LIC Anmol Jeevan II (Plan no. 822) was introduced by the
Life Insurance Corporation on 3rd February 2014 as per the new IRDA guidelines.
LIC Jeevan Anmol 2 is a pure term plan with no bonus facility available. In
this LIC Anmol Jeevan plan, if the life insured dies within the policy term,
the death benefit is payable to the nominee. So if nothing happens to you till
the maturity period of the plan, nothing will be returned. The unique
identification number (UIN) for this plan is 512N285V01. This UIN should be
used in all relevant documents provided to the policyholders.
LIC Anmol 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 55 years. The policy term is 5-25 years. The sum assured ranges
between 6, 00,000 Rupees to 24, 00,000 Rupees. The maximum cover ceasing age is
65 years. The premium rebate for Half-Yearly mode is 2% more than original
premium. The grace period is 30 days for the delayed payment of premium. The
tax benefit is applicable for 12.36% service tax..
Features
- Only Death Benefit and No maturity benefit.
- High-Risk coverage can be utilized at low cost.
- Non-Participating Traditional Plan.
- Sum Assured of Rs. 6 Lakhs to Rs. 24 Lakhs can be opted.
- Tax benefits are applicable under Section 80C.
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
|
55 years (Nearest Birthday)
|
3
|
Minimum Policy Term
|
5 years
|
4
|
Maximum Policy Term
|
25 years
|
5
|
Minimum value of Sum Assured
|
Rs. 6,00,000
|
6
|
Maximum value of Sum Assured
|
Rs. 24,00,000
|
7
|
Maximum Cover Ceasing age
|
65 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 822 provides the facility of a
one-time death benefit of up to INR 24 Lakh 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 Anmol II is
tax-free.
Maturity Benefit: As LIC Anmol Jeevan II is a term plan
nothing will be paid to the insured if he/she survives the term of the policy.
Tax Benefit: Under Section 80C of Income Tax Act, 1961
India, every year Rs. 1,00,000 INR 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 Policyholder 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 cessation of the grace period, the policy lapses.
Cooling-off period: If the Policyholder was not satisfied
with the Terms and Conditions he/she might return the policy to the corporation
within 15 days. The count should be from the date of receipt of the policy.
Claiming
LIC New Anmol Jeevan Plan
The Claimant should submit the following documents while
lodging the claim in case of death of the Life Assured.
- Duly filled claim form.
- Original Policy Document.
- Identification Proof.
- Death Proof.
- Medical treatment documents before death.
- Age proof.
- Employer’s Certificate.
Additional
Information
Loan Facility: No Loan will be granted for this Lic New
Anmol Jeevan Plan.
Surrender Value: The LIC Term plan 822 doesn’t acquire any
Surrender values.
Paid up Value: No Paid up value will be available under this
plan.
Service Tax: 14% Service tax is applicable for the premium
paid every year.
Back-Dating Interest: The policies can be dated back to the
same financial year. No dating back interest shall be charged.
Policy Revival: 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.
Proposal Forms: Proposal Form no. 300 and 340 as applicable
should be used for this LIC Anmol Jeevan II plan.
Riders: No riders are available for this Term Plan no 822.
Policy Stamping: 20 paise per thousand of Sum assured will
be the Charges for policy stamping under this plan.
Assignments/ Nominations: Assignments or Nominations for
Plan 822 should be made at the proposal stage as per Section 39 of Insurance
Act, 1938.
Suicide Clause: The Policy will become void if the life
assured commits suicide within one year from the date of commencement of risk
or from the date of revival. An amount equal to 80% of the premiums paid till
the date of death shall be paid.
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