LIC Amulya Jeevan
Protecting the needs of our family becomes an important criteria for most of us during our life, and while we may protect them during our lifetime, there can be issues after we pass away, making life insurance critical. LIC offers a number of policies designed to cater to different needs of an individual. Under the Amulya Jeevan plan, it offers two unique schemes, ensuring that one enjoys protection for life without having to compromise on quality.
LIC Amulya Jeevan Eligibility Criteria
Amulya Jeevan I | Amulya Jeevan II | |
Minimum entry age | 18 years | 18 years |
Maximum entry age | 60 years | 60 years |
Minimum sum assured | Rs 25 lakh | Rs 25 lakh |
Maximum maturity age | 70 years | 70 years |
LIC Amulya Jeevan Key Features
Some of the key features of these plans are mentioned below.
Amulya Jeevan I | Amulya Jeevan II | |
Type | Term insurance scheme | Term insurance scheme |
Basis | Single | Single |
Coverage | Death Benefit – In the event of unfortunate demise of policyholder, the sum assured will be paid to his/her nominee. No maturity benefit available | Death Benefit – In the event of unfortunate demise of policyholder, a sum assured will be paid to the nominee. No maturity benefit available |
Premium paying options | This plan comes with two options, a single pay or annual pay. | Annual pay |
Premium paying mode | Premium can be paid annually, half yearly or once, at the start of policy. | Premium can be paid yearly or half-yearly. |
Policy Term | Minimum – 5 years Maximum – 35 years | Minimum – 5 years Maximum – 35 years |
Loan | No loan facility | No loan facility |
Free look period | A 15 day free look period is provided, within which an individual can choose to return the policy. | A 15 day free look period is provided, within which an individual can choose to return the policy. |
Grace period | A 15 day grace period is provided for payments made through annual or semi-annual mode. | A 30 day grace period is provided for payments. |
Tax benefits | Individuals are entitled to benefits under Section 80C and 10 (10D) of the IT Act. | Individuals are entitled to benefits under Section 80C and 10 (10D) of the IT Act. |
Paid up value | Not applicable | Not applicable |
Revival | Lapsed policies can be revived within 5 years of first unpaid premium by paying all dues and interest. | Lapsed policies can be revived within 2 consecutive years of first unpaid premium by paying all dues and interest. |
Surrender | Not available | Not available |
Exclusions | No benefits can be availed if the life insured commits suicide. | No benefits can be availed if the life assured commits suicide with 1 year of the policy being active. |
Advantages of LIC Amulya Jeevan
The advantages of Amulya Jeevan I and II are mentioned below.
- Cover – Individuals have an option to choose a high insurance cover, ensuring they protect their interests according to their capabilities.
- Simplicity – The entire process is simple and hassle free.
- LIC network – LIC has a vast network in the country, ensuring all your problems are taken care of.
- Rebates – Policyholders can earn rebates when they opt for high sum assured.
- History – LIC has a good history of clearing dues on time, ensuring that your family does not suffer later.
How does the plan work
The working of these plans is simple and straightforward, ensuring that one can utilise the benefits without having to put pressure on oneself. Individuals are required to choose the sum assured and the term for which they wish to be protected. The premium they pay depends on the sum assured and policy term and individuals have an option to choose their premium paying modes. They need to ensure that they pay all their premiums on time, failing which their policies might lapse.
In the event of their unfortunate demise, their nominee will receive the sum assured. If the life assured survives during the term, no benefit will be paid.
Riders
No riders available with this policy.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
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