AMULYA JEEVAN (TERM PLAN)

LIC Amulya Jeevan 2 

LIC Amulya Jeevan 2 Plan is a protection plan which provides financial protection to the insured’s family in case of his/her unfortunate demise. Lic Amulya Jeevan plan is a Pure Term Insurance Plan consists of Death Benefit & Maturity Benefit. LIC released “ Amulya Jeevan Plan 2(Table 823)” on 3rd February 2014 as per new guidelines of IRDA.

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  1. In Amulya Jeevan Plan 823 introduced by LIC, Service tax (GST) is added which is 18%. Amulya Jeevan II is a pure Term Insurance Plan.
  2. Anmol Jeevan lic policy has the only death benefit. LIC Term Plan Amulya Jeevan 2 covers for the limited period, i.e. maximum up to 35 years from the date of commencement of policy.
  3. Premium amount of LIC Amulya Jeevan Plan is very less i.e. 2 to 3 rupees for 30 years aged person for 1000 rupees risk coverage.
  4. This plan has no maturity benefits or no survival benefit.
  5. Amulya Jeevan 2 is a regular premium paying conventional plan without any profit. It is a pure protection plan provided by LIC of India.
Age
  • Minimum age:  18 years (completed).
  • Maximum age:  60 years (nearest birthday).
Policy Term
  • Minimum Policy Term:  5 years.
  • Maximum Policy Term:  35 years.
  • Maximum Risk Cover ceasing age: 70 years (nearest birthday).
Sum Assured
  • Minimum SUM ASSURED:  Rs. 25, 00, 000.
  • Maximum SUM ASSURED: No limit.
Premium Paying Mode
  •  Yearly, Half Yearly.

LIC Jeevan Amulya Benefits

  • Maturity Benefit: – At the end of the policy term, No benefits shall be payable.
  • Death Benefit: – Sum assured is payable on the death of Life Assured.

Additional LIC New Amulya Jeevan 823

Loan Facility: No loan is provided.

Riders: No riders are available under this plan.

Paid-up Value: Amulya Jeevan 2 will not acquire any paid-up value.

Surrender Value: No surrender value will be available under Amulya Jeevan 2 plan.

Policy Revival: Policy can be revived for 2 years from the date of First Unpaid Premium (FUP).

Suicide Clause: if insured commit suicide before 12 months he will be returned 80% of premium what he paid.

Service Tax (GST): 18% service tax is applicable.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the plan.

Back-dating interest: The policies can be dated back within the same financial year.

Assignments/Nominations: Assignment and nominations are possible under this plan.