LIC Amulya Jeevan II is a special life cover plan that was
chosen mainly for protection. Jeevan Amulya provides financial protection to
the policy holder’s family. Plan no. 823 is a pure term insurance plan that was
introduced by the Life Insurance Corporation on 3rd February 2014 as per the
new IRDA guidelines. LIC Amulya Jeevan provides high life cover in the case of
insured’s inappropriate death during the policy term. The Minimum benefit value
of Lic Jeevan Amulya is INR 25,00,000. There are no maturity benefits or
survival benefits for this LIC Plan 823.
LIC Amulya Jeevan is a policy providing financial cover to
the policy holder’s family in case of sudden death. The main benefits are the
Death Benefit and Maturity Benefit. If the policy-holder dies during the policy
term then the Sum Assured is paid. In case the policy-holder survives till the
end of the term, then no amount will be paid.Loan facility and Riders are not
available in this policy. Paid up value and Surrender benefits are not
provided. If the policy-holder commits suicide due to any reason before 12
months of date of commencement of risk, 80% of premium for whatever amount paid
will be returned to the nominee. Revival of lapsed policy is available within 2
years from date of first unpaid premium.
The minimum age of the policy holder is 18 years while the
maximum age is 60 years. The policy term is 5-35 years. The minimum Sum Assured
is 25, 00,000 Rupees. The maximum age at maturity is 70 years. The grace period
is 30 days for the delayed payment of premium. The tax benefit is applicable
for 12% service tax.
Features
- No maturity or survival benefit
- High Life cover on Low Premium
- Sum assured of 25 Lakhs, or more can be opted
- Tax benefit under Section 80 C
- Non-Participating Traditional Plan
Eligibility
Conditions
S.No
|
Eligibility Conditions & Restrictions
|
Details
|
1
|
Minimum Age of Entry for Life Assured
|
18 years (Completed)
|
2
|
Maximum Age of Entry for Life Assured
|
60 years (Nearest Birthday)
|
3
|
Minimum Policy Term
|
5 years
|
4
|
Maximum Policy Term
|
35 years
|
5
|
Minimum value of Sum Assured
|
Rs. 25,00,000
|
6
|
Maximum value of Sum Assured
|
No limit
|
7
|
Maximum age at Maturity
|
70 years (Nearest Birthday)
|
8
|
Mode of Premium Payment
|
Yearly and Half Yearly
|
9
|
Revival
|
Within two years
|
10
|
Grace Period
|
Within 30 days
|
Benefits
Death Benefit: LIC Plan 823 provides the facility of a one-time death benefit to the nominee of the life assured. It comprises of one huge amount based on the opted premium value. This Death Benefit is valid only during the tenure of the plan and fails once the plan reaches its maturity. So there will be no compensation for death of the insured after completion of the policy term. The Death benefit of Jeevan Amulya II is tax-free.
Maturity Benefit: As Amulya Jeevan II is a complete life
term policy, there are no Maturity benefits.
Tax Benefit: Under Section 80C of Income Tax Act, 1961
India, every year Rs. 1,00,000 was allowed as a deduction from the taxable
income.
Grace Period: A Grace Period of not less than 30 days will
be allowed for the payment of premium. If the death of the Life Assured occurs
within the grace period, the policy will still be valid and benefits are paid
after the deduction of the said unpaid premium. If the premium is not paid
before the expiry of the grace period, the policy terminates.
Cooling-off period: The Policyholder may return the policy
to the corporation within 15 days if he/she was not satisfied with the Terms
and Conditions. The count should be from the date of receipt of the policy.
Claim Procedure
The Documents required for claim procedure under LIC Amulya
Jeevan II plan are
- Original Policy Document.
- Identification Proof.
- Death Proof.
- Medical treatment document before death.
- Age proof.
Paid up Value: The LIC New Amulya Jeevan plan doesn’t
acquire any paid-up values.
Surrender Value: No surrender value will be available under
this plan.
Loan Facility: No Loan will be granted.
Back-Dating Interest: No dating back interest shall be
charged but the policies can be dated back within the same financial year.
Policy Stamping: The Charges for policy stamping will be 20
paise per thousand of Sum assured under this plan.
Policy Renewal: If the premium was not paid within the grace
period, then the policy will lapse. The Lapsed policy may be revived within a
period of two years but during the life time of the Life Assured.
Service Tax: 12% Service tax is applicable.
Assignments/ Nominations: Assignments or Nominations are
possible under this Plan 823 but should be made at the proposal stage as per
Section 39 of Insurance Act, 1938.
Proposal Forms: Proposal Form no. 300 and 340 should be used
for this LIC Amulya Jeevan II plan.
Riders: No riders are available in this Term Plan no 823.
Suicide Clause: If the life assured commits suicide within
12 months from the date of commencement of risk, 80% of the premiums paid till
the date of death will be paid.
For more details Call\WhatsApp : 9900773971
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