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.
Before this plan was withdrawn by LIC, any individual between the ages of 18 years and 60 years could purchase this plan.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.
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|
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.
|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.|
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.
|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.|
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
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.