Anmol Jeevan II from LIC is a protection plan designed to offer financial protection to the family of an insured individual in the event of his/her unfortunate demise. While life in itself is invaluable, not securing it could have harmful repercussions, which is where this plan comes into play, ensuring that the lives of our loved ones are not impacted in the event of an unfortunate circumstance.
Individuals who wish to protect their interests under this plan need to satisfy the basic eligibility criteria.
Some of the major features of this LIC term plan are mentioned below.
Some of the key benefits of LIC plan are mentioned below.
Death Benefit - A death benefit equivalent to the sum assured will be paid to the nominee of a policyholder in the unfortunate event of his/her demise while the policy is active.
Tax Benefits - Policyholders are entitled to tax benefits on their premiums paid towards this policy under sections of the Income Tax Act. Similarly, the amount received as pay-out is also eligible for certain tax benefits.
Mr. Arora, a business executive decides to secure the financial future of his family by purchasing LIC's Jeevan Anmol II. At 35 years, he is married and has a nine year old daughter and a 5 year old son. He chooses to insure himself for Rs 15 lakh, with a policy term of 20 years. He pays an annual premium of Rs 7,500 (including taxes) towards this scheme.
Mr. Arora continues to be in good health for 15 years but is a victim of heart failure in the 16th year. He passes away at age 51, leaving behind his wife and children. His wife, the nominee under this plan will now receive the sum assured of Rs 15 lakhs, thereby ensuring that they are financially safe for the immediate future.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017
No maturity benefit will be provided on maturity of this scheme.
A one month grace period is provided to policyholders within which they can make premium payments. In the event of them failing to do so, the policy will lapse.
Yes, lapsed policies can be revived by paying all the dues, within two years of first unpaid premium. An additional fine will have to be paid to clear outstanding dues, and the policy will be active once such payments are completed.
No, there is no provision for surrender benefits under this plan.
Yes, there is a suicide exclusion under this plan which states that only 80% of the premiums paid will be repaid if the policyholder commits suicide while the policy is in force.
Credit Card:
Credit Score:
Personal Loan:
Home Loan:
Fixed Deposit:
Copyright © 2025 BankBazaar.com.