Insurance Plans 632 views March 26, 2020

LIC Anmol Jeevan II is a pure protection policy which offers pure risk coverage and provides financial security and protection to the family of the family in the event of insured’s unfortunate death. The plan does not have any maturity benefits as it is a protection-oriented plan. Moreover, the plan does not have a loan facility and any rider benefit on it.

Features of LIC Anmol Jeevan II Plan

The key features of the LIC Anmol Jeevan II plan are as follows:

  1. LIC Anmol Jeevan II is a pure protection insurance plan which provides financial security to the family of the policyholder
  2. The plan provides large cover at low and affordable premiums
  3. The plan allows the policyholder to choose the term of the insurance plan. The term of the plan can be between 13 years to 25 years at the option of the policyholder.
  4. Along with the term of the plan, the policyholder can also choose the sum assured under the insurance plan. The minimum amount of sum assured under the plan is Rs 1 lakh and there is no maximum limit on the sum assured. However, the sum assured chosen by the policyholder can only be in multiples of Rs 1 lakh.
  5. The annual premium to be paid on the plan is determined on the basis of the sum assured under the plan, the age of the insured and the term of the policy as selected by the policyholder.
  6. The plan also offers an additional premium of 2% of the annual premium for half-yearly mode
  7. The plan does not provide loan benefit and does not acquire a surrender value.
  8. The plan does not offer any rider benefit to the policyholder.

Eligibility Conditions of LIC Anmol Jeevan II Plan

LIC Anmol Jeevan II plan shall be issued by the insurance company only if you satisfy the eligibility conditions of the plan. You must ensure the following eligibility before filing a proposal form with the insurance company

  1. Minimum sum assured under the plan is Rs. 6,00,000 and maximum sum assured under the plan is Rs. 24,00,000. The Sum Assured under the plan shall only be in the multiples of Rs. 1 Lakh
  2. Entry age- Minimum is 18 years (completed) and the maximum is 55 years
  3. Age at Maturity-Maximum is 65 years
  4. Term of the policy- Minimum is 5 years and the maximum is 25 years
  5. Premium payment- The payment of Premiums on the plan can be made yearly or half-yearly on regular basis during the tenure of the plan
  6. A 30-days grace period is allowed for paying the due premiums on the policy.

Benefits of LIC Anmol Jeevan II Plan

The benefits of LIC Anmol Jeevan II Plan are stated below:

  1. Death Benefit- On the death of the insured individual during the term of the policy, the basic sum assured under the plan is paid to the beneficiary/nominee of the insurance policy.
  2. Maturity Benefit – No maturity benefit is payable under the plan as this plan is a pure protection insurance policy.
  3. Tax Benefit – The premiums paid under the plan can be availed as an exemption under section 80C of the Income Tax Act up to Rs.1 lakh each year. The death benefit received by the nominee is also tax-free under the Income Tax Act
  4. Period of Free-look- In case the holder of the policy is not satisfied with the policy, then he/she has an option to cancel the insurance plan within a period of 15 days of the issuance of the insurance policy. This is called the free-look period of the plan. The premiums paid on the plan will be repaid to the policyholder upon cancellation after deducting applicable expenses.
  5. Grace Period- The plan allows a 30-days grace period to pay the due premiums under the plan in for yearly, quarterly and half-yearly premium payment mode and 15 days of grace period for monthly premium payment.
  6. Revival benefit- In case the premiums on the plan are not paid by the policyholder within the grace period of 30/15 days as the case may be the insurance policy will lapse. A lapsed insurance policy can be revived by the policyholder within 2 years from the first unpaid date by payment of the arrears or unpaid premiums on the plan along with the amount of interest as applicable.

Conclusion

LIC Anmol Jeevan II plan is beneficial for those who want a higher coverage at low premiums and are looking for a pure protection insurance policy. The plan also benefits the policyholder to choose the term as well as the sum assured of the plan which makes the plan flexible for the policyholder.

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