy has lapsed, it can be revived within 5 years of the first unpaid premium. To revive a lapsed policy, the policyholder will have to pay all the due premiums with interest and may have to submit a certificate of good health. |
| Surrender Value | No surrender value will be paid if the policyholder surrenders this plan. |
| Loan | There is no facility to opt for a loan against this policy. |
| Free-Look Period | Post purchasing this policy, if you find that you are unsatisfied with the policy terms and conditions, you can return this policy to the insurer within a period of 15 days. |
| Rebate | If you opt for a sum assured over Rs.1 crore, you will be eligible to receive a rebate on the sum assured amount. |
Tax Benefits – How you can save with the LIC Jeevan Amulya I Plan?
The LIC Jeevan Amulya I Plan also provides the policyholder tax benefits under Section 80C of the Income Tax Act, 1961, for premiums paid during a fiscal year. In addition, your nominee can also claim tax deductions for the benefit they receive, in case of an unfortunate eventuality.
Other Features of LIC
- Online Premium Payment: Policyholders can choose to pay their premiums through the LIC website via credit card, debit card, or net banking. Payments can be done on the LIC website, through ‘Pay Direct’ or through the Customer Portal. Further, customers who wish to pay their premium through offline channels can pay the premium at the nearest branch of the insurer, authorised merchants, etc.
- Choice of Policies and Schemes: The insurer has several policies and schemes on offer for groups and individuals. Both life insurance and health insurance plans are currently offered on the LIC website.
- Premium Calculator: Premiums for various policies can be calculated online, through the official LIC website, in a timely and hassle-free manner.
- Customer Portal: Policyholders can log into the Customer Portal and access key information related to their policy.
Why you should buy the Jeevan Amulya I Plan from Life Insurance Corporation of India (LIC)?
The Jeevan Amulya I Plan from LIC helps the policyholder provide security to his/her dependents. LIC, is one of the most preferred insurance firms in the company, and has been operating for over 6 decades. They have a high claims settlement ratio of 98.31% for FY16-17 and a grievances solved ratio of 100% during the same financial year. The insurer also has a dedicated Customer Service Team and a number of branch offices and agents spread across the country, for easy accessibility.
Note: This policy has been withdrawn by LIC.
The content on this website is meant only for general information purpose and does not and shall not be construed as any solicitation, procurement, display, aggregation, marketing or advertisement of insurance products. BankBazaarInsurance is not an insurance intermediary and hence does not endorse or solicit any such products. The information on this website is derived from publicly available sources and BankBazaarInsurance cannot verify or confirm the genuineness, truth, veracity or authenticity of this information.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
