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LIC’s Amulya Jeevan II Plan is a well-known term plan. When it comes to offering bonuses,no pure term insurance plan offers additional bonus facilities to the policyholder. Moreover, if the insured dies within the tenure of the policy, then the nominee gets to receive the death benefits. However, nothing is payable to the policyholder when the policy reaches the maturity age.
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Pure Term Plan that offers a death benefit but no maturity benefits.
Without Profit Traditional Plan.
The nominee gets to receive the Sum assured as the death benefit if the insured dies within the term of the policy.
Choose policy terms between 5 years and 35 years as per the suitability
Plan provides an option to choose premium payment mode either once time in a year or one time every 6 months.
Policyholder can secure themselves with a minimum sum assured of Rs. 25 Lacs
Long tenure of 35 years can be chosen.
Premium discounts for annual mode and high sum assured.
Death Benefit: In case of death of the life policyholder during the policy term, sum assured on death shall be payable.
Maturity Benefit: On the survival to the end of the term of policy, no amount shall be payable.
Income Tax Benefit: Under Section 80 C, the policyholder gets Income tax benefits on the Premiums paid, and as per Sections 10(10 D), tax benefits can be enjoyed on the claims as well.
Term Plans
| Criteria | Minimum | Maximum |
| Entry Age (Last Birthday) | 18 years | 60 years |
| Maturity Age (Last Birthday) | - | 70 years |
| Policy Term (PT) in years | 5 years | 35 years |
| Premium Paying Term (PPT) in years | Equal to Policy Tenure | |
| Premium Paying Frequency | Annual, half-yearly | |
| Sum Assured | Rs 25 Lacs | No Limit |
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Annual premium in Rupees for a Policy Tenure of 15 years. Basic Premium is mentioned below (Tax not included)
| Age | Rs 50 Lacs Sum Assured | Rs 1CR Lacs Sum Assured |
| 30 Years | 7100 | 14200 |
| 40 Years | 14850 | 29700 |
| 50 Years | 34450 | 68900 |
Here are the salient policy details of LIC Amulya Jeevan-II Plan that one should be aware of before making a purchase decision:
The policyholder gets 30 days to pay the premium. The policy gets to lapse if the policyholder fails to make the payment in the assigned grace period.
The policyholder does not get any surrender benefits available in the Amulya Jeevan plan.
After taking the policy, you are allowed to go through it thoroughly for about fifteen days in order to find out its suitability for you. After completion of this period, the policyholder has the option to quit the policy provided no claims have been made.
The policies can be dated back to the same financial year.
This plan offers nominations and assignments.
If the policy lapses due to non-payment of the due premium amount within the grace period, it may be revived during the policyholder’s lifetime, but within a time of 2 consecutive years from the date of 1st unpaid premium and before the maturity date.
In case, the policyholder commits suicide within 12 months of taking the policy, only 80 % of the premium that the policyholder has paid is returned to the nominee. However, if the insured commits suicide within 12 months of revival, then a higher surrender value or 80% of premiums is paid by the insured.
To take the policy, you need to submit documents that can attest to your existence such as address proof along with your complete medical history. Further, you might have to go for a medical examination depending on your age or the sum you need to assure.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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