Unpredictable times call for measures that protect an individual’s financial life along with that of his/her family. In order to do so, one of the best options is to avail a life insurance plan. The Anmol Jeevan - II plan by Life Insurance Corporation of India is a plan that provides protection to the family of the policyholder in case of his/her untimely demise. This protection plan also comes with a number of other benefits and features such as death benefit and flexibility with respect to payment of premiums, among others.
In order to avail this protection plan, policyholders will have to meet the following eligibility criteria:
|Minimum Age at Entry||18 years|
|Maximum Age at Entry||55 years|
|Minimum Policy Tenure||5 years|
|Maximum Policy Tenure||25 years|
|Maximum Cover Ceasing Age||65 years|
All ages are based on the last birthday of the policyholder.
Sum assured varies based on the policy tenure and benefits chosen by the policyholder.
|Minimum Sum Assured||Rs.6,00,000|
|Maximum Sum Assured||Rs.24,00,000 (sum assured amount will be in multiples of Rs.1,00,000)|
Premium that the policyholder will vary based on the sum assured chosen as well as the premium payment tenure, among other factors. Policyholders also have the option of paying additional premium for the semi-annual mode of payment.
|Mode of Premium Payment||Annual/Semi-annual|
Customers will have to note that premiums may vary depending upon factors like age, location, term of the plan and prevailing taxes/GST.
|Death Benefit||In case of untimely demise of the policyholder during the policy tenure, the predetermined sum assured will be paid to the nominee or beneficiary.|
|Maturity Benefit||Upon policyholder’s survival until the end of the policy tenure, no benefit will be payable.|
For information regarding this, customers can contact LIC directly.
|Free-look period||In case policyholders are not satisfied with the plan, they have the option to return the same along with stated objections, within a period of 15 days from the date given on the policy receipt.|
|Grace Period||A grace period of one month is provided for premium payment. However, this grace payment will not be for less than 30 days.|
|Paid-up value||This policy will not acquire a paid-up value.|
|Surrender Value||Surrender Value will not be paid under this policy.|
Tax benefits can be availed based on existing tax laws. However, these laws are subject to variations from time to time, hence customers are advised to talk to their tax consultants prior to procuring this plan.
In addition to the numerous policies provided by LIC, there are other benefits that can be availed by the insurance company.
In times of economic uncertainty such as today, it is imperative for individuals to ensure that their financial life is taken care of as is their family’s financial security. The Anmol Jeevan II plan from LIC provides a death benefit amount to the nominee of the policyholder in case of his/her untimely demise. Additionally, flexibility of premium payment is also provided along with tax benefits, making this a highly popular plan.
One of the oldest life insurance companies, Life Insurance Corporation of India is synonymous with trust. This company has over 2000 branch offices and boasts of a growth rate of 16.67%. LIC aims to enhance people’s quality of life through life insurance policies and ensures their economic security. Additionally, LIC has a claim settlement ratio of 98.33% and has also won a number of awards.