LIC's Amulya Jeevan II Plan is a pure term protection plan that offers financial protection to the family of the policyholder in the event of his/her unfortunate death. The plan offers higher value life cover at an affordable premium. This plan doesn't provide any maturity or survival benefit since it is designed to provide life cover only.
The LIC's Amulya Jeevan II Plan is suitable for individuals who wish to provide a high-value financial protection to their family at a low premium. In order to buy the LIC's Amulya Jeevan II Plan, the customer must meet the following eligibility criteria:
|Minimum age at entry||18 years|
|Maximum age at entry||60 years|
|Maximum age at maturity||70 years|
|Minimum sum assured||Rs.25,00,000|
|Maximum sum assured||No limit|
|Minimum policy term||5 years|
|Maximum policy term||35 years|
|Minimum premium||Calculated based on the policy term, premium payment mode, and the sum assured chosen by the customer.|
|Maximum premium||Based on policy term, premium payment mode, and the sum assured.|
The age is based on the last birthday of the individual.
|Death benefit||The plan offers death benefit to the policyholder's nominee which equals to the sum assured chosen at the inception of the policy. Once the death benefit is paid, the policy will be terminated and no further benefits will be payable.|
|Maturity benefit||This plan doesn't offer any maturity benefit to the beneficiary at the end of the policy term.|
|Survival benefit||There is no survival benefit offered under this plan.|
|Paid-up value||The policy is not subject to a paid-up value.|
|Nomination||The policyholder can contact Life Insurance Corporation Insurance Company at any time during the policy term to change the details of the nominee.|
There is no add-on or rider available for LIC's Amulya Jeevan II Plan.
Suicide exclusion – This policy will be considered as void if the policyholder, whether sane or insane, commits suicide within the first 12 months of the policy term. In this case, an amount equal to 80% of the premiums paid till the date of death (after the deduction of necessary charges) will be payable to the beneficiary.
|Free-look period||The policyholder is provided with a 15 days free-look (cool-off) period to review the policy. Within this period, if the Policyholder doesn't agree with any of the policy's terms and conditions, he/she can return the original policy document along with the reason for objection to Life Insurance Corporation Insurance Company in order to receive the refund for premiums paid. After the deduction of proportionate risk premium for the period on the cover, stamp duty charges, and medical examination fee, if any, the refund will be processed in favor of the customer.|
|Surrender values||LIC's Amulya Jeevan II Plan doesn't acquire any surrender value.|
|Grace period||The policy offers a grace period of one month for the payment of premiums. If the policyholder fails to make the payment within the grace period, the policy will lapse and all cover will cease to exists.|
|Revival of the policy||A lapsed policy can be revived within 2 years from the date of first due premium and before the end of the policy. In order to revive a policy, the life insured will need to make payments for all due premiums.|
Under the LIC's Amulya Jeevan II Plan, the policyholder can take advantage of the tax benefits provided under the Section 80C and Section 10(10D) of the Income Tax Act,1961. The tax benefits are based on the latest tax rules and regulations that are subject to change. Customers are advised to speak with a qualified tax advisor before buying the plan.
The LIC's Amulya Jeevan II Plan is exclusively designed to offer a high-value death sum assured for a low premium. The plan doesn't acquire any surrender value and it doesn't offer any maturity or surrender value, however, the following features and benefits can be considered for making effective policy purchase decision:
The high-value life cover under the LIC's Amulya Jeevan II Plan protects the family of the policyholder from financial uncertainties in the event of the life insured's unfortunate death. The death benefit under this plan equals to the sum assured chosen at the inception of the policy. The low premium plan doesn't offer any maturity benefit, survival benefit, or surrender value, however, the high life cover value is available at a low premium that can be paid in yearly or half-yearly intervals.
LIC Insurance Company is the largest insurance provider in India who offers a wide variety of insurance plans for individuals from all age group and stages of life. The company has an excellent claim settlement ratio and the customer service team is powered by knowledgeable and trained advisors to resolve the customer's queries/grievance to the highest standards. The insurer has won many awards for achieving operational excellence and customer satisfaction in the past years. The company can be contacted through multiple communication methods such as telephone, email, letter, website, and through a visit to the branch.