LIC Amulya Jeevan

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.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

     4.5 / 5.0   by 2 users
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    Fees & Charges

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    LIC Amulya Jeevan Reviews

    Page 1 of 1
    • LIC Life Insurance
      "AMULYA JEEVAN - I"
      0.5 4.0/5 "Great!"
      I HAVE TAKEN AMULYA JEEVAN POLICY IN WHICH SUM ASSURED IS RS. 25 LAC FOR 15 YEARS. ANNUAL PREMIUM IS RS. 5400(APPROX.) . ON MY DEATH, MY NOMINEE WILL RECEIVE RS. 25 LAC AS PER POLICY TERM. ON MATURITY IF I AM ALIVE THEN I WILL NOT RECEIVE ANY AMOUNT. THIS POLICY IS GOOD TO SECURE YOUR FAMILY'S FUTURE.
      Was this review helpful? 1
      , kolkata
      Reviewed on Aug 06, 2015
    • LIC
      LIC Life Insurance
      "Good"
      0.5 5.0/5 "Blown Away!"
      I am having Jeevan Saral and Amulya Jeevan policies. Actually Amulya Jeevan is like term insurance, where nominee will be benefited if anything happens to primary holder and Jeevan Saral policy is normal policy. Jeevan Saral policy covers 30lakhs and they provides sum assured at the cover period. LIC is giving onine payment option so no issues in premium. I registered all the stuffs on online so I view all the information through net banking.
      Was this review helpful? 0
      , nagpur
      Reviewed on Dec 15, 2014
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