LIC Amulya Jeevan II is a pure term insurance policy which provides financial support and security to the family of the insured in case of his/her premature death. The lump-sum benefit is paid to the insured’s family on the death of the insured during the term of the plan and the premiums to be paid for the plan are very low. This plan hence helps in replacing the loss of income due to the death of the insured and provides financial support to the insured’s family.
Features of LIC Amulya Jeevan II – Table No. 823
LIC Amulya Jeevan II is a protection plan that offers unmatched protection to the insured and his/her family. The key features of LIC Amulya Jeevan II that make it advantageous for the policyholders are stated below.
- This plan is a term plan which pays a death benefit in the lump-sum amount on death of the insured during the term of the plan
- The plan offers very low and affordable premiums on the plan which enables you to opt for higher sum assured or higher coverage for you and your family.
- The plan offers coverage for up to 35 years from the commencement of the plan.
- The plan offers tax benefits under section 80C of the Income Tax Act which provides an exemption for the premiums paid to buy and renew the policy and also under section 10(10D)of the Income Tax Act which provides an exemption for the death benefit received by the insured’s family.
- A 30-day grace period is allowed under the insurance policy within which you can pay the outstanding premium without any penalty.
- The sum assured under the plan can be in multiples of 1 lakh.
Benefits of LIC Amulya Jeevan II – Table No. 823
The plan offers numerous benefits to enable the policyholder to secure their financial future. The benefits of the plan are stated below.
- Death benefit- Death benefit is paid in lump-sum on the death of the insured during the term of the plan and the plan is terminated after the payment of death benefit.
- Maturity benefit- No maturity benefit is available under this plan as it a pure term policy in which no benefit is paid if the insured survives the policy term.
- Revival- The policy will lapse on non-payment of the premiums of the policy within the due date. No benefits are payable under the plan and the policy will lapse on non-payment of due premiums. However, the plan allows a two year time period for reviving a lapsed insurance policy. Within this time period of two years, the policyholder is required to pay the outstanding premiums on the plan and reinstate the lapse insurance plan. Once the policy is revived it allows full coverage to the policyholder for the remaining term of the insurance policy.
Premiums for the insurance plan are payable either on an annually basis or semi-annually basis. In case of payment of premium on a semi-annual basis, an additional premium of 2% would also be payable to the insured.
Eligibility Conditions of LIC Amulya Jeevan II – Table No. 823
The plan is issued only to those who satisfy the eligibility conditions of the plan. So, before you buy LIC Amulya Jeevan II ensure that you fulfil the eligibility criteria which are stated as follow:
- Minimum entry age is 18 years and maximum entry age is 60 years
- Maximum maturity age of the plan is 70 years
- Minimum Term of the plan is 5 years and the maximum term of the plan is 35 years
- Minimum sum assured under the plan is INR 25 lakhs and there is no maximum limit.
- Premium amount to be payable for the plan depends on the term of the plan, age of the insured and selected sum assured under the plan.
- The tenure of premium payment is equal to the tenure of the insurance plan
LIC Amulya Jeevan plan is for those who want to buy a pure term insurance policy and also want to create wealth through the benefit of reversionary bonus and final additional bonus declared by the company. The policy can be brought by anyone as the minimum age entry is very low. It is advisable to ensure that the policy fulfills your needs and requirements before you buy the insurance plan.