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  • LIC Amulya Jeevan

    LIC Life Insurance

    Overview

    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

    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 these plans 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.

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